T7 시험 - WorldatWork실제시험문제와 답 - 89문항

Question No : 1

When the economic consequences of a standard or rule is ignored, which characteristic is being represented?

A.Neutral
B.Verifiability
C.Complete
D.Relevance

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Question No : 2

Employee benefits that are not short-term, post-employment or termination benefits are considered what kind of benefits?

A.Short-term benefits
B.Post-employment benefits
C.Termination benefits
D.Long-term benefits

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Question No : 3

What are the two guiding principles of accrual accounting?

A.Expense recognition and matching
B.Revenue recognition and matching
C.Revenue recognition and measurement
D.Cost and materiality

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Question No : 4

One of the reasons preparers use the conceptual framework is to:

A.Develop accounting policies in the absence of specific standards
B.Document a historical record of all judgments
C.Develop alternate interpretations of specific standards
D.Encourage change to standards as Board members change

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Question No : 5

Paid annual leave and paid sick leave are examples of which kind of employee benefits?

A.Short-term benefits
B.Post-employment benefits
C.Termination benefits
D.Long-term benefits

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Question No : 6

Neutral and complete are ingredients of which of the following fundamental characteristics of accounting information?

A.Faithful representation
B.Relevance
C.Predictive value
D.Comparability

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Question No : 7

When does a present obligation exist?

A.When the employee renders service
B.When the company has no realistic alternative but to make the payments
C.When a change in the company’s informal practices would cause unacceptable damage to its relationship with employees
D.When the company recognizes the expected cost of profit-sharing and bonus payments

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Question No : 8

The following requirements are characteristic of which term below? Must be reported on the balance sheet; must be owned or controlled by the company; and must possess expected future benefits.

A.Assets
B.Owners’ equity
C.Contributed capital
D.Liabilities

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Question No : 9

Which of the following is true of liabilities?

A.Current liabilities come due in less than a year
B.Current liabilities come due in less than 18 months
C.Noncurrent liabilities come due in less than a year
D.Both current and noncurrent liabilities come due in less than a year

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Question No : 10

Which of the following is the best description of liquidity?

A.The historical cost of an asset
B.The fair value of an asset
C.The ease of converting a noncash asset to cash
D.Liabilities, minus equity

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Question No : 11

Which of the following best defines the term “equity”?

A.The residual interest in the assets of the entity after deducting all its liabilities
B.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
C.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
D.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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Question No : 12

What is one of the purposes of International Accounting Standards Board (IASB)’s conceptual framework, which establishes the concepts that underlie financial reporting?

A.Provides information about economic entities that is useful in making economic decisions
B.Provides guidance where conflicting interpretations have developed
C.Provides benchmark for judgments
D.Informs International Accounting Standards Board (IASB) of implications of proposed standards

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Question No : 13

Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

A.Basic objective
B.Recognition, measurement, and disclosure concepts
C.Fundamental concepts
D.Elements of financial statements

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Question No : 14

What is the timing of revenue recognition?

A.When it is probable that future economic benefits will flow to the company and reliable measurement of the amount of revenue is possible
B.When the company reports current and non-current classifications in its statement of financial position
C.When economic benefits are received by the company and reliable measurement of the amount of revenue is possible
D.When users have sufficient reasonable knowledge of business and financial accounting matters to understand the information

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Question No : 15

Current assets comprise assets that can be converted to cash. They must be converted within what time period?

A.Before the end of the fiscal year
B.Within a year
C.Within a fiscal year
D.Within two years

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