CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam - CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam

Question 1

Under IAS 1 Presentation of Financial Statements, which of the following is NOT one of the complete set of financial statements an entity must present?

A statement of financial position as at the end of the period A statement of profit or loss and other comprehensive income for the period A statement of value added showing wealth distributed to stakeholders A statement of cash flows for the period

Correct Answer:

A statement of value added showing wealth distributed to stakeholders

Question 2

An entity wishes to depart from a requirement of an IFRS Standard because management concludes compliance would be so misleading it conflicts with the objective of financial statements. Under IAS 1, when is such a departure permitted?

Never; IFRS requirements are mandatory in all circumstances Whenever management considers an alternative treatment provides more relevant information Only with prior written approval from the IFRS Interpretations Committee Only in the extremely rare circumstance that the relevant regulatory framework does not prohibit it, with full disclosure of the departure

Correct Answer:

Only in the extremely rare circumstance that the relevant regulatory framework does not prohibit it, with full disclosure of the departure

Question 3

Under IAS 8, a change from the FIFO to the weighted-average cost formula for measuring inventories is treated as:

A change in accounting estimate, applied prospectively A change in accounting policy, applied retrospectively A correction of a prior-period error, restated retrospectively A reclassification with no effect on prior periods

Correct Answer:

A change in accounting policy, applied retrospectively

Question 4

Under IAS 8, a change in the estimated useful life of an item of property, plant and equipment from 10 years to 8 years is:

Recognised prospectively in the current and future periods Recognised retrospectively by restating comparatives Treated as a prior-period error Recognised directly in other comprehensive income

Correct Answer:

Recognised prospectively in the current and future periods

Question 5

IAS 1 requires a third statement of financial position (an opening balance sheet) to be presented when an entity:

Changes its functional currency in the current period Recognises any item in other comprehensive income Applies an accounting policy retrospectively or makes a retrospective restatement that has a material effect on the opening balance sheet of the earliest comparative period Pays a dividend during the reporting period

Correct Answer:

Applies an accounting policy retrospectively or makes a retrospective restatement that has a material effect on the opening balance sheet of the earliest comparative period

Question 1

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Prepare with the CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam practice quiz. This question bank includes 100 questions covering ifrs, entity, measured, financial, and liability. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam

This practice set contains 100 questions from the matching question bank and focuses on ifrs, entity, measured, financial, and liability. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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CA ANZ Core 3 FAR Practice Questions - CA Program Core 3 Financial Accounting and Reporting (FAR) Exam

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