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  4. T7 - International Financial Reporting Standards for Compensation Professionals Exam

WorldatWork T7 International Financial Reporting Standards for Compensation Professionals Exam Exam Practice Test

Demo: 13 questions
Total 89 questions
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International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

Question 1

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

Options:

A.

Verifiability

B.

Predictive value

C.

Confirmatory value

D.

Faithful representation

Question 2

Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

Options:

A.

Basic objective

B.

Recognition, measurement, and disclosure concepts

C.

Fundamental concepts

D.

Elements of financial statements

Question 3

Employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting people in which the employee rendered the related service are considered what kind of benefits?

Options:

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

Question 4

What is the main objective of IAS 19?

Options:

A.

To prescribe the accounting and disclosure for employee benefits

B.

To prescribe the timing of payments

C.

To draw a distinction between long and short term benefits

D.

To draw a distinction between a defined contribution and defined benefit plan

Question 5

Which of the following is a benefit of moving toward a single set of standards?

Options:

A.

Create equity across the economies of different countries

B.

Reduce the number of cross-border capital flows

C.

Greater comparability between companies equals lower cost to investors

D.

Less competition among exchanges

Question 6

Profit-sharing and bonuses are an example of which kind of employee benefits?

Options:

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

Question 7

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?

Options:

A.

Net interest on the net defined benefit liability (asset)

B.

Time value of money

C.

Current service cost

D.

Actuarial gains and losses

Question 8

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

Options:

A.

The employee value proposition

B.

A long term benefit

C.

A noncurrent expense

D.

A liability

Question 9

Employee benefits that are payable after the completion of employment are considered what kind of benefits?

Options:

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

Question 10

What is the difference between the present value of defined benefit obligation and fair value of plan assets at the end of the reporting period called?

Options:

A.

The financial position

B.

The deficit or surplus

C.

The discount

D.

The present fair value

Question 11

Why is faithful representation important in accounting documentation?

Options:

A.

It ensures neutrality on the part of the company’s accounting department

B.

It guarantees that all information is free from error

C.

It is useful if information represents what it purports to represent

D.

It indicates that accountants have confirmed all of the data

Question 12

Which body has the sole responsibility for setting standards?

Options:

A.

Standards Advisory Council (SAC)

B.

International Accounting Standards Board (IASB)

C.

International Financial Reporting Interpretations Committee (IFRIC)

D.

Accounting Principles Board (APB)

Question 13

Which of the following is true of liabilities?

Options:

A.

Current liabilities come due in less than a year

B.

Current liabilities come due in less than 18 months

C.

Noncurrent liabilities come due in less than a year

D.

Both current and noncurrent liabilities come due in less than a year

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Demo: 13 questions
Total 89 questions
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