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Guide for International Financial Reporting Standards for Compensation Professionals

Quiz International Financial Reporting Standards for Compensation Professionals

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/ 10

Quiz

1/10
Argument3
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?
Select the answer
1 correct answer
A.
Net defined benefit liability (asset)
B.
Asset ceiling
C.
Fair value
D.
Net present value

Quiz

2/10
Argument1
Paid annual leave and paid sick leave are examples of which kind of employee benefits?
Select the answer
1 correct answer
A.
Short-term benefits
B.
Post-employment benefits
C.
Termination benefits
D.
Long-term benefits

Quiz

3/10
Argument4
Which body has the sole responsibility for setting standards?
Select the answer
1 correct answer
A.
Standards Advisory Council (SAC)
B.
International Accounting Standards Board (IASB)
C.
International Financial Reporting Interpretations Committee (IFRIC)
D.
Accounting Principles Board (APB)

Quiz

4/10
Argument5
What is the purpose of a balance sheet?
Select the answer
1 correct answer
A.
To show sources of funds and the manner in which those funds are employed
B.
To account for changes in cash during the accounting period
C.
To show details of the nature of a company’s operating activities
D.
To reconcile the beginning and ending balances of stockholders’ equity

Quiz

5/10
Argument0
In defined contribution plans when the contributions are not expected to be settled wholly before twelve months after the end of the reporting period, what must occur?
Select the answer
1 correct answer
A.
The employer must assume risk for the plan
B.
Contributions must be discounted
C.
Contributions must not be discounted
D.
The employer must pay a specified amount to the employee

Quiz

6/10
Argument7
Which of the following is a benefit of moving toward a single set of standards?
Select the answer
1 correct answer
A.
Create equity across the economies of different countries
B.
Reduce the number of cross-border capital flows
C.
Greater comparability between companies equals lower cost to investors
D.
Less competition among exchanges

Quiz

7/10
Argument2
Which of the following best defines the term "equity”?
Select the answer
1 correct answer
A.
The residual interest in the assets of the entity after deducting all its liabilities
B.
A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
C.
Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
D.
Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants

Quiz

8/10
Argument6
Which of the following is true of liabilities?
Select the answer
1 correct answer
A.
Current liabilities come due in less than a year
B.
Current liabilities come due in less than 18 months
C.
Noncurrent liabilities come due in less than a year
D.
Both current and noncurrent liabilities come due in less than a year

Quiz

9/10
Argument3
What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?
Select the answer
1 correct answer
A.
Net defined benefit liability (asset)
B.
Asset ceiling
C.
Fair value
D.
Net present value

Quiz

10/10
Argument1
Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?
Select the answer
1 correct answer
A.
Short-term benefits
B.
Post-employment benefits
C.
Termination benefits
D.
Long-term benefits
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  • Quiz name:International Financial Reporting Standards for Compensation Professionals
  • Total number of questions:89
  • Number of questions for the test:50
  • Pass score:80%

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