This page was exported from Exam for engine [ http://blog.test4engine.com ] Export date:Mon Nov 18 2:53:32 2024 / +0000 GMT ___________________________________________________ Title: [Jul-2023] Financial-Accounting-and-Reporting Exam Dumps - Free Demo & 365 Day Updates [Q50-Q70] --------------------------------------------------- [Jul-2023] Financial-Accounting-and-Reporting Exam Dumps - Free Demo & 365 Day Updates Free Sales Ending Soon - Use Real Financial-Accounting-and-Reporting PDF Questions The CPA Financial Accounting and Reporting Certification Exam is a computer-based test that is conducted by CPA Australia. Financial-Accounting-and-Reporting exam consists of multiple-choice questions that are designed to test the candidate's knowledge and understanding of financial accounting and reporting. Financial-Accounting-and-Reporting exam is divided into two parts, with each part consisting of three hours of testing time.   QUESTION 50According to the IASB’s Conceptual Framework, the key reason general purpose financial statements are produced is to satisfy the information needs of  employees.  management.  internal users.  capital providers. QUESTION 51LMN Ltd recently changed the measurement base for their assets. They should I)treat this like a change in an estimate.II)treat this like a change in the accounting policy.III)disclose this in the notes to financial statements.  I only  III only  I and III only  II and III only QUESTION 52Which one of the following is an objective of the International Federation of Accountants (IFAC)?  to provide advice on accounting standards to the OECD  to issue new international financial reporting standards (IFRS)  to establish high quality professional standards in accountancy  to provide direction to the Financial Accounting Standards Board (FASB) QUESTION 53The IASB evaluates the merits of adding a potential item to its agenda mainly by reference to the needs of  investors.  suppliers.  tax agencies.  regulatory authorities. QUESTION 54The chairperson of XYZ Company is concerned about the readability of the annual financial report that is about to be published on its website. XYZ Company is obliged to comply with International Financial Reporting Standards, and the report contains all of the required financial statements, the auditor’s report, corporate governance statements, declarations of accounting policy, explanatory notes and a section that addresses the company’s corporate social responsibility program.The chairperson is wondering whether the report can be condensed. The issue that is concerning the chairperson is known as  information overload.  the cost of compliance.  the agency costs of monitoring.  the costs of social responsibility reporting. QUESTION 55Which one of the following is not an advantage of accounting regulation?  It provides quality of information in and across financial statements.  It provides flexibility in the way accounting information is presented to users.  It provides the required accounting information to all necessary shareholders.  It instils public confidence in the accounting system employed in commerce and industry. QUESTION 56Financial markets have achieved operational efficiency when  past records are used to predict the future prices of goods.  the costs of financial transactions are kept as low as possible.  the cost of transactions is a reflection of the actual cost incurred.  the price of stocks and shares are available accurately and quickly. QUESTION 57The concept of transparency in corporate governance means that listed companies should disclose  their future strategy.  confidential issues relating to competitors.  material information that affects decisions.  only mandatory information by management. QUESTION 58An agent is answerable under the contract to the agent’s principal and must account for the resources of the agent’s principal and the money the agent has gained working on the principal’s behalf. In the context of agency, this definition describes an agent’s  contract.  relationship.  fiduciary duty.  accountability. QUESTION 59A rules-based approach to standard setting  provides a broad framework for standard setting.  helps a standard-setting body to prioritise matters.  prescribes standards that attempt to cover all eventualities a business may face.  ensures there are no conflicts within accounting standards as each issue is handled just once. QUESTION 60Which one of the following includes social reporting guidelines?  Global Reporting Initiative (GRI)  International Accounting Standards (IAS)  Generally Accepted Accounting Principles (GAAP)  International Financial Reporting Standards (IFRS) QUESTION 61A company purchased a machine 10 years ago for $143 890. It is expected that the machine will generate future revenues of $108 495. The machine could be scrapped for $81 232. An equivalent machine in the same condition would cost $94 950 to buy now. What is the deprival value of the asset?  $35 395  $81 232  $94 950  $108 495 QUESTION 62The ability of a company to pay its bills when and as they fall due is a measure of  solvency.  economic value.  compliance with the conceptual framework.  the true and fair view of the financial report. QUESTION 63Which form of capital market efficiency exists when share prices on the stock market reflect all information whether public or not?  allocative efficiency  strong form efficiency  semi-strong form efficiency  information processing efficiency QUESTION 64Which one of the following is the correct treatment of sales?  Cash sales are recorded in the receivables ledger prior to posting to the general ledger.  Credit sales are recorded in the receivables ledger prior to posting to the general ledger.  Cash and credit sales are recorded in the receivables ledger prior to posting to the general ledger.  Credit sales are not recorded in the receivables ledger prior to posting to the general ledger. QUESTION 65Which one of the following would be included in a statement of financial position?  cost of sales  finance costs  retained earnings  proceeds from long term borrowings QUESTION 66Which one of these is a key principle of good corporate governance?  effective communication with shareholders  restriction of shareholders’ rights in decision-making  effective management of the employees of the company  non-disclosure of directors’ agency relationship with the company QUESTION 67As per the International Accounting Standards Board conceptual framework, which of the following holds the primary responsibility for preparing and presenting financial statements?I)ownersII)auditorsIII)directors  I only  I and II only  II and III only  III only QUESTION 68Which one of the following best describes the objective of the International Financial Reporting Standards (IFRS) Foundation?  to co-ordinate the accounting profession on a global scale by issuing and establishing international standards  to develop an International regulatory framework in the national jurisdictions of countries that produce accountants  to guide investors who compare the financial statements of one entity in one country with those of another entity located elsewhere  to promote the application, convergence and use of International Financial Reporting Standards (IFRS) as a high quality reporting solution QUESTION 69Restrictions on the scope of a specific accounting standard are stated in  that specific standard.  the IASB’s Conceptual Framework.  the explanatory materials provided by the AASB.  various Statements of Accounting Concepts (SACs) issued by the AASB. QUESTION 70Which one of the following statements regarding the IASB’s Conceptual Framework for Financial Reporting is correct?  It overrides any local or international accounting standard.  It specifies the concepts that underlie the preparation and presentation of special purpose financial statements.  It specifies the concepts that underlie the preparation and presentation of general purpose financial statements.  It specifies the concepts that underlie the preparation and presentation of only consolidated financial statements.  Loading … Financial-Accounting-and-Reporting Dumps - Pass Your Certification Exam: https://www.test4engine.com/Financial-Accounting-and-Reporting_exam-latest-braindumps.html --------------------------------------------------- Images: https://blog.test4engine.com/wp-content/plugins/watu/loading.gif https://blog.test4engine.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2023-07-30 12:28:50 Post date GMT: 2023-07-30 12:28:50 Post modified date: 2023-07-30 12:28:50 Post modified date GMT: 2023-07-30 12:28:50