WorldatWork T7 International Financial Reporting Standards for Compensation Professionals Online Training
WorldatWork T7 Online Training
The questions for T7 were last updated at Apr 04,2025.
- Exam Code: T7
- Exam Name: International Financial Reporting Standards for Compensation Professionals
- Certification Provider: WorldatWork
- Latest update: Apr 04,2025
Which statement best describes the revalued amount of an asset?
- A . Its fair value at the date of revaluation less accumulated impairment
- B . Its fair value at the date of revaluation less accumulated depreciation
- C . Its fair value, less retained earnings
- D . Its fair value at the date of revaluation less accumulated depreciation and accumulated impairment
Which of the following describes the change in the net defined benefit liability (asset) during the period due to passage of time?
- A . Past service cost
- B . Current service cost
- C . Net interest on the net defined benefit liability (asset)
- D . Time value of money
What is the purpose of a balance sheet?
- A . To show sources of funds and the manner in which those funds are employed
- B . To account for changes in cash during the accounting period
- C . To show details of the nature of a company’s operating activities
- D . To reconcile the beginning and ending balances of stockholders’ equity
Which of the following is true of accrual accounting?
- A . Neither the recognition of revenue nor the recording of expense necessarily involves the receipt or payment of cash
- B . It rests on a primary guiding principle, which is recognition
- C . The recognition of revenue involves the receipt or payment of cash, while the recording of expense does not
- D . It entails recording income or expenditure only when money comes into or leaves the company
What are balanced sheets and income statements linked by?
- A . Investing activities
- B . Retained earnings
- C . Expenses
- D . Net income
Current assets comprise assets that can be converted to cash. They must be converted within what time period?
- A . Before the end of the fiscal year
- B . Within a year
- C . Within a fiscal year
- D . Within two years
What is the timing of revenue recognition?
- A . When it is probable that future economic benefits will flow to the company and reliable measurement of the amount of revenue is possible
- B . When the company reports current and non-current classifications in its statement of financial position
- C . When economic benefits are received by the company and reliable measurement of the amount of revenue is possible
- D . When users have sufficient reasonable knowledge of business and financial accounting matters to understand the information
Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?
- A . Basic objective
- B . Recognition, measurement, and disclosure concepts
- C . Fundamental concepts
- D . Elements of financial statements
What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?
- A . Provides information about economic entities that is useful in making economic decisions
- B . Provides guidance where conflicting interpretations have developed
- C . Provides benchmark for judgments
- D . Informs International Accounting Standards Board (IASB) of implications of proposed standards
Which of the following best defines the term “equity”?
- A . The residual interest in the assets of the entity after deducting all its liabilities
- B . A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
- C . Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
- D . Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants
Latest T7 Dumps Valid Version with 89 Q&As
Latest And Valid Q&A | Instant Download | Once Fail, Full Refund
