Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions

Worldatwork T7 Exam

Certification Provider: Worldatwork
Exam Name: International Financial Reporting Standards for Compensation Professionals
Duration: 90 Minutes
Number of questions in our database: 89
Exam Version: Feb. 26, 2024
T7 Exam Official Topics:
  • Topic 1: The objectives of the IASB
  • Topic 2: Relationship between the conceptual framework and stakeholders
  • Topic 3: Concept of accrual accounting.

Free Worldatwork T7 Exam Actual Questions

The questions for T7 were last updated On Feb. 26, 2024

Question #1

When a company consumes the economic benefit arising from service provided by an employee in exchange for employee benefits, what is it considered in accounting terms?

Reveal Solution Hide Solution
Correct Answer: B

Question #2

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?

Reveal Solution Hide Solution
Correct Answer: B

Question #3

What is a constructive obligation?

Reveal Solution Hide Solution
Correct Answer: C

Question #4

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?

Reveal Solution Hide Solution
Correct Answer: B

Question #5

When does a present obligation exist?

Reveal Solution Hide Solution
Correct Answer: B


Unlock all T7 Exam Questions with Advanced Practice Test Features:
  • Select Question Types you want
  • Set your Desired Pass Percentage
  • Allocate Time (Hours : Minutes)
  • Create Multiple Practice tests with Limited Questions
  • Customer Support
Get Full Access Now
Disscuss Worldatwork T7 Topics, Questions or Ask Anything Related

Save Cancel