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T7 Exam Dumps : International Financial Reporting Standards for Compensation Professionals Exam

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International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

Question 1

Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?

Options:

A.

Cost

B.

Materiality

C.

Expense

D.

Disclosure

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Question 2

The concept that numbers and descriptions must match what really existed or happened is represented by which fundamental qualitative characteristic?

Options:

A.

Predictive value

B.

Complete

C.

Faithful representation

D.

Relevance

Question 3

IAS 19 classifies employee benefits into four main categories. Which of the following best represent those categories?

Options:

A.

Wages, short-term benefits, long-term benefits, termination benefits

B.

Wages, profit-sharing, bonuses, non-monetary bonuses

C.

Short-term benefits, post-employment benefits, long-term benefits, termination benefits

D.

Wages, short-term benefits, bonuses, termination benefits