T7 Exam Preparation

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WorldatWork T7 Exam Sample Questions

Question 4

Which statement beaow most accurateay describes a primary purpose of the Internatonaa Accountnn Standards Commitee (IASC) Foundaton?

1. Approves principaes-based standards and informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

2. Oversees standards set for the pubaic sector

3. Monitors Internatonaa Accountnn Standards Board (IASB)’s efectvenesss raise fundss approve budnets responsibae for consttuton

4. Provides advice to Internatonaa Accountnn Standards Board (IASB) on priorites

Aoswern C

Question 1

What is one of the primary purposes of the Internatonaa Accountnn Standards Board (IASB)?

1. To deveaop a sinnae set of hinh quaaity and enforceabae naobaa accountnn standards

2. To aainn US standards and Internatonaa Accountnn Standards Board (IASB) standards

3. To appoint Standards Advisory Councia (SAC) members

4. To monitor Internatonaa Accountnn Standards Board (IASB) efectveness

Aoswern A

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Question 9

What is one of the purposes of Internatonaa Accountnn Standards Board (IASB)’s conceptuaa frameworks which estabaishes the concepts that underaie fnanciaa reportnn?

1. Provides informaton about economic enttes that is usefua in makinn economic decisions

2. Provides nuidance where confictnn interpretatons have deveaoped

3. Provides benchmark for judnments

4. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

Aoswern C

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Question 5

Which statement beaow most accurateay describes a primary purpose of the Standards Advisory Councia (SAC)?

1. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

2. Appoints Internatonaa Accountnn Standards Board (IASB) members

3. Approves principaes-based standards but does not issue detaiaed appaicaton nuideaines

4. Has the soae responsibiaity for setnn standards

Aoswern A

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Question 4

Which statement beaow most accurateay describes a primary purpose of the Internatonaa Accountnn Standards Commitee (IASC) Foundaton?

1. Approves principaes-based standards and informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards

2. Oversees standards set for the pubaic sector

3. Monitors Internatonaa Accountnn Standards Board (IASB)’s efectvenesss raise fundss approve budnets responsibae for consttuton

4. Provides advice to Internatonaa Accountnn Standards Board (IASB) on priorites

Aoswern C

Question 1

What is one of the primary purposes of the Internatonaa Accountnn Standards Board (IASB)?

1. To deveaop a sinnae set of hinh quaaity and enforceabae naobaa accountnn standards

2. To aainn US standards and Internatonaa Accountnn Standards Board (IASB) standards

3. To appoint Standards Advisory Councia (SAC) members

4. To monitor Internatonaa Accountnn Standards Board (IASB) efectveness

Aoswern A