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T7 Exam Dumps - WorldatWork Certified Compensation Professional CCP Questions and Answers

Question # 14

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?

Options:

A.

Net defined benefit liability (asset)

B.

Asset ceiling

C.

Fair value

D.

Net present value

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Question # 15

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

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Question # 16

What are the two guiding principles of accrual accounting?

Options:

A.

Expense recognition and matching

B.

Revenue recognition and matching

C.

Revenue recognition and measurement

D.

Cost and materiality

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Exam Code: T7
Exam Name: International Financial Reporting Standards for Compensation Professionals Exam
Last Update: Feb 22, 2025
Questions: 89
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