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  4. T7 - International Financial Reporting Standards for Compensation Professionals Exam

WorldatWork T7 International Financial Reporting Standards for Compensation Professionals Exam Exam Practice Test

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Total 89 questions
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International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

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Question 1

The IAS 19 standard applies to which of the following groups of employees?

Options:

A.

Directors and management personnel

B.

All employees except casual employees

C.

All employees

D.

All full-time employees

Question 2

What are balanced sheets and income statements linked by?

Options:

A.

Investing activities

B.

Retained earnings

C.

Expenses

D.

Net income

Question 3

Company XYZ has a group of six employees who will be retiring in four years -- on the 31st of December. Each retiree will receive $125,000. Company XYZ’s accountants must make provisions in their accounts for this. Calculate the present value of future payments based on a discount rate of 10%.

Options:

A.

$512,250

B.

$551,250

C.

$515,500

D.

$521,500

Question 4

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.

Options:

A.

Assets

B.

Owners’ equity

C.

Contributed capital

D.

Liabilities

Question 5

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?

Options:

A.

Net defined benefit liability (asset)

B.

Asset ceiling

C.

Fair value

D.

Net present value

Question 6

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?

Options:

A.

Net interest on the net defined benefit liability (asset)

B.

Time value of money

C.

Current service cost

D.

Actuarial gains and losses

Question 7

Which statement below most accurately describes a primary purpose of the Standards Advisory Council (SAC)?

Options:

A.

Informs International Accounting Standards Board (IASB) of implications of proposed standards

B.

Appoints International Accounting Standards Board (IASB) members

C.

Approves principles-based standards but does not issue detailed application guidelines

D.

Has the sole responsibility for setting standards

Question 8

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

Options:

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

Question 9

A statement of cash flows provides information on which of the following primary business activities of a company?

Options:

A.

Cash inflows, cash outflows, payment of dividends

B.

Operating activities, cash inflows, cash outflows

C.

Cash sales, investing activities, payment of dividends

D.

Operating, investing, and financing activities

Question 10

How do noncurrent assets (long-term assets) differ from current assets?

Options:

A.

Noncurrent assets cannot be easily converted to cash within a year

B.

Noncurrent assets are not affected by the fiscal year

C.

Noncurrent assets cannot be easily converted to cash within two years

D.

Noncurrent assets can only be converted to cash until the subsequent fiscal year

Question 11

What are the two guiding principles of accrual accounting?

Options:

A.

Expense recognition and matching

B.

Revenue recognition and matching

C.

Revenue recognition and measurement

D.

Cost and materiality

Question 12

What is the main objective of IAS 19?

Options:

A.

To prescribe the accounting and disclosure for employee benefits

B.

To prescribe the timing of payments

C.

To draw a distinction between long and short term benefits

D.

To draw a distinction between a defined contribution and defined benefit plan

Question 13

IAS 19 classifies employee benefits into four main categories. Which of the following best represent those categories?

Options:

A.

Wages, short-term benefits, long-term benefits, termination benefits

B.

Wages, profit-sharing, bonuses, non-monetary bonuses

C.

Short-term benefits, post-employment benefits, long-term benefits, termination benefits

D.

Wages, short-term benefits, bonuses, termination benefits

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