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Practice Worldatwork T7 Exam Questions

1. Page: 1/18
  Total 89 Questions
Question No 1

What is one of the primary purposes of the International Accounting Standards Board (IASB)?

Choose the Choices:

To develop a single set of high quality and enforceable global accounting standards

To align US standards and International Accounting Standards Board (IASB) standards

To appoint Standards Advisory Council (SAC) members

To monitor International Accounting Standards Board (IASB) effectiveness

A
Question No 2

Which of the following is a benefit of moving toward a single set of standards?

Choose the Choices:

Create equity across the economies of different countries

Reduce the number of cross - border capital flows

Greater comparability between companies equals lower cost to investors

Less competition among exchanges

C
Question No 3

Who appoints International Accounting Standards Board (IASB) members?

Choose the Choices:

Standards Advisory Council (SAC)

International Accounting Standards Committee (IASC) Foundation

International Financial Reporting Interpretations Committee (IFRIC)

International Accounting Standards Board (IASB) staff

B
Question No 4

Which statement below most accurately describes a primary purpose of the International Accounting Standards Committee (IASC) Foundation?

Choose the Choices:

Approves principles - based standards and informs International Accounting Standards Board (IASB) of implications of proposed standards

Oversees standards set for the public sector

Monitors International Accounting Standards Board (IASB)’s effectiveness, raise funds, approve budget, responsible for constitution

Provides advice to International Accounting Standards Board (IASB) on priorities

C
Question No 5

Which statement below most accurately describes a primary purpose of the Standards Advisory Council (SAC)?

Choose the Choices:

Informs International Accounting Standards Board (IASB) of implications of proposed standards

Appoints International Accounting Standards Board (IASB) members

Approves principles - based standards but does not issue detailed application guidelines

Has the sole responsibility for setting standards

A
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  Total 89 Questions
  
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