WorldatWork T7 International Financial Reporting Standards for Compensation Professionals Online Training
WorldatWork T7 Online Training
The questions for T7 were last updated at Apr 07,2025.
- Exam Code: T7
- Exam Name: International Financial Reporting Standards for Compensation Professionals
- Certification Provider: WorldatWork
- Latest update: Apr 07,2025
Which of the following is the best description of liquidity?
- A . The historical cost of an asset
- B . The fair value of an asset
- C . The ease of converting a noncash asset to cash
- D . Liabilities, minus equity
Which of the following is true of liabilities?
- 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
The following requirements are characteristic of which term below? Must be reported on the balance sheet; must be owned or controlled by the company; and must possess expected future benefits.
- A . Assets
- B . Owners’ equity
- C . Contributed capital
- D . Liabilities
When does a present obligation exist?
- A . When the employee renders service
- B . When the company has no realistic alternative but to make the payments
- C . When a change in the company’s informal practices would cause unacceptable damage to its relationship with employees
- D . When the company recognizes the expected cost of profit-sharing and bonus payments
Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?
- A . Faithful representation
- B . Relevance
- C . Predictive value
- D . Comparability
Paid annual leave and paid sick leave are examples of which kind of employee benefits?
- A . Short-term benefits
- B . Post-employment benefits
- C . Termination benefits
- D . Long-term benefits
One of the reasons preparers use the conceptual framework is to:
- A . Develop accounting policies in the absence of specific standards
- B . Document a historical record of all judgments
- C . Develop alternate interpretations of specific standards
- D . Encourage change to standards as Board members change
What are the two guiding principles of accrual accounting?
- A . Expense recognition and matching
- B . Revenue recognition and matching
- C . Revenue recognition and measurement
- D . Cost and materiality
Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?
- A . Short-term benefits
- B . Post-employment benefits
- C . Termination benefits
- D . Long-term benefits
When the economic consequences of a standard or rule is ignored, which characteristic is being represented?
- A . Neutral
- B . Verifiability
- C . Complete
- D . Relevance
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