International Financial Reporting Standards for Compensation Professionals T7 Dumps

1. Which of the following is the term that describes total net sales minus total expenses?

2. What is one of the main purposes of the International Financial Reporting Interpretations Committee (IFRIC)?

3. Which of the following plans obliges an employer to pay a specified amount of benefits to the employee?

4. Why is accounting for short-term employee benefits generally a straightforward process?

5. Which characteristic requires a high degree of consensus among individuals on a given measurement?

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

7. Which of the following is one of the four main financial statements?

8. Predictive value is an ingredient of which of the following fundamental characteristics of information?

9. Which of the following best defines the term “liability”?

10. 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?

11. Which statement best describes the revalued amount of an asset?

12. Which of the following describes the change in the net defined benefit liability (asset) during the period due to passage of time?

13. What is the purpose of a balance sheet?

14. Which of the following is true of accrual accounting?

15. What are balanced sheets and income statements linked by?

16. Current assets comprise assets that can be converted to cash. They must be converted within what time period?

17. What is the timing of revenue recognition?

18. Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

19. What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?

20. Which of the following best defines the term “equity”?

21. Which of the following is the best description of liquidity?

22. Which of the following is true of liabilities?

23. 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.

24. When does a present obligation exist?

25. Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?

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

27. One of the reasons preparers use the conceptual framework is to:

28. What are the two guiding principles of accrual accounting?

29. Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?

30. When the economic consequences of a standard or rule is ignored, which characteristic is being represented?