CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant of Uganda Final Level Exam - CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant of Uganda Final Level Exam

Question 1

Under IFRS 3 (Business Combinations), a parent acquires an 80% interest in a subsidiary. The fair value of the subsidiary's net identifiable assets is UGX 500,000,000. The purchase consideration is UGX 450,000,000, and the fair value of the non-controlling interest (NCI) at acquisition is UGX 110,000,000. Using the fair value (full goodwill) method, what is the goodwill arising on acquisition?

UGX 60,000,000 UGX 50,000,000 UGX 10,000,000 UGX 70,000,000

Correct Answer:

UGX 60,000,000

Question 2

Which of the following is NOT one of the three essential control elements defined by IFRS 10 (Consolidated Financial Statements) that a parent must possess to establish control over an investee?

The parent must hold more than 50% of the voting rights of the investee. The parent must have power over the investee. The parent must have exposure, or rights, to variable returns from its involvement with the investee. The parent must have the ability to use its power over the investee to affect the amount of its returns.

Correct Answer:

The parent must hold more than 50% of the voting rights of the investee.

Question 3

An entity enters into a contract to sell a specialized machine and a 2-year maintenance contract for a total price of UGX 120,000,000. Stand-alone selling prices are UGX 100,000,000 for the machine and UGX 25,000,000 for the maintenance contract. Under IFRS 15 (Revenue from Contracts with Customers), what revenue should be allocated to the machine?

UGX 96,000,000 UGX 100,000,000 UGX 24,000,000 UGX 120,000,000

Correct Answer:

UGX 96,000,000

Question 4

Under IFRS 9 (Financial Instruments), a debt instrument is classified and measured at Amortized Cost if it meets which of the following pairs of conditions?

Held within a business model to collect contractual cash flows, and cash flows are solely payments of principal and interest (SPPI). Held within a business model to collect contractual cash flows and sell financial assets, and cash flows are SPPI. Held within a business model to sell financial assets, and cash flows represent fair value changes. Held within a business model to collect contractual cash flows, and cash flows do not meet the SPPI test.

Correct Answer:

Held within a business model to collect contractual cash flows, and cash flows are solely payments of principal and interest (SPPI).

Question 5

A lessee enters into a 5-year lease of an office building. The annual lease payments are UGX 80,000,000, payable at the end of each year. The lessee's incremental borrowing rate is 10% per annum. The present value of an ordinary annuity for 5 years at 10% is 3.791. What is the initial carrying amount of the lease liability and the corresponding Right-of-Use (ROU) asset at lease commencement, assuming no initial direct costs?

UGX 303,280,000 UGX 400,000,000 UGX 275,710,000 UGX 323,280,000

Correct Answer:

UGX 303,280,000

Question 1

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Prepare with the CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant of Uganda Final Level Exam practice quiz. This question bank includes 100 questions covering rate, public, uganda, firm, and value. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant of Uganda Final Level Exam

This practice set contains 100 questions from the matching question bank and focuses on rate, public, uganda, firm, and value. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

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CPA(U) Final Level Practice Questions - ICPAU Certified Public Accountant of Uganda Final Level Exam

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