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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

A US-based company reports information about pending lawsuits in the notes to its financial statements. This is an example of which basic principle of accounting?

Options:

A.

Full disclosure

B.

Expense recognition

C.

Going concern

D.

Constraints

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Question 2

What is the purpose of a statement of cash flow?

Options:

A.

To show liability and equity and the manner in which those funds are employed in a manner which is useful for users of the statement

B.

To account for changes in cash during the accounting period in a manner which is useful for users of the statement

C.

To show details of the nature of a company’s operating activities in a manner which is useful for users of the statement

D.

To reconcile the beginning and ending balances of stockholders’ equity in a manner which is useful for users of the statement

Question 3

Which body has the sole responsibility for setting standards?

Options:

A.

Standards Advisory Council (SAC)

B.

International Accounting Standards Board (IASB)

C.

International Financial Reporting Interpretations Committee (IFRIC)

D.

Accounting Principles Board (APB)