T7 Exam Dumps - International Financial Reporting Standards for Compensation Professionals Exam

Question # 4

Issuance of interim reports is an example of what enhancing characteristic?

Comparability

Verifiability

Relevance

Timeliness

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Question # 5

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?

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

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Question # 6

Defined benefit pension commitments often represent a companyâ€™s largest single financial liability. IAS 19 was amended as of January, 2014. What does this amendment require?

That surplus or deficit of a pension fund be detailed in the financial statement

That any existing deficit of a pension fund be detailed in the financial statement

That any projected deficit of a pension fund be detailed in the financial statement

That companies state whether they have a defined benefit or defined contribution plan in the financial statement

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Question # 7

Paid annual leave and paid sick leave are examples of which kind of employee benefits?

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

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Question # 8

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

Create equity across the economies of different countries

Reduce the number of cross-border capital flows

Greater comparability between companies equals lower cost to investors

Less competition among exchanges

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Question # 9

Which of the following is the best description of liquidity?

The historical cost of an asset

The fair value of an asset

The ease of converting a noncash asset to cash

Liabilities, minus equity

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Question # 10

What is the reconciliation of the beginning and ending balances of stockholdersâ€™ equity accounts called?

Statement of Financial Position

Statement of Income

Statement of Cash Flows

Statement of Stockholdersâ€™ Equity

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Question # 11

Which of the following is true of liabilities?

Current liabilities come due in less than a year

Current liabilities come due in less than 18 months

Noncurrent liabilities come due in less than a year

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

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Question # 12

IAS 19 requires that all numbers involved in accounting for defined benefit plans be presented as a single amount in the statement of financial position. What is this amount called?

Net defined benefit liability (asset)

Asset ceiling

Fair value

Net present value

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Question # 13

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

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