Weekend Sale Limited Time 70% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: xmas50

WorldatWork T7 - International Financial Reporting Standards for Compensation Professionals Exam

WorldatWork T7 Premium Access     Download Demo    
Page: 3 / 3
Total 89 questions

Which of the following best defines the term “asset”?

A.

The residual interest in the assets of the entity after deducting all its liabilities.

B.

A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

C.

A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

D.

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants

Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

A.

Basic objective

B.

Recognition, measurement, and disclosure concepts

C.

Fundamental concepts

D.

Elements of financial statements

What are the expenses related to a company’s financing and investing activities called?

A.

Noncurrent expenses

B.

Current liabilities

C.

Non operating expenses

D.

Operating expenses

Profit-sharing and bonuses are an example of which kind of employee benefits?

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

The following requirements are characteristic of which term below? Must be reported on the balance sheet; must be owned or controlled by the company; and must possess expected future benefits.

A.

Assets

B.

Owners’ equity

C.

Contributed capital

D.

Liabilities