CPA FR Exam Questions

Vendor Name: CPA
Certification Name:Certified public accountant
Exam Name:Financial Reporting

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CPA FR Exam Questions

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Financial Reporting Exams
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FR Exam Sample Questions:

Worcester Ltd had a balance of $2 million as its total equity at 1 January 2012. During the
year ended 31 December 2012 the company:
•Revalued property with a cost of $2 million and accumulated depreciation of $1,600,000 to
$1.5 million
•Issued shares with a nominal value of $500,000 at a premium of $100,000
•Made a profit for the year of $750,000
In accordance with IAS 1 Presentation of Financial Statements, what is the closing balance
on total equity in Worcester Ltd's statement of changes in equity for the year ended 31
December 2012?










Rochester pIc has entered into a fixed price contract for the provision of services to Adele
Ltd. The contract commenced in September 2012 and will be completed in 2013. The
contract price is $2 million and costs are recoverable as incurred. At 31 December 2012,
Rochester plc's year ends, costs of $500,000 have been incurred.
The contract has been assessed as 30% complete; however, costs to complete cannot be
estimated reliably.
In accordance with IAS 18 Revenue, how much revenue should be included in Rochester
plc's statement of comprehensive income for the year ended 31 December 2012 in respect
of this contract?








$2 million


Richard Ltd and McMagoo Inc. trades in shares and securities and are close rivals for
many years. Richard Ltd accuses McMagoo Inc. of providing false information related to a
particular PH plc’s share; though Richard Ltd knows it is not true. McMagoo Inc. sues
Richard Ltd. for defamation. Richard’s and McMagoo Inc’s lawyers agree that it is likely that
McMagoo Inc. will win the case and receive damages of an amount of $1.5m. There is no
possibility of the case being resolved before the financial statements are finished.
How the above litigation will be represented in the financial statements of both Richard Ltd
and McMagoo Inc.?


Richard Ltd should provide for $1.5m. McMagoo Inc. has a contingent asset and should
disclose in the financial statements.


Richard Ltd should provide for $1.5m. McMagoo Inc. should ignore as this is too remote.


Richard Ltd should ignore as this is too remote. McMagoo Inc. has a contingent asset
and should disclose in the financial statements.


Richard Ltd should have a contingent asset and should disclose in the financial
statements. McMagoo Inc. should provide for $1.5m.

Richard Ltd should provide for $1.5m. McMagoo Inc. has a contingent asset and should
disclose in the financial statements.

Roland Ltd has loan of 6% redeemable preference shares in issue. They are redeemable
on 31 December 2012. In accordance with IAS 32 Financial Instruments: Presentation,
where are these to be disclosed in the statement of financial position as at 31 December


Non-current liabilities


Current liabilities




Non-current assets

Non-current liabilities

For the year to 31 December 2012, the profit or loss statement of Little Co shows a profit
before tax of $150,500 after charging depreciation of $55,000 and interest of $12,200. The
company does not hold any inventory and company’s policy is not to grant credit to
customers. Trade payables at 31 December 2012 were $15,200 greater than the amount
owed at 31 December 2011. During the year the taxation liability of $9,500 was paid. No
interest was owed at 31 December 2011 and at 31 December 2012.
What should be the ‘Net cash from operating activities’ in the cash flow statement for the
year to 31 December 2012?










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