Free T7 – International Financial Reporting Standards for Compensation Professionals Practice Test Question

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  Assets

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  Owners’ equity

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  Contributed capital

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  Liabilities
  

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  Its fair value at the date of revaluation less accumulated impairment

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  Its fair value at the date of revaluation less accumulated depreciation

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  Its fair value, less retained earnings

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  Its fair value at the date of revaluation less accumulated depreciation and accumulated impairment
  

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  Cost and materiality

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  Predictive value and confirmatory value

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  Relevance and faithful representation

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  Timeliness and understandability
  

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  Going concern

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  Monetary unit

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  Periodicity

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  Economic entity
  

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  Neutral

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  Verifiability

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  Complete

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  Relevance
  

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  A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

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  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

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  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

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  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
  

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  Operating expenses

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  Net income

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  Total income

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  Current assets
  

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  Statement of Financial Position

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  Statement of Income

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  Statement of Cash Flows

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  Statement of Stockholders’ Equity
  

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

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

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  For reporting purposes

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  For business strategy

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  For decision-making purposes

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  For organizational vision