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Worldatwork T7 Exam Dumps

Worldatwork T7 Exam Dumps

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Number Of Questions: 89

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Exam Details

Exam Name:

International Financial Reporting Standards for Compensation Professionals Exam

Exam Code:

T7

Total Questions in Exam:

89

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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