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Worldatwork T7 Exam Dumps

Vendor

WorldatWork

Exam Code

T7

Exam Name

International Financial Reporting Standards for Compensation Professionals Exam

Exam Duration

Total Questions

89

$ 49

PDF VERSION

DEMO QUESTIONS

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

Correct Answer: B

Q2:

In a defined contribution benefit plan, who assumes risk?

A: Employees

B: Employers

C: Both employees and employers

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

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

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

Correct Answer: B

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