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WorldatWork
Certified Compensation Professional CCP
T7
International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

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Questions # 1:

What is the purpose of an income statement?

Options:

To show liability and equity and the manner in which those funds are employed

To account for changes in cash during the accounting period

To show details of the nature of a company’s operating activities

To reconcile the beginning and ending balances of stockholders’ equity

Answer

Questions # 2:

Which of the following most accurately describes the overall objective of financial reporting?

Options:

Provide information that is useful for decision making

Enable International Accounting Standards Board (IASB) to issue more useful and consistent pronouncements

Enhance and organization’s financial consistency over time as Board members change

To classify an organization’s stakeholders as either internal or external information users

Answer

Questions # 3:

Which of the following is a benefit of moving toward a single set of standards?

Options:

Create equity across the economies of different countries

Reduce the number of cross-border capital flows

Greater comparability between companies equals lower cost to investors

Less competition among exchanges

Answer

Questions # 4:

Level 3 of the conceptual framework for financial reporting includes five basic assumptions. Which of the following describes the basic assumption of economic entity?

Options:

The company lasts long enough to fulfill objectives and commitments

The company keeps its activity separate from its owners and other business units

The company can divide its economic activities into time periods

Transactions are recorded in the periods in which the events occur

Answer

Questions # 5:

Which of the following are ingredients of the fundamental qualitative characteristics of faithful representation?

Options:

Complete, neutral, freedom from error

Assets, liabilities, equity

Predictive value, confirmatory value, relevance

Comparability, verifiability, timeliness

Answer

Questions # 6:

How do noncurrent assets (long-term assets) differ from current assets?

Options:

Noncurrent assets cannot be easily converted to cash within a year

Noncurrent assets are not affected by the fiscal year

Noncurrent assets cannot be easily converted to cash within two years

Noncurrent assets can only be converted to cash until the subsequent fiscal year

Answer

Questions # 7:

When a company provides information that is of sufficient importance to influence the judgment and decisions of an informed user, which principle of Level 3 of the conceptual framework is being represented?

Options:

Faithful representation

Measurement

Full disclosure

Going concern

Answer

Questions # 8:

To estimate how much the employees have earned for their work in the current and prior periods in order to attribute the benefit to the periods of service and to incorporate estimates about demographics and financial variables into calculations, a company must utilize what method?

Options:

Re-measurement method

Fair value method

Net present value method

Projected unit credit method

Answer

Questions # 9:

What is the term that describes the outflows of assets or incurring of liabilities during a period as a result of delivering or producing goods and/or rendering services?