File Info
| Exam | International Financial Reporting Standards for Compensation Professionals |
| Number | T7 |
| File Name | WorldatWork.T7.RealExams.2019-03-11.53q.tqb |
| Size | 166 KB |
| Posted | Mar 11, 2019 |
| Download | WorldatWork.T7.RealExams.2019-03-11.53q.tqb |
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Demo Questions
Question 1
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?
- For reporting purposes
- For business strategy
- For decision-making purposes
- For organizational vision
Correct answer: C
Question 2
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?
- Faithful representation
- Measurement
- Full disclosure
- Going concern
Correct answer: C
Question 3
Which fundamental qualitative characteristics make accounting information useful for decision-making?
- Relevance and faithful representation
- Cost and materiality
- Assets and liability
- Income and expenses
Correct answer: A
