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Exam International Financial Reporting Standards for Compensation Professionals
Number T7
File Name WorldatWork.T7.CertDumps.2018-07-24.49q.vcex
Size 25 KB
Posted Jul 24, 2018
Download WorldatWork.T7.CertDumps.2018-07-24.49q.vcex

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Demo Questions

Question 1

An offer of redundancy is an example of which kind of employee benefits?


  1. Short-term benefits
  2. Post-employment benefits
  3. Termination benefits
  4. Long-term benefits
Correct answer: C



Question 2

When the quality of information confirms users’ earlier expectations, which characteristic is being represented?


  1. Verifiability
  2. Predictive value
  3. Confirmatory value
  4. Faithful representation
Correct answer: C



Question 3

When an employee has provided service in exchange for benefits to be paid in the future, what is it considered in accounting terms?


  1. The employee value proposition
  2. A long term benefit
  3. A noncurrent expense
  4. A liability
Correct answer: D



Question 4

What are the main equity categories in a statement of stockholders’ equity?


  1. Retained earnings and treasury stock
  2. Investing activities and financing activities
  3. Operating revenues and noncurrent assets
  4. Revenue items and owners’ equity
Correct answer: A



Question 5

Defined benefit pension commitments often represent a company’s largest single financial liability. IAS 19 was amended as of January, 2014. What does this amendment require?


  1. That surplus or deficit of a pension fund be detailed in the financial statement
  2. That any existing deficit of a pension fund be detailed in the financial statement
  3. That any projected deficit of a pension fund be detailed in the financial statement
  4. That companies state whether they have a defined benefit or defined contribution plan in the financial statement
Correct answer: A



Question 6

What are the changes in the present value of the defined benefits obligation that result from experience adjustments or the effects of changes in actuarial assumptions called?


  1. Net interest on the net defined benefit liability (asset)
  2. Time value of money
  3. Current service cost
  4. Actuarial gains and losses
Correct answer: D



Question 7

When the economic consequences of a standard or rule is ignored, which characteristic is being represented?


  1. Neutral
  2. Verifiability
  3. Complete
  4. Relevance
Correct answer: A



Question 8

Level 2 of the conceptual framework of International Accounting Standards Board (IASB) identifies qualitative characteristics of accounting information. These characteristics distinguish more useful information from less useful information. To what end is this distinction useful?


  1. For reporting purposes
  2. For business strategy
  3. For decision-making purposes
  4. For organizational vision
Correct answer: C



Question 9

When a company provides information that is of sufficient importance to influence the judgment and decisions of an informed user, which principle of Level 3 of the conceptual framework is being represented?


  1. Faithful representation
  2. Measurement
  3. Full disclosure
  4. Going concern
Correct answer: C



Question 10

Which fundamental qualitative characteristics make accounting information useful for decision-making?


  1. Relevance and faithful representation
  2. Cost and materiality
  3. Assets and liability
  4. Income and expenses
Correct answer: A









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