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T7 Exam Questions
International Financial Reporting Standards for Compensation Professionals
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Employee benefits that are payable after the completion of employment are considered what kind of benefits?
Short-term benefits
Post-employment benefits
Termination benefits
Long-term benefits
Profit-sharing and bonuses are an example of which kind of employee benefits?
Short-term benefits
Post-employment benefits
Termination benefits
Long-term benefits
Which of the following most accurately describes the overall objective of financial reporting?
Provide information that is useful for decision making
Enable International Accounting Standards Board (IASB) to issue more useful and consistent pronouncements
Enhance and organization’s financial consistency over time as Board members change
To classify an organization’s stakeholders as either internal or external information users
In a defined contribution benefit plan, who assumes risk?
Employees
Employers
Both employees and employers
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?
Net interest on the net defined benefit liability (asset)
Time value of money
Current service cost
Actuarial gains and losses
What are balanced sheets and income statements linked by?
Investing activities
Retained earnings
Expenses
Net income
What is the sum of current and noncurrent liabilities called?
Total cost
Current debt
Total expenses
Total liabilities
Companies desire more current assets than current liabilities. What is the difference between current assets and current liabilities called?
Net income
Total liabilities
Net working capital
Noncurrent liabilities
Which of the following are ingredients of the fundamental characteristic of relevance?
Cost and materiality
Predictive value and confirmatory value
Relevance and faithful representation
Timeliness and understandability
Which of the following best defines the term “liability”?
A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity
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
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
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
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