WorldatWork T7 International Financial Reporting Standards for Compensation Professionals Online Training
WorldatWork T7 Online Training
The questions for T7 were last updated at Apr 16,2024.
- Exam Code: T7
- Exam Name: International Financial Reporting Standards for Compensation Professionals
- Certification Provider: WorldatWork
- Latest update: Apr 16,2024
Which of the following is the term that describes total net sales minus total expenses?
- A . Operating expenses
- B . Net income
- C . Total income
- D . Current assets
What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?
- A . Provide guidance on reporting issues not specifically addressed in International Accounting Standards Board (IASB)’s standards
- B . Provide advice to International Accounting Standards Board (IASB) on priorities
- C . Monitor International Accounting Standards Board (IASB)’s effectiveness, raise funds, and approve budget
- D . Discuss the roles and responsibilities of the International Accounting Standards Board (IASB) and its advisory groups
Which of the following plans obliges an employer to pay a specified amount of benefits to the employee?
- A . Post-employment plan
- B . Defined contribution plan
- C . Defined benefit plan
- D . Bonus plan
Why is accounting for short-term employee benefits generally a straightforward process?
- A . Because no actuarial assumptions are required to measure the obligation or cost and there is no possibility of any actuarial gain or loss
- B . Because short-term employee benefit obligations are measured on a discounted basis
- C . Because short-term employee benefits are not provided in exchange for the service of the employee
- D . Because the employer is required to incorporate actuarial assumptions into measurement of the obligation and the expenses
Which characteristic requires a high degree of consensus among individuals on a given measurement?
- A . Faithful representation
- B . Verifiability
- C . Comparability
- D . Neutral
Issuance of interim reports is an example of what enhancing characteristic?
- A . Comparability
- B . Verifiability
- C . Relevance
- D . Timeliness
Which of the following is one of the four main financial statements?
- A . Statement of full disclosure
- B . Statement of assets
- C . Statement of changes in shareholders’ equity
- D . Statement of accrual accounting
Predictive value is an ingredient of which of the following fundamental characteristics of information?
- A . Complete
- B . Comparability
- C . Relevance
- D . Neutral
Which of the following best defines the term “liability”?
- A . 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
- 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
Company XYZ outsourced its printing services to a specialist printing firm. The specialist firm took responsibility for the staff, though the team remains on Company XYZ’s premises.
Which of the following is true?
- A . Because they remain on your premises, they are considered staff costs
- B . Due to the outsourcing of the staff, they are now considered service-supplier costs rather than staff costs
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