Palo Alto Networks

Free T7 Exam Braindumps (page: 2)

Pass your International Financial Reporting Standards for Compensation Professionals Exam exam with these free Actual Questions and Answers

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QUESTION: 1

Which statement best describes the revalued amount of an asset?

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

Answer(s): D

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QUESTION: 2

Which of the following should be used when discounting a benefit in order to determine the present value of the defined benefit obligation and the current service cost?

Fair value
Time value of money
Net present value
The corporate vision

Answer(s): C

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QUESTION: 3

When the quality of information confirms users’ earlier expectations, which characteristic is being represented?

Verifiability
Predictive value
Confirmatory value
Faithful representation

Answer(s): C

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QUESTION: 4

Why is faithful representation important in accounting documentation?

It ensures neutrality on the part of the company’s accounting department
It guarantees that all information is free from error
It is useful if information represents what it purports to represent
It indicates that accountants have confirmed all of the data

Answer(s): C

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