Worldatwork T7 Exam Questions - Real Practice Questions for Guaranteed Success

Question 1

Defined benefit pension commitments often represent a company's largest single financial liability. IAS 19 was amended as of January, 2014. What does this amendment require?

AThat surplus or deficit of a pension fund be detailed in the financial statement

BThat any existing deficit of a pension fund be detailed in the financial statement

CThat any projected deficit of a pension fund be detailed in the financial statement

DThat companies state whether they have a defined benefit or defined contribution plan in the financial statement

Correct : A

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AThat surplus or deficit of a pension fund be detailed in the financial statement

BThat any existing deficit of a pension fund be detailed in the financial statement

CThat any projected deficit of a pension fund be detailed in the financial statement

DThat companies state whether they have a defined benefit or defined contribution plan in the financial statement

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Question 2

Company XYZ outsourced its printing services to a specialist printing firm. The specialist firm took responsibility for the staff, though the team remains on Company XYZ's premises. Which of the following is true?

ABecause they remain on your premises, they are considered staff costs

BDue to the outsourcing of the staff, they are now considered service-supplier costs rather than staff costs

Correct : B

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ABecause they remain on your premises, they are considered staff costs

BDue to the outsourcing of the staff, they are now considered service-supplier costs rather than staff costs

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Question 3

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

AWages, short-term benefits, long-term benefits, termination benefits

BWages, profit-sharing, bonuses, non-monetary bonuses

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

DWages, short-term benefits, bonuses, termination benefits

Correct : C

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AWages, short-term benefits, long-term benefits, termination benefits

BWages, profit-sharing, bonuses, non-monetary bonuses

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

DWages, short-term benefits, bonuses, termination benefits

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Question 4

Employee benefits that are expected to be settled wholly before twelve months after the end of the annual reporting people in which the employee rendered the related service are considered what kind of benefits?

AShort-term benefits

BPost-employment benefits

CTermination benefits

DLong-term benefits

Correct : A

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AShort-term benefits

BPost-employment benefits

CTermination benefits

DLong-term benefits

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Question 5

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?

ARe-measurement method

BFair value method

CNet present value method

DProjected unit credit method

Correct : D

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ARe-measurement method

BFair value method

CNet present value method

DProjected unit credit method

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Master Worldatwork T7 Exam with Reliable Practice Questions

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