Pass the CPA Australia Certification Financial-Accounting-and-Reporting Questions and answers with ExamsMirror

rise due to the overall positive sentiment.

fall since investors expect a higher return.

rise since banks invest their increased profits.

fall in anticipation of a reversal in the interest rate cycle.

Liabilities are future obligations that will cause outflow of resources embodying economic benefits.

Current and non-current assets are shown as separate classifications in the statement of financial position.

Assets used for long-term operations are shown under working capital in the statement of financial position.

A statement of financial position explains the reasons for movement of assets and liabilities through the accounting period.

Safeguard the environment.

Respect the rights of shareholders.

Remunerate fairly and responsibly.

Promote ethical and responsible decision-making.

cash flow.

financial position.

changes in equity.

comprehensive income.

statement of cash flows

statement of financial position

statement of changes in equity

statement of comprehensive income

statements need not always be true and accurate.

accounting standards must be complied with under all circumstances.

the true and fair requirement need not be complied with by certain industries.

departure is allowed from accounting standards under specific instances to show a fair presentation.

profit smoothing

window dressing

off balance sheet financing

aggressive debt management

I, II and III only

I, II and IV only

II, III and IV only

I, II, III and IV

depreciation

deferred tax

distribution costs

gains on property valuations

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.