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Free Practice Questions for IAI CAFB — Certificate in Accounting, Finance and Business

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Key Facts: IAI CAFB — Certificate in Accounting, Finance and Business Exam

6

Separate CAFB subject exams

IAI Ujian Sertifikasi Tingkat Dasar

65

Minimum passing score per subject

IAI Ujian Sertifikasi Tingkat Dasar

3 years

Time limit to complete all subjects

IAI Ujian Sertifikasi Tingkat Dasar

Rp500,000

Fee per subject for general candidates

IAI Ujian Sertifikasi Tingkat Dasar

IAI CAFB is six computer-based subject exams, each 1.5 hours except Business Law and Taxation at 3 hours, with a pass mark of 65 per subject and a 3-year completion window. Passing all six earns the foundation certificate; the Business & Finance Associate (BFA) title also requires an ethics post-test and at least one year of accounting experience. These 100 free questions are an independent English-language MCQ study adaptation.

Sample IAI CAFB — Certificate in Accounting, Finance and Business Practice Questions

Try these sample questions to review concepts for the IAI CAFB — Certificate in Accounting, Finance and Business exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the Conceptual Framework for Financial Reporting in Indonesian SAK, which two qualities are the fundamental qualitative characteristics that make financial information useful?
A.Relevance and faithful representation
B.Comparability and verifiability
C.Timeliness and understandability
D.Prudence and materiality
Explanation: The Conceptual Framework identifies relevance and faithful representation as the fundamental qualitative characteristics. Comparability, verifiability, timeliness and understandability are enhancing characteristics that improve information that is already relevant and faithfully represented.
2On 1 October 2025, PT Cakrawala received Rp24,000,000 in advance for a 12-month consulting contract running from 1 October 2025 to 30 September 2026 and credited Unearned Service Revenue. What adjusting entry is required at 31 December 2025?
A.Debit Service Revenue Rp6,000,000; Credit Unearned Service Revenue Rp6,000,000
B.Debit Unearned Service Revenue Rp6,000,000; Credit Service Revenue Rp6,000,000
C.Debit Cash Rp6,000,000; Credit Service Revenue Rp6,000,000
D.Debit Unearned Service Revenue Rp18,000,000; Credit Service Revenue Rp18,000,000
Explanation: Three months of service were provided in 2025, so revenue earned is 3/12 × Rp24,000,000 = Rp6,000,000. The earned portion moves from the liability to revenue: debit Unearned Service Revenue and credit Service Revenue for Rp6,000,000.
3Under PSAK 201 Presentation of Financial Statements (formerly PSAK 1), which asset must PT Nusantara classify as current?
A.Land held for long-term capital appreciation
B.A 3-year bank deposit that cannot be withdrawn until maturity
C.Finished goods inventory expected to be sold within the normal 10-month operating cycle
D.Production equipment with a remaining useful life of 4 years
Explanation: An asset is current if it is expected to be realised, sold or consumed in the normal operating cycle, is held primarily for trading, or is expected to be realised within 12 months after the reporting period. Inventory sold within the operating cycle is therefore current.
4Under PSAK 207 Statement of Cash Flows (formerly PSAK 2), how are a manufacturer's cash payments for new machinery and its cash dividends paid to shareholders most commonly classified?
A.Both as operating cash outflows
B.Machinery as operating; dividends as financing
C.Machinery as financing; dividends as investing
D.Machinery as investing; dividends as financing
Explanation: Payments to acquire property, plant and equipment are investing activities. Dividends paid are a return to providers of equity and are usually classified as financing, although the standard also allows them to be presented as operating cash flows if applied consistently.
5At 30 November 2025, PT Bahari's unadjusted cash book balance is Rp82,500,000 and the bank statement shows Rp94,000,000. There are deposits in transit of Rp12,000,000, outstanding checks of Rp25,000,000, and a bank service fee of Rp1,500,000 not yet recorded by the company. What is the adjusted cash balance?
A.Rp81,000,000
B.Rp82,500,000
C.Rp94,000,000
D.Rp106,000,000
Explanation: Bank side: 94,000,000 + 12,000,000 − 25,000,000 = Rp81,000,000. Book side: 82,500,000 − 1,500,000 = Rp81,000,000. Both sides reconcile to Rp81,000,000.
6At 31 December 2025, PT Sentosa has trade receivables of Rp500,000,000 and an unadjusted credit balance of Rp4,000,000 in its loss allowance. An ageing analysis under the PSAK 109 expected credit loss model shows a required allowance of Rp18,000,000. What impairment loss is recognised in profit or loss for 2025?
A.Rp4,000,000
B.Rp14,000,000
C.Rp18,000,000
D.Rp22,000,000
Explanation: The ageing analysis sets the required ending allowance. With an existing credit balance of Rp4,000,000, the adjustment is 18,000,000 − 4,000,000 = Rp14,000,000, recognised as an impairment loss.
7PT Merdeka factors Rp100,000,000 of trade receivables to a bank without recourse. The bank takes on all credit and collection risk and pays cash net of a 5% fee. Under PSAK 109 Financial Instruments (formerly PSAK 71), how should PT Merdeka account for the transaction?
A.Recognise a secured loan of Rp95,000,000 and keep the receivables
B.Keep the receivables and defer the 5% fee as a financing cost
C.Derecognise the receivables and recognise a Rp5,000,000 loss on sale in profit or loss
D.Derecognise the receivables only after the bank has collected from all customers
Explanation: When substantially all the risks and rewards of a financial asset are transferred, as in non-recourse factoring, the asset is derecognised. PT Merdeka records cash of Rp95,000,000, removes receivables of Rp100,000,000 and recognises a Rp5,000,000 loss.
8PT Mega Indah holds 1,000 units of product Alpha costing Rp150,000 each. The estimated selling price is now Rp160,000 per unit and estimated costs to complete and sell are Rp25,000 per unit. Under PSAK 202 Inventories (formerly PSAK 14), at what total amount should the inventory be carried?
A.Rp160,000,000
B.Rp150,000,000
C.Rp125,000,000
D.Rp135,000,000
Explanation: Inventory is measured at the lower of cost and net realisable value. NRV is 160,000 − 25,000 = Rp135,000 per unit, below the Rp150,000 cost, so the carrying amount is 1,000 × Rp135,000 = Rp135,000,000.
9When purchase prices rise steadily, which cost formula gives the highest ending inventory and lowest cost of goods sold, and which formula does PSAK 202 (formerly PSAK 14) not permit?
A.FIFO gives the highest ending inventory and lowest COGS; LIFO is not permitted
B.Weighted average gives the highest ending inventory and lowest COGS; FIFO is not permitted
C.LIFO gives the highest ending inventory and lowest COGS; weighted average is not permitted
D.Specific identification gives the lowest COGS; FIFO is not permitted
Explanation: Under FIFO the oldest, cheaper costs go to cost of goods sold and the newest, dearer costs stay in inventory, so in rising prices ending inventory is highest and COGS lowest. PSAK 202, like IAS 2, allows FIFO and weighted average but not LIFO.
10PT Krakatau bought machinery listed at Rp200,000,000 and took a 2% prompt-payment discount. It also paid import duties of Rp16,000,000, freight of Rp8,000,000, installation and testing costs of Rp12,000,000, and Rp5,000,000 for a promotional launch party. Under PSAK 216 Property, Plant and Equipment (formerly PSAK 16), what is the machine's initial cost?
A.Rp237,000,000
B.Rp232,000,000
C.Rp236,000,000
D.Rp220,000,000
Explanation: Cost is the purchase price net of discounts plus costs directly attributable to bringing the asset into working condition: 196,000,000 + 16,000,000 + 8,000,000 + 12,000,000 = Rp232,000,000. The launch party is a marketing expense.

About the IAI CAFB — Certificate in Accounting, Finance and Business Exam

The Certificate in Accounting, Finance and Business (CAFB) is the foundation level of Ikatan Akuntan Indonesia's Chartered Accountant (CA) examinations and, according to IAI, is adopted from the ICAEW Certificate in Finance, Accounting and Business. Candidates sit six computer-based subject exams covering financial accounting, assurance and information systems, cost and management accounting, financial management, business and economics, and business law and taxation. This free bank is an independent English-language MCQ study adaptation, not an official translation or simulation of the Indonesian exam.

Exam sponsor: Ikatan Akuntan Indonesia (IAI). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Six computer-based subject exams: Akuntansi Keuangan, Asurans dan Sistem Informasi, Akuntansi Biaya dan Manajemen, Manajemen Keuangan and Bisnis dan Ekonomi (1.5 hours each), and Hukum Bisnis dan Perpajakan (3 hours). Exams run twice a month over three working days, with at most two subjects a day, and candidates may take subjects together or one at a time. For example, IAI scheduled a sitting for 13–15 October 2026. Each subject is passed with a score of at least 65, and all six must be completed within 3 years.

Time Limit

1.5 hours per subject (3 hours for Hukum Bisnis dan Perpajakan)

Passing Score

65 per subject

Exam / Certification Fees

Rp500,000 registration plus Rp500,000 per subject for general candidates (Rp350,000 per retake); Rp250,000 and Rp250,000 for affiliated, scholarship or CBE candidates (Rp150,000 per retake)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

17 of 100 questions

Akuntansi Keuangan (Financial Accounting)

Conceptual framework, adjusting entries, PSAK 201 classification, PSAK 207 cash flows, receivables and ECL, PSAK 202 inventories, PSAK 216 PPE, PSAK 238 intangibles, PSAK 237 provisions, bonds, treasury shares and PSAK 115 revenue.

17 of 100 questions

Asurans dan Sistem Informasi (Assurance and Information Systems)

Assurance elements and levels, code of ethics and independence threats, COSO, segregation of duties, IT and input controls, transaction cycles, databases, audit risk, evidence, confirmations, vouching and disaster recovery.

17 of 100 questions

Akuntansi Biaya dan Manajemen (Cost and Management Accounting)

Cost classification, high-low method, job and process costing, ABC, CVP and sales mix, operating leverage, budgets, variances, absorption versus variable costing and special orders.

17 of 100 questions

Manajemen Keuangan (Financial Management)

Agency theory, liquidity and turnover ratios, DuPont, annuities and perpetuities, bond and share valuation, NPV and PI, CAPM, WACC, capital structure, cash conversion cycle, trade credit and EOQ.

16 of 100 questions

Bisnis dan Ekonomi (Business and Economics)

Demand and elasticity, shutdown rule, economies of scale, market structures, GDP, inflation, unemployment, Bank Indonesia policy tools, fiscal multipliers, comparative advantage and Porter's five forces.

16 of 100 questions

Hukum Bisnis dan Perpajakan (Business Law and Taxation)

Contract validity and default, company organs and director liability, PT Perorangan, bankruptcy, tax administration and disputes, PTKP and income tax brackets, corporate and MSME tax, Article 23 withholding, PPN and stamp duty.

Preparing for the IAI CAFB — Certificate in Accounting, Finance and Business Exam

What You Need to Know

  • Passing score: 65 per subject
  • Assessment: Six computer-based subject exams: Akuntansi Keuangan, Asurans dan Sistem Informasi, Akuntansi Biaya dan Manajemen, Manajemen Keuangan and Bisnis dan Ekonomi (1.5 hours each), and Hukum Bisnis dan Perpajakan (3 hours). Exams run twice a month over three working days, with at most two subjects a day, and candidates may take subjects together or one at a time. For example, IAI scheduled a sitting for 13–15 October 2026. Each subject is passed with a score of at least 65, and all six must be completed within 3 years.
  • Time limit: 1.5 hours per subject (3 hours for Hukum Bisnis dan Perpajakan)
  • Exam / certification fees: Rp500,000 registration plus Rp500,000 per subject for general candidates (Rp350,000 per retake); Rp250,000 and Rp250,000 for affiliated, scholarship or CBE candidates (Rp150,000 per retake) Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

IAI CAFB — Certificate in Accounting, Finance and Business: Suggested Study Strategy

1Treat each subject as its own exam: IAI schedules them separately, so plan study and sittings subject by subject within the 3-year window.
2Learn the 2024 PSAK numbers (for example PSAK 109, 115, 201 and 216) alongside the older numbers still seen in some study material.
3For Hukum Bisnis dan Perpajakan, practise PTKP and bracket calculations, Article 21, 23 and 4(2) withholding, and PPN at 12% with the 11/12 tax base.
4Use IAI's published sample papers to get used to Indonesian question wording and the case study sections.

Frequently Asked Questions

What is IAI CAFB?

CAFB (Certificate in Accounting, Finance and Business) is the foundation level of the IAI Chartered Accountant examinations. It consists of six subject exams and prepares candidates for the professional level.

What is the exam format and pass mark?

Each subject is a computer-based exam of multiple-choice and case study questions, lasting 1.5 hours, except Hukum Bisnis dan Perpajakan, which lasts 3 hours. The pass mark is 65 per subject, and results are announced within two months.

How much does CAFB cost?

General candidates pay a one-off Rp500,000 registration fee and Rp500,000 per subject, with retakes at Rp350,000. Affiliated, scholarship or CBE candidates pay Rp250,000 registration, Rp250,000 per subject and Rp150,000 per retake. Waiver assessment costs Rp100,000 per subject.

Who can sit CAFB?

Eligible candidates include accounting students at D3 level or above, D3 accounting graduates, D3 graduates in other fields with 3 years of accounting experience, holders of an IAI-recognised level 6 accounting technician certificate, and holders of IAI or recognised professional accounting certifications. Candidates must have active IAI Madya membership.

How do I become a Business & Finance Associate (BFA)?

IAI awards BFA to holders of the foundation certificate who pass the Ethics Learning Program post-test, have at least one year of accounting experience, meet membership dues and sign the BFA commitment and integrity statement.

Are these official IAI exam questions?

No. This is independent practice by OpenExamPrep in English using multiple-choice questions. It is not an official translation of IAI material, does not simulate the case study format, and is not affiliated with or endorsed by IAI.