T7 Exam - Free Actual Q&As, Page 1

T7 Actual Exam Questions

Last updated on July 2, 2025.

Vendor:WorldatWork

Exam Code:T7

Exam Name:International Financial Reporting Standards for Compensation Professionals

Exam Questions:89

Topic 1 - Exam A

Question #1 Topic 1

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?

A. Net defined benefit liability (asset)
B. Asset ceiling
C. Fair value
D. Net present value

Reveal Solution Discussion

Correct Answer: A 🗳️

Question #2 Topic 1

Paid annual leave and paid sick leave are examples of which kind of employee benefits?

A. Short-term benefits
B. Post-employment benefits
C. Termination benefits
D. Long-term benefits

Reveal Solution Discussion

Correct Answer: A 🗳️

Question #3 Topic 1

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

Reveal Solution Discussion

Correct Answer: D 🗳️

Question #4 Topic 1

Which body has the sole responsibility for setting standards?

A. Standards Advisory Council (SAC)
B. International Accounting Standards Board (IASB)
C. International Financial Reporting Interpretations Committee (IFRIC)
D. Accounting Principles Board (APB)

Reveal Solution Discussion

Correct Answer: B 🗳️

Viewing page 1 out of 23 pages.

Next Questions

Browse atleast 50% to increase passing rate