CPA PROGRAM AUSTRALIA

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CPA PROGRAM AUSTRALI A

FINANCIAL REPORTING .-DIGITAL

FINANCE QUESTION AND CORRECT

DETAILED ANSWERS.

Question (1): What is the CPA Program designed to produce?

• Future auditors with basic bookkeeping skills
• Future CPAs with technical skills and strategic leadership

abilities

• Future tax agents only
• Future financial planners

Correct answer: B. Future CPAs with technical skills and

strategic leadership abilities

Question (2): What is Financial Reporting primarily

concerned with?

• Preparing tax returns
• Preparing general purpose financial statements in

accordance with IFRSs

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• Internal management accounting reports only
• Budgeting and forecasting

Correct answer: B. Preparing general purpose financial

statements in accordance with IFRSs

Question (3): Who issues the International Financial

Reporting Standards (IFRSs)?

• CPA Australia
• International Accounting Standards Board (IASB)
• Financial Reporting Council (FRC)
• Australian Accounting Standards Board (AASB)

Correct answer: B. International Accounting Standards Board

(IASB)

Question (4): Which company published the sixth edition of

the CPA Program Financial Reporting textbook?

• Pearson Australia

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• Cengage Learning
• John Wiley & Sons Australia, Ltd
• McGraw-Hill Education

Correct answer: C. John Wiley & Sons Australia, Ltd

Question (5): Which of the following is NOT an author of the

CPA Program Financial Reporting textbook?

• Nikole Gyles
• Janice Loftus
• Peter Gerhardy
• Sorin Daniliuc

Correct answer: C. Peter Gerhardy

Question (6): Which author holds a PhD from Monash

University and is a FCPA?

• Nikole Gyles
• Dean Hanlon

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• Carmen Ridley
• John Lourens

Correct answer: B. Dean Hanlon

Question (7): Which member of the advisory panel is from

Ernst & Young?

• Kris Peach
• Peter Gerhardy
• Anne Vuong
• David Hardidge

Correct answer: B. Peter Gerhardy

Question (8): The IFRS Foundation is responsible for:

• Auditing global companies
• Issuing and maintaining the International Financial

Reporting Standards (IFRSs)

• Setting tax laws