Free Practice Questions for CIPA Kazakhstan

Exam-style questions and explanations by OpenExamPrep.

✓ No registration✓ No credit card

100+ Questions

100% Free

Loading practice questions...

Same family resources

Explore More Kazakhstan CAP and CIPA Accounting Qualifications

Continue into nearby exams from the same family. Each card keeps practice questions, study guides, flashcards, videos, and articles in one place.

CAP Certified Accounting Practitioner Examination (Казахстан)

Practice Questions100 questions

Exam Review

Key Facts: CIPA Kazakhstan Exam

4 Exams + MIS

Exam Structure

CIPAEN

75%

Passing Threshold

CIPAEN

4 Hours

Duration Per Exam

CIPAEN

3 Years

Experience Required

CIPAEN

CIPA (Certified International Professional Accountant) is the advanced level of the CIPA programme run by the CIPA Examination Network. It requires the CAP certificate, a higher education qualification, three years of verified experience, membership in good standing of a professional organisation, passes at 75 points out of 100 in Financial Accounting 2, Management Accounting 2, Audit and Financial Management, and 90% on the Management Information Systems test. Papers run four hours closed book in Russian, each mixing situational tasks worth 50 points with 25 four-option MCQs worth 50 points, and level-2 sessions are held twice a year. This 100-question bank is an independent English-language MCQ study adaptation, not an official translation or item set.

Sample CIPA Kazakhstan Practice Questions

Try these sample questions to review concepts for the CIPA Kazakhstan exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under IFRS 3 Business Combinations, which of the following criteria distinguishes an acquisition of a 'business' from an acquisition of an asset or a group of assets?

A.A business consists of inputs and a substantive process applied to those inputs that together have the ability to contribute to the creation of outputs.

B.A business must generate positive net operating profit in the twelve months immediately preceding the transaction.

C.A business acquisition always requires the transfer of 100% of voting shares and complete absorption of the legal entity.

D.An asset group qualifies as a business only if it includes self-created goodwill and recognized operating lease liabilities.

Explanation: Under IFRS 3 (revised definition of a business), a business is defined as an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income, or generating other income from ordinary activities. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. (Note: This question bank is an independent English-language MCQ study adaptation of the Certified International Professional Accountant (CIPA) credential examinations administered by CIPA Examination Network (CIPAEN) in Russian, and not an official translation or simulation.)

2Under IFRS 15 Revenue from Contracts with Customers, what is the correct sequence of the 5-step model for revenue recognition?

A.1. Determine price; 2. Identify contract; 3. Identify performance obligations; 4. Allocate price; 5. Recognize revenue.

B.1. Identify contract; 2. Identify performance obligations; 3. Determine transaction price; 4. Allocate transaction price to performance obligations; 5. Recognize revenue when/as obligations are satisfied.

C.1. Identify contract; 2. Determine transaction price; 3. Allocate transaction price; 4. Identify performance obligations; 5. Recognize revenue upon invoicing.

D.1. Identify performance obligations; 2. Identify contract; 3. Determine transaction price; 4. Recognize revenue; 5. Allocate price.

Explanation: IFRS 15 establishes a comprehensive 5-step framework: Step 1: Identify the contract(s) with a customer; Step 2: Identify the performance obligations in the contract; Step 3: Determine the transaction price; Step 4: Allocate the transaction price to the performance obligations; Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

3Under IAS 19 Employee Benefits, what is the primary accounting difference between a defined contribution plan and a defined benefit plan?

A.Defined contribution plans require actuarial valuations using the Projected Unit Credit method, whereas defined benefit plans do not.

B.Under defined contribution plans, the employer retains all actuarial and investment risks.

C.Under defined contribution plans, the employer's obligation is limited to the agreed contribution amount, while under defined benefit plans, the employer bears actuarial and investment risk.

D.Defined benefit plans are recognized only as off-balance sheet commitments in the notes to financial statements.

Explanation: Under IAS 19, for a defined contribution plan, the entity pays fixed contributions into a separate entity (a fund) and will have no legal or constructive obligation to pay further contributions; hence, actuarial and investment risk fall on the employee. For a defined benefit plan, the entity's obligation is to provide agreed benefits to current and former employees, meaning actuarial risk and investment risk fall on the entity.

4Under IFRS 16 Leases, a lessee may elect not to apply the standard's balance sheet recognition requirements (asset and liability) to which of the following leases?

A.All leases of specialized industrial manufacturing equipment regardless of term.

B.Operating leases that have been approved by the board of directors as non-capitalized commitments.

C.Leases with variable payments linked entirely to consumer price index (CPI) changes.

D.Short-term leases, meaning a lease term of 12 months or less with no purchase option, and leases where the underlying asset is of low value when new (the Basis for Conclusions cites an order of magnitude of about USD 5,000).

Explanation: IFRS 16 paragraph 5 gives a lessee two optional recognition exemptions: short-term leases, defined in Appendix A as a term of 12 months or less containing no purchase option, and leases where the underlying asset is of low value when new, such as tablets, personal computers, small office furniture and telephones. The standard itself sets no monetary threshold; the Basis for Conclusions indicates an order of magnitude of roughly USD 5,000, and the assessment is made on an absolute basis regardless of the lessee's size. Payments on exempt leases are expensed on a straight-line basis over the lease term.

5Under IAS 12 Income Taxes, when does a taxable temporary difference arise, giving rise to a deferred tax liability?

A.When the carrying amount of an asset exceeds its tax base, or the carrying amount of a liability is less than its tax base.

B.When the carrying amount of an asset is less than its tax base.

C.When accounting profit is permanently exempt from corporate income tax under state tax holidays.

D.When tax depreciation in the current year is lower than accounting straight-line depreciation.

Explanation: Under IAS 12, a taxable temporary difference arises when the carrying amount of an asset exceeds its tax base (resulting in taxable amounts in future periods when the asset is recovered), or when the carrying amount of a liability is less than its tax base (resulting in taxable amounts when the liability is settled). These differences give rise to deferred tax liabilities.

6Under IAS 21 The Effects of Changes in Foreign Exchange Rates, how is an entity's 'functional currency' defined?

A.The currency of the country in which the entity is legally incorporated and registered.

B.The currency of the primary economic environment in which the entity operates.

C.The currency in which the entity chooses to present its published financial statements.

D.The official national currency mandated by the central bank for domestic interbank tax settlements.

Explanation: Under IAS 21.8, functional currency is explicitly defined as 'the currency of the primary economic environment in which the entity operates' (normally the environment in which it primarily generates and expends cash). Presentation currency is the currency in which financial statements are presented, which an entity may freely select.

7Under IFRS 9 Financial Instruments, what two contractual tests determine whether a financial asset is classified and measured at amortized cost?

A.The fair value option test and the active market liquidity test.

B.The credit rating investment grade test and the maturity date test.

C.The business model test (holding to collect contractual cash flows) and the SPPI test (contractual cash flows represent solely payments of principal and interest).

D.The derivative embeddedness test and the management intention designation test.

Explanation: Under IFRS 9.4.1.2, a financial asset is measured at amortized cost if both of the following conditions are met: (1) Business Model Test: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and (2) SPPI Test: the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

8On 1 January 2025, Parent Corp acquired 75% of Subsidiary Ltd for 150,000,000 KZT cash. At the acquisition date, the fair value of Subsidiary Ltd's identifiable net assets was 160,000,000 KZT. Parent Corp elects to measure Non-Controlling Interest (NCI) at its proportionate share of identifiable net assets. What is the goodwill recognized on consolidation under IFRS 3?

A.30,000,000 KZT

B.40,000,000 KZT

C.10,000,000 KZT

D.0 KZT

Explanation: Under IFRS 3, when NCI is measured at its proportionate share of identifiable net assets: 1. Proportionate share of NCI = 25% × 160,000,000 KZT = 40,000,000 KZT. 2. Identifiable net assets acquired = 160,000,000 KZT. 3. Goodwill = Consideration transferred (150,000,000 KZT) + Proportionate NCI (40,000,000 KZT) - Fair value of identifiable net assets (160,000,000 KZT) = 190,000,000 - 160,000,000 = 30,000,000 KZT. Alternatively: Consideration (150,000,000) - Parent's share of net assets (75% × 160,000,000 = 120,000,000) = 30,000,000 KZT.

9Company Alpha acquires 80% of Company Beta on 1 July 2025 for 240,000,000 KZT. At acquisition, Beta's identifiable net assets have a fair value of 250,000,000 KZT. The fair value of the 20% non-controlling interest on that date is appraised at 55,000,000 KZT. Alpha elects to use the Full Goodwill Method (NCI at fair value). What is the total goodwill recognized, and how much is attributable to the parent and NCI respectively?

A.Total goodwill is 40,000,000 KZT; Parent: 32,000,000 KZT, NCI: 8,000,000 KZT.

B.Total goodwill is 45,000,000 KZT; Parent: 40,000,000 KZT, NCI: 5,000,000 KZT.

C.Total goodwill is 45,000,000 KZT; Parent: 36,000,000 KZT, NCI: 9,000,000 KZT.

D.Total goodwill is 50,000,000 KZT; Parent: 40,000,000 KZT, NCI: 10,000,000 KZT.

Explanation: Under the full goodwill method: 1. Total Goodwill = Consideration transferred (240,000,000 KZT) + Fair value of NCI (55,000,000 KZT) - Fair value of net identifiable assets (250,000,000 KZT) = 295,000,000 - 250,000,000 = 45,000,000 KZT. 2. Parent's share of net assets = 80% × 250,000,000 = 200,000,000 KZT. Goodwill attributable to Parent = Consideration (240,000,000) - 200,000,000 = 40,000,000 KZT. 3. NCI's share of net assets = 20% × 250,000,000 = 50,000,000 KZT. Goodwill attributable to NCI = Fair value of NCI (55,000,000) - 50,000,000 = 5,000,000 KZT. Total: 40,000,000 + 5,000,000 = 45,000,000 KZT.

10An acquirer purchases 100% of Target Corp on 31 December 2025 for 85,000,000 KZT cash. A thorough assessment confirms that Target's identifiable assets have a fair value of 120,000,000 KZT and identifiable liabilities have a fair value of 25,000,000 KZT. After reassessing all assets, liabilities, and consideration as required by IFRS 3, how should the resulting amount be recognized in the financial statements?

A.Recognized as negative goodwill in equity reserves and amortized over a period not exceeding 10 years.

B.Deducted from non-current assets on a pro-rata basis until reduced to zero.

C.Recognized immediately as a gain on bargain purchase of 10,000,000 KZT in profit or loss.

D.Deferred on the statement of financial position as unearned income and recognized as other income over 5 years.

Explanation: Under IFRS 3.34-36: 1. Fair value of identifiable net assets = Assets (120,000,000) - Liabilities (25,000,000) = 95,000,000 KZT. 2. Consideration transferred = 85,000,000 KZT. 3. Excess of net identifiable assets over consideration = 95,000,000 - 85,000,000 = 10,000,000 KZT. IFRS 3 requires the acquirer to review and reassess whether all identifiable assets and liabilities have been properly identified and measured. If the excess remains, it represents a 'bargain purchase gain' and must be recognized immediately in profit or loss on the acquisition date. IFRS strictly prohibits recording negative goodwill in equity or deferring it.

About the CIPA Kazakhstan Exam

The Certified International Professional Accountant (CIPA / Сертифицированный международный профессиональный бухгалтер) is the second and advanced level of the CIPA programme administered by the CIPA Examination Network (CIPAEN), the Russian-language international certification for professional accountants used across Kazakhstan and the wider region. Building on the CAP certificate, a candidate passes Financial Accounting 2, Management Accounting 2, Audit and Financial Management at 75 points out of 100 each, passes the Management Information Systems test at 90%, holds a higher education qualification and at least three years of verified professional experience, and is a member in good standing of a professional organisation. Papers run four hours closed book in Russian, with level-2 sessions twice a year. This practice test is an independent English-language MCQ study adaptation by OpenExamPrep; it is not an official translation, an official item set, or a simulation of the written examination format.

Exam sponsor: CIPA Examination Network (CIPAEN / Экзаменационная сеть CIPA) in cooperation with the Chamber of Auditors of the Republic of Kazakhstan. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

4 written papers of 4 hours each, marked out of 100 with a 75-point pass mark (Financial Accounting 2, Management Accounting 2, Audit, Financial Management), each mixing 4-5 situational tasks with 25 four-option MCQs, plus the Management Information Systems test of 100 questions requiring 90%

Time Limit

4 hours (240 minutes) per examination

Passing Score

At least 75 points out of 100 (75%) on each examination; 90% on the MIS test

Exam / Certification Fees

Set by the national official provider of the CIPA Examination Network; CIPAEN does not publish a central fee schedule, so candidates confirm the current amount with the Kazakhstan representative office when registering

Exam sponsor website

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

Official sources

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.

25%

Financial Accounting 2 (Advanced IFRS)

Complex IFRS topics including IFRS 3 business combinations, IFRS 10 group consolidation, goodwill calculation, non-controlling interest measurement, IFRS 9 financial instruments and expected credit losses, IFRS 16 leases, IFRS 15 revenue recognition, IAS 19 employee benefits, IAS 12 deferred taxes, and IAS 21 foreign currency accounting.

25%

Management Accounting 2 (Strategic Management Accounting)

Activity-Based Costing (ABC) and Activity-Based Management (ABM), target costing, product life-cycle costing, throughput accounting, transfer pricing policies in decentralized organizations, divisional performance evaluation (ROI, Residual Income, EVA), Balanced Scorecard, and quantitative decision analysis under risk.

25%

Audit (International Standards on Auditing)

Audit risk model (IR × CR × DR), risk of material misstatement assessment, COSO internal control evaluation, tests of controls and substantive procedures, statistical and non-statistical audit sampling, analytical procedures, ISA 570 going concern evaluation, ISA 700 series auditor reporting including Key Audit Matters (ISA 701), and IESBA Code of Ethics for Professional Accountants.

25%

Financial Management

Financial ratio and statement analysis, working capital optimization (cash conversion cycle, Baumol and Miller-Orr models, EOQ), capital budgeting techniques (NPV, IRR, MIRR, Profitability Index), capital structure theories (Modigliani-Miller propositions with and without taxes, pecking order theory), WACC and CAPM estimation, discounted cash flow valuation, dividend policies, and financial risk hedging via derivatives.

Preparing for the CIPA Kazakhstan Exam

What You Need to Know

Passing score: At least 75 points out of 100 (75%) on each examination; 90% on the MIS test
Assessment: 4 written papers of 4 hours each, marked out of 100 with a 75-point pass mark (Financial Accounting 2, Management Accounting 2, Audit, Financial Management), each mixing 4-5 situational tasks with 25 four-option MCQs, plus the Management Information Systems test of 100 questions requiring 90%
Time limit: 4 hours (240 minutes) per examination
Exam / certification fees: Set by the national official provider of the CIPA Examination Network; CIPAEN does not publish a central fee schedule, so candidates confirm the current amount with the Kazakhstan representative office when registering 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

CIPA Kazakhstan: Suggested Study Strategy

1Master step-by-step group consolidation mechanics under IFRS 3 and IFRS 10, paying special attention to goodwill calculations under both full and proportionate goodwill methods.

2Work through quantitative management accounting scenarios including transfer pricing range determination, Activity-Based Costing pool allocation, and Economic Value Added (EVA).

3Memorize the International Standards on Auditing (ISA) risk framework (IR × CR × DR) and practice formulating appropriate audit opinions (unmodified, qualified, adverse, disclaimer) under ISA 700/705.

4Practice multi-step financial management calculations including WACC, NPV, IRR, Miller-Orr cash limits, and derivative payoff structures under timed conditions.

Frequently Asked Questions

What is the CIPA certification in Kazakhstan?

The Certified International Professional Accountant (CIPA / Сертифицированный международный профессиональный бухгалтер) credential is the advanced international certification level of the CIPA program across Kazakhstan and Central Asia. It certifies senior-level expertise in IFRS reporting, strategic cost and management accounting, International Standards on Auditing (ISA), and corporate financial management.

What are the eligibility requirements for the CIPA credential?

Candidates must hold the Certified Accounting Practitioner (CAP) credential, an accredited university degree, have at least three years of verified professional experience in accounting or finance, achieve passing marks (minimum 75/100 points) on all four core CIPA written examinations, pass the MIS test with at least 90%, and maintain active membership in a recognized professional association such as the Chamber of Auditors of the Republic of Kazakhstan.

What is the official format and duration of CIPA examinations?

Each of the four core CIPA examinations is a 4-hour (240 minutes) written exam containing multiple-choice items and in-depth quantitative case studies and analytical problems. All official exams are administered in Russian by the CIPA Examination Network (CIPAEN). A score of at least 75 out of 100 points is required to pass each examination.

Is this practice resource an official CIPA product?

No. This question bank is an independent English-language study adaptation developed by OpenExamPrep. It adapts the technical learning outcomes of the CIPA syllabus into a rigorous multiple-choice format to support exam candidates, and is not an official translation or an official examination simulation.