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New Release T7 Certified Compensation Professional CCP Questions

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Total 89 questions
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International Financial Reporting Standards for Compensation Professionals Exam Questions and Answers

Question 9

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:

A.

Faithful representation

B.

Measurement

C.

Full disclosure

D.

Going concern

Question 10

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

Question 11

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 12

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

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Total 89 questions
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