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  • Exam Name: International Financial Reporting Standards for Compensation Professionals Exam
  • Last Update: Apr 23, 2024
  • Questions and Answers: 89
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T7 Practice Exam Questions with Answers International Financial Reporting Standards for Compensation Professionals Exam Certification

Question # 6

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

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

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Question # 7

In a defined contribution benefit plan, who assumes risk?

A.

Employees

B.

Employers

C.

Both employees and employers

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Question # 8

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?

A.

Re-measurement method

B.

Fair value method

C.

Net present value method

D.

Projected unit credit method

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Question # 9

Recognition of revenue when earned and the matching of expenses when incurred describes which of the following practices?

A.

Business accounting

B.

Cash basis accounting

C.

IASB accounting

D.

Accrual accounting

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Question # 10

Profit-sharing and bonuses are an example of which kind of employee benefits?

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

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Question # 11

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

A.

Basic objective

B.

Recognition, measurement, and disclosure concepts

C.

Fundamental concepts

D.

Elements of financial statements

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Question # 12

What are balanced sheets and income statements linked by?

A.

Investing activities

B.

Retained earnings

C.

Expenses

D.

Net income

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Question # 13

When the quality of information confirms users’ earlier expectations, which characteristic is being represented?

A.

Verifiability

B.

Predictive value

C.

Confirmatory value

D.

Faithful representation

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