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Question 8

Why is accounting for short-term employee benefits generally a straightforward process?

Options:

A.

Because no actuarial assumptions are required to measure the obligation or cost and there is no possibility of any actuarial gain or loss

B.

Because short-term employee benefit obligations are measured on a discounted basis

C.

Because short-term employee benefits are not provided in exchange for the service of the employee

D.

Because the employer is required to incorporate actuarial assumptions into measurement of the obligation and the expenses

Question 9

Which statement below most accurately describes a primary purpose of the International Accounting Standards Committee (IASC) Foundation?

Options:

A.

Approves principles-based standards and informs International Accounting Standards Board (IASB) of implications of proposed standards

B.

Oversees standards set for the public sector

C.

Monitors International Accounting Standards Board (IASB)’s effectiveness, raise funds, approve budget, responsible for constitution

D.

Provides advice to International Accounting Standards Board (IASB) on priorities

Question 10

Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?

Options:

A.

Faithful representation

B.

Relevance

C.

Predictive value

D.

Comparability

Question 11

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.

Options:

A.

Assets

B.

Owners’ equity

C.

Contributed capital

D.

Liabilities

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Vce T7 Questions Latest, Certified Compensation Professional CCP T7 Reddit Questions,
Exam Code: T7
Exam Name: International Financial Reporting Standards for Compensation Professionals Exam
Last Update: Dec 22, 2024
Questions: 89
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