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CPA Australia CPA Financial Accounting and Reporting Sample Questions:

1. Which one of the following statements differentiates semi-strong form efficiency from strong form efficiency in the context of the efficient market hypothesis?

A) Semi-strong form efficiency does not reflect knowledge whereas strong form efficiency considers knowledge in addition to publicly available information and past price movements.
B) Semi-strong form efficiency does not reflect all publicly available information whereas strong form efficiency does incorporate all publicly available information.
C) Semi-strong form efficiency addresses operational efficiency whereas strong form efficiency aims to address allocative efficiency.
D) Semi-strong form efficiency reflects all past price movements whereas strong form efficiency reflects future share price movements.

2. Historical cost accounting provides financial information that is

A) relevant but may not be reliable for decision making.
B) reliable but may not be relevant for decision making.
C) relevant and reliable for decision making.
D) relevant for decision making.

3. An example of voluntary reporting in Australia is a

A) statement of comprehensive income.
B) sustainability report.
C) statement of cash flows.
D) statement of financial position.

4. Variations in the regulatory regime over financial reporting in different countries is attributable to a range of differences including

A) the needs of investors, creditors, employees, lending institutions and taxation authorities.
B) the extent to which the country has adopted international financial reporting standards and the requirements of local securities exchange.
C) consumer laws, taxation requirements and the extent to which the country has adopted international financial reporting standards.
D) company structures, ownership, local culture and the level of development of the country.

5. Which one of the following is an advantage of current purchasing power accounting?

A) It supposes that value of net assets clearly reflects general goods and services are bought once assets were released.
B) It enables raw data to be just easily verifiable but not auditable.
C) It provides a clear use of indices which approximates the measurement of value.
D) It provides a stable monetary unit that values profit and capital.

Solutions: