Free WorldatWork T7 Practice Exam with Questions & Answers | Set: 3

Investing activities

Retained earnings

Expenses

Net income

Net defined benefit liability (asset)

Asset ceiling

Fair value

Net present value

To prescribe the accounting and disclosure for employee benefits

To prescribe the timing of payments

To draw a distinction between long and short term benefits

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

Neutral

Verifiability

Complete

Relevance

Short-term benefits

Post-employment benefits

Termination benefits

Long-term benefits

When it is probable that future economic benefits will flow to the company and reliable measurement of the amount of revenue is possible

When the company reports current and non-current classifications in its statement of financial position

When economic benefits are received by the company and reliable measurement of the amount of revenue is possible

When users have sufficient reasonable knowledge of business and financial accounting matters to understand the information