Here Are More CPA Core 1 Practice Cases, MCQs and Solutions

It’s no secret that Core 1 is one of the most challenging modules in the CPA Canada’s PEP program. In fact, it has the highest failure rate among all modules. The main reasons are:

  1. Self-lead studies
  2. Wide range of topics
  3. Time constrained exam
  4. Challenging cases

Like with all problems, adopting a proper strategy and plan will help you win:

  1. Create a study plan for Core 1
  2. Focus on the blueprint, not the competency map
  3. Study in advance
  4. Practice case writing

Just write more cases

The majority of candidates who don’t pass Core 1 struggle with the case portion. You will face several Financial Reporting (FR) AOs mixed with one or more competencies (Assurance, Tax, Finance). You can guess on MCQs, but you can’t guess your way out of a case.

The solution is to write as many cases as possible. With every case attempt, you learn a new scenario, a new approach, and improve your case writing skills (speed, formatting, time management).

CPA Canada provides eight (8) cases in Core 1. These are helpful but at times they are repetitive. Most candidates who took Core 1 say that the exam was different than the practice cases, especially the AOs. You will want to get more cases and practice more.

Where can you get more Core 1 cases?

I provide supplemental CPA Core 1 cases that are representative of the exam, in both format and content. These are original CPA cases that I have authored. My mock exam cases cover a wide range of AOs, including:

  • Revenue recognition (IFRS 15, ASPE 3400)
  • Leases (IFRS 16)
  • Liabilities
  • Government assistance
  • NPO
  • PP&E and betterment
  • Onerous contract
  • Taxes payable
  • Special engagements

My Core 1 value-pack edition contains even more cases that test you on complex IFRS issues, all of which are examinable at Core 1, including:

  • Business combinations (IFRS 3, 10)
  • Joint arrangements (IFRS 11)
  • Financial instruments (IFRS 9, IAS 32)
  • Financial instruments – Hedge accounting (IFRS 9)
  • Share based payments (IFRS 2)
  • Investment properties (IAS 40)
  • Employee benefits (IAS 19)
  • Income taxes (IAS 12)

Head over to the cases section of my website to learn more. Most of the above topics are not covered in the Core 1 module, but they come up on the exam over and over.  If you have any questions  or need additional help, I’m here for email support.

Where can you get more Core 1 MCQs?

With the April 2022 change in the exam format, I have added a set of 75 mock exam MCQs to the above cases.

Core 1 Success Program

My Core 1 Review program includes ten (10) mock exam cases, 75 MCQs, and a full coverage for Core 1. You’ll get:

  • Review of technicals
  • Case writing strategies
  • Memory aids
  • Advanced case writing lessons
  • Mock exam practice cases
  • Efficient outlining strategies
  • Time management exercises
  • Technical formats
  • Study plan
  • Live coaching with me

Personalized Core 1 Coaching

Sign up for the Core 1 Review program to get full coaching and take on the challenging Core 1.