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Worldatwork T7 Exam

Exam Name: International Financial Reporting Standards for Compensation Professionals
Exam Code: T7
Related Certification(s): Worldatwork Certified Compensation Professional Worldatwork CCP Certification
Certification Provider: Worldatwork
Actual Exam Duration: 90 Minutes
Number of T7 practice questions in our database: 89 (updated: Jun. 05, 2024)
Expected T7 Exam Topics, as suggested by Worldatwork :
  • Topic 1: The objectives of the IASB
  • Topic 2: Relationship between the conceptual framework and stakeholders
  • Topic 3: Concept of accrual accounting.
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Free Worldatwork T7 Exam Actual Questions

Note: Premium Questions for T7 were last updated On Jun. 05, 2024 (see below)

Question #1

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 #2

IAS 19 requires that all numbers involved in accounting for defined benefit plans be presented as a single amount in the statement of financial position. What is this amount called?

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Correct Answer: A

Question #3

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 #4

IAS 19 requires that all numbers involved in accounting for defined benefit plans be presented as a single amount in the statement of financial position. What is this amount called?

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Correct Answer: A

Question #5

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?

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Correct Answer: D


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