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Exam Review

Key Facts: Mongolian CPA Exam

5 papers

Professional-level papers needed for the initial CPA right

Minister of Finance Order А/95 (2025), §6.3

70/100

Pass mark on each paper

Order А/95 (2025), §6.5

4 years

Validity of the initial CPA right

Accounting Law Art. 25.1; Order А/95 §6.6

2 years

Minimum work experience for accounting degree holders

Accounting Law Art. 24.1.1

5 years

Validity of a passed paper's result

Order А/95 (2025), §6.5

Mongolia's CPA exam is run by a Ministry of Finance examination commission with MonICPA under Order А/95 (2025). Candidates pass five papers (Financial Reporting, Audit and Assurance, Financial Management, Law/Tax, Performance Management) with 70 of 100 on each. This free bank is an independent English-language MCQ study adaptation.

Sample Mongolian CPA Practice Questions

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

1Under IAS 1 Presentation of Financial Statements, which of the following is a mandatory component of a complete set of financial statements?
A.A statement of financial position as at the end of the period
B.A five-year forecast of future projected cash flows
C.A quarterly corporate social responsibility and environmental report
D.A management discussion and analysis report approved by external auditors
Explanation: IAS 1 paragraph 10 prescribes that a complete set of financial statements comprises a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity, a statement of cash flows, and notes comprising material accounting policy information and other explanatory information.
2Under IAS 2 Inventories, which cost formula is explicitly prohibited for measuring the cost of inventories of items that are ordinarily interchangeable?
A.First-in, first-out (FIFO)
B.Weighted average cost
C.Last-in, first-out (LIFO)
D.Specific identification of individual costs
Explanation: IAS 2 paragraph 25 requires the cost of inventories (other than unique, segregated items) to be assigned by using either the first-in, first-out (FIFO) or weighted average cost formula. Last-in, first-out (LIFO) is explicitly prohibited under IFRS.
3An entity acquires a manufacturing machine for 120,000,000 MNT. It incurs trade discounts of 10,000,000 MNT, import duties of 6,000,000 MNT, non-refundable purchase taxes of 11,000,000 MNT, initial delivery and handling costs of 4,000,000 MNT, and staff training costs on operating the machine of 3,000,000 MNT. Under IAS 16 Property, Plant and Equipment, what is the initial recognized cost of the machine?
A.131,000,000 MNT
B.134,000,000 MNT
C.120,000,000 MNT
D.141,000,000 MNT
Explanation: Under IAS 16.16, initial cost includes purchase price less trade discounts (120M - 10M = 110M) plus import duties (6M), non-refundable taxes (11M), and directly attributable delivery/handling costs (4M), totaling 131,000,000 MNT. Staff training costs (3M) are recognized as an operating expense in profit or loss when incurred (IAS 16.19(b)).
4An entity chooses the revaluation model under IAS 16 for an office building. On 31 December 2025, the building has a carrying amount of 500,000,000 MNT and a revalued fair value of 620,000,000 MNT. The building had no previous revaluation decreases. How should the 120,000,000 MNT revaluation surplus be recognized?
A.Recognized in other comprehensive income and accumulated in equity under revaluation surplus
B.Recognized immediately as revenue in profit or loss
C.Recognized as deferred income in non-current liabilities
D.Recognized as an adjustment to retained earnings in the opening balance
Explanation: IAS 16 paragraph 39 states that if an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognized in other comprehensive income (OCI) and accumulated in equity under the heading of revaluation surplus, unless it reverses a previous revaluation deficit for the same asset previously recognized in profit or loss.
5Under IAS 23 Borrowing Costs, which of the following is a mandatory condition for capitalizing borrowing costs directly attributable to the acquisition or construction of an asset?
A.The asset must be a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale
B.The borrowing must be in the form of a long-term commercial bond issue
C.The funds must be borrowed specifically for the asset; interest on general borrowings can never be capitalized
D.The asset must be carried at fair value rather than at cost
Explanation: IAS 23 paragraph 5 defines a qualifying asset as an asset that necessarily takes a substantial period of time to get ready for its intended use or sale. Borrowing costs directly attributable to the acquisition, construction, or production of a qualifying asset must be capitalized as part of the asset's cost.
6An Ulaanbaatar coal-haulage company tests its truck fleet cash-generating unit (CGU) for impairment under IAS 36. Against which measure must it compare the CGU's carrying amount?
A.The higher of fair value less costs of disposal and value in use
B.The lower of historical cost and net realizable value
C.The present value of historical operating cash flows
D.The replacement cost less accumulated straight-line depreciation
Explanation: IAS 36 paragraph 18 explicitly defines recoverable amount as the higher of an asset's or cash-generating unit's fair value less costs of disposal and its value in use.
7At year-end, Company A tests a machine for impairment. The machine has a carrying amount of 85,000,000 MNT. Its fair value less costs of disposal is 72,000,000 MNT, and its value in use is 78,000,000 MNT. What is the impairment loss to be recognized in profit or loss under IAS 36?
A.7,000,000 MNT
B.13,000,000 MNT
C.0 MNT
D.6,000,000 MNT
Explanation: Under IAS 36, the recoverable amount is the higher of fair value less costs of disposal (72M MNT) and value in use (78M MNT), which is 78,000,000 MNT. The carrying amount is 85,000,000 MNT. The impairment loss is Carrying Amount - Recoverable Amount = 85M - 78M = 7,000,000 MNT, recognized in profit or loss.
8Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which criteria must ALL be met before a provision is recognized in the financial statements?
A.A present obligation resulting from a past event, probable outflow of resources embodying economic benefits, and a reliable estimate of the obligation amount
B.A possible obligation resulting from future events, probable inflow of resources, and board authorization
C.A legal dispute in court, an insurance claim submitted, and approval by tax authorities
D.A constructive commitment that is remote in occurrence but has a contractually fixed settlement value
Explanation: IAS 37 paragraph 14 requires that a provision shall be recognized when: (a) an entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.
9Under IAS 38 Intangible Assets, how should costs incurred during the research phase of an internal project be treated?
A.Expensed in profit or loss when incurred
B.Capitalized as an intangible asset and amortized over 5 years
C.Recognized in other comprehensive income until commercial launch
D.Capitalized as inventory work-in-progress
Explanation: IAS 38 paragraph 54 states that no intangible asset arising from research (or from the research phase of an internal project) shall be recognized. Expenditure on research shall be recognized as an expense when it is incurred, because an entity cannot demonstrate that future economic benefits are probable at this stage.
10A mining enterprise in Mongolia spends 40,000,000 MNT developing an automated dispatch software tool. Up to 30 September 2025, 15,000,000 MNT was spent before technical feasibility and commercial viability were established. From 1 October to 31 December 2025, an additional 25,000,000 MNT was spent meeting all six IAS 38 capitalization criteria. How much should be recognized on the balance sheet as an intangible asset at 31 December 2025?
A.25,000,000 MNT
B.40,000,000 MNT
C.15,000,000 MNT
D.0 MNT
Explanation: Under IAS 38.57 and 38.71, development costs can only be capitalized from the exact date when all recognition criteria are satisfied. Expenditure previously recognized as an expense cannot be retroactively capitalized. Therefore, only the 25,000,000 MNT incurred after criteria were met is capitalized; the 15,000,000 MNT remains expensed.

About the Mongolian CPA Exam

The Mongolian Certified Public Accountant (Мэргэшсэн нягтлан бодогч) right is granted under the Accounting Law after five professional-level papers set by Minister of Finance Order А/95 (2025). This page offers independent English-language practice questions on those five papers; the questions are a study aid, not an official-format simulation.

Exam sponsor: Examination Commission appointed by the Minister of Finance (chaired by the MonICPA President) with the Mongolian Institute of Certified Public Accountants (ММНБИ / MonICPA). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Minister of Finance Order А/95 (21 May 2025) sets five professional-level papers: Law, Tax Accounting and Reporting (2.5 h); Financial Management (2.5 h); Audit and Assurance (2.5 h); Financial Reporting (3.5 h); and Performance Management (3.5 h). Passing all five grants the CPA right for 4 years. Holders then sit advanced papers every 2 years in two stages (Business Analysis and Strategy plus Corporate and Business Reporting; then Governance, Risk and Control plus Advanced Financial Management or Advanced Performance Management) to hold the right indefinitely. ACCA members are exempt from every professional-level paper except Law, Tax Accounting and Reporting, and certified tax consultants are exempt from that paper. This page is an independent English-language MCQ study adaptation; it is not an official translation or a simulation of the MonICPA exam system.

Time Limit

2.5 h (Law/Tax, Financial Management, Audit) or 3.5 h (Financial Reporting, Performance Management) per paper; 14.5 h across all five

Passing Score

70 or more out of 100 on each paper

Exam / Certification Fees

Per-paper fees set by MonICPA (e.g., Financial Reporting 154,000 MNT; Audit and Assurance 110,000 MNT)

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.

20%

Financial Reporting (Санхүүгийн тайлагнал)

IFRS presentation, inventories, PPE, impairment, provisions, intangibles, revenue, leases, financial instruments and group accounts (one of five papers, 3.5 hours).

20%

Audit and Assurance (Аудит ба баталгаажуулалт)

International Standards on Auditing, professional ethics, risk assessment, audit evidence, sampling, subsequent events, going concern and auditor's reports (2.5 hours).

20%

Financial Management (Санхүүгийн менежмент)

Working capital, capital budgeting (NPV, IRR), cost of capital, valuation, capital structure, dividend policy and foreign exchange risk (2.5 hours).

20%

Law, Tax Accounting and Reporting (Хууль эрх зүй, татварын бүртгэл, тайлагнал)

General Tax Law, corporate and personal income tax, VAT, property tax, Company Law and the Accounting Law, including the tax amendments that take effect on 1 January 2027 (2.5 hours).

20%

Performance Management (Гүйцэтгэлийн удирдлага)

Cost behaviour, process and activity-based costing, CVP analysis, standard costing and variances, budgeting, relevant costing and divisional performance measures (3.5 hours).

Preparing for the Mongolian CPA Exam

What You Need to Know

  • Passing score: 70 or more out of 100 on each paper
  • Assessment: Minister of Finance Order А/95 (21 May 2025) sets five professional-level papers: Law, Tax Accounting and Reporting (2.5 h); Financial Management (2.5 h); Audit and Assurance (2.5 h); Financial Reporting (3.5 h); and Performance Management (3.5 h). Passing all five grants the CPA right for 4 years. Holders then sit advanced papers every 2 years in two stages (Business Analysis and Strategy plus Corporate and Business Reporting; then Governance, Risk and Control plus Advanced Financial Management or Advanced Performance Management) to hold the right indefinitely. ACCA members are exempt from every professional-level paper except Law, Tax Accounting and Reporting, and certified tax consultants are exempt from that paper. This page is an independent English-language MCQ study adaptation; it is not an official translation or a simulation of the MonICPA exam system.
  • Time limit: 2.5 h (Law/Tax, Financial Management, Audit) or 3.5 h (Financial Reporting, Performance Management) per paper; 14.5 h across all five
  • Exam / certification fees: Per-paper fees set by MonICPA (e.g., Financial Reporting 154,000 MNT; Audit and Assurance 110,000 MNT) 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

Mongolian CPA: Suggested Study Strategy

1Budget time by paper: Financial Reporting and Performance Management run 3.5 hours, the other three papers 2.5 hours.
2Practise numerical work (NPV, IRR, WACC, variances, CVP) until you can do it quickly and accurately.
3Learn Mongolian tax rules as they apply in 2026 and note what changes on 1 January 2027 (new 15% CIT band, 400 million MNT VAT threshold, new PIT bands).
4For audit reports, practise deciding between qualified, adverse and disclaimer opinions using materiality and pervasiveness.
5Aim well above 70 in practice, because each paper must be passed on its own.

Frequently Asked Questions

What are the five papers of the Mongolian CPA exam?

Order А/95 (2025) sets five professional-level papers: Law, Tax Accounting and Reporting; Financial Management; Audit and Assurance; Financial Reporting; and Performance Management.

What is the passing score for the Mongolian CPA exam?

Each paper is scored out of 100 and a candidate passes it with 70 or more. A passed paper's result remains valid for five years.

Who can sit the Mongolian CPA exam?

Article 24.1 of the Accounting Law requires either an accounting bachelor's degree (or higher) and at least 2 years' work in the profession, or a finance, economics or management bachelor's degree (or higher) that covered the accounting study programme and at least 4 years' work as an accountant.

Is this an official MonICPA practice test?

No. OpenExamPrep provides independent English-language multiple-choice practice on the five paper topics. It is a study aid, not an official translation or a simulation of the MonICPA exam system.

How long is the Mongolian CPA right valid?

Passing all five professional-level papers grants the CPA right for four years. The holder then sits advanced-level papers in two stages two years apart; passing them all makes the right indefinite.