Worldatwork T7 Exam Dumps and Updated Info

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Worldatwork T7 Exam Dumps

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Description

Exam Name: International Financial Reporting Standards for Compensation Professionals

Exam Code: T7

Related Certification(s): Worldatwork Global Remuneration Professional GRP Certification

Certification Provider: Worldatwork

Actual Exam Duration: 90 Minutes

Number of T7 practice questions in our database: 89

Expected T7 Exam Topics, as suggested by Worldatwork :

Module 1: The objectives of the IASB
Module 2: Relationship between the conceptual framework and stakeholders
Module 3: Concept of accrual accounting.

Description
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Description

Exam Name: International Financial Reporting Standards for Compensation Professionals

Exam Code: T7

Related Certification(s): Worldatwork Global Remuneration Professional GRP Certification

Certification Provider: Worldatwork

Actual Exam Duration: 90 Minutes

Number of T7 practice questions in our database: 89

Expected T7 Exam Topics, as suggested by Worldatwork :

Module 1: The objectives of the IASB
Module 2: Relationship between the conceptual framework and stakeholders
Module 3: Concept of accrual accounting.

Reviews

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Q1. Which of the following is a disadvantage of reporting assets at historical cost?

A.Historical cost is not objective

B. Historical cost is not particularly relevant to most readers

C. Historical cost is subject interpretation, and therefore to bias

D. Historical cost is not verifiable

Answer

Correct Answer: B

Q2. In a defined contribution benefit plan, who assumes risk?

A.Employees

B. Employers

C. Both employees and employers

Answer

Correct Answer: A

Q3. The profit-sharing plan of Company ABC requires the company pay a specified proportion of its profit for the year to employees who serve throughout the year. If no employees leave during the year, the total profit-sharing payments for the year will be 3% of profit. The company estimates that staff turnover will reduce the payments to 2.5% of profit. What does Company ABC recognize as a liability and an expense?

A.0.5% of profit

B. 2.5% of profit

C. 3% of profit

D. 5.5% of profit

Answer

Correct Answer: B

Q4. Which of the following should be used when discounting a benefit in order to determine the present value of the defined benefit obligation and the current service cost?

A.Fair value

B. Time value of money

C. Net present value

D. The corporate vision

Answer

Correct Answer: C

Q5. What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?

A.Net defined benefit liability (asset)

B. Asset ceiling

C. Fair value

D. Net present value

Answer

Correct Answer: B

Answer

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Q1. Which of the following is a disadvantage of reporting assets at historical cost?

A.Historical cost is not objective

B. Historical cost is not particularly relevant to most readers

C. Historical cost is subject interpretation, and therefore to bias

D. Historical cost is not verifiable

Q2. In a defined contribution benefit plan, who assumes risk?

A.Employees

B. Employers

C. Both employees and employers

A.0.5% of profit

B. 2.5% of profit

C. 3% of profit

D. 5.5% of profit

Q4. Which of the following should be used when discounting a benefit in order to determine the present value of the defined benefit obligation and the current service cost?

A.Fair value

B. Time value of money

C. Net present value

D. The corporate vision

Q5. What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?

A.Net defined benefit liability (asset)

B. Asset ceiling

C. Fair value

D. Net present value

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