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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?

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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?

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Correct Answer: B

Question #3

What is a constructive obligation?

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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?

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Correct Answer: B

Question #5

When does a present obligation exist?

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Correct Answer: B

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