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Free WorldatWork T7 Practice Exam with Questions & Answers | Set: 2

Questions 11

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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Questions 12

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

Options:
A.

Faithful representation

B.

Relevance

C.

Predictive value

D.

Comparability

Questions 13

What are the expenses related to a company’s financing and investing activities called?

Options:
A.

Noncurrent expenses

B.

Current liabilities

C.

Non operating expenses

D.

Operating expenses

Questions 14

To estimate how much the employees have earned for their work in the current and prior periods in order to attribute the benefit to the periods of service and to incorporate estimates about demographics and financial variables into calculations, a company must utilize what method?

Options:
A.

Re-measurement method

B.

Fair value method

C.

Net present value method

D.

Projected unit credit method

Questions 15

What is the reconciliation of the beginning and ending balances of stockholders’ equity accounts called?

Options:
A.

Statement of Financial Position

B.

Statement of Income

C.

Statement of Cash Flows

D.

Statement of Stockholders’ Equity

Questions 16

Which of the following is true of accrual accounting?

Options:
A.

Neither the recognition of revenue nor the recording of expense necessarily involves the receipt or payment of cash

B.

It rests on a primary guiding principle, which is recognition

C.

The recognition of revenue involves the receipt or payment of cash, while the recording of expense does not

D.

It entails recording income or expenditure only when money comes into or leaves the company

Questions 17

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

Options:
A.

Complete

B.

Comparability

C.

Relevance

D.

Neutral

Questions 18

The concept that numbers and descriptions must match what really existed or happened is represented by which fundamental qualitative characteristic?

Options:
A.

Predictive value

B.

Complete

C.

Faithful representation

D.

Relevance

Questions 19

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

Questions 20

Identify the characteristic being employed when companies in the same industry are using the same accounting principles.

Options:
A.

Comparability

B.

Relevance

C.

Faithful representation

D.

Verifiability

Exam Code: T7
Certification Provider: WorldatWork
Exam Name: International Financial Reporting Standards for Compensation Professionals Exam
Last Update: Mar 28, 2025
Questions: 89

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