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Free T7 Exam Braindumps (page: 9)

Page 8 of 23
PDF with 89 Questions

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

  1. Short-term benefits
  2. Post-employment benefits
  3. Termination benefits
  4. Long-term benefits

Answer(s): A



What is the purpose of a statement of cash flow?

  1. To show liability and equity and the manner in which those funds are employed in a manner which is useful for users of the statement
  2. To account for changes in cash during the accounting period in a manner which is useful for users of the statement
  3. To show details of the nature of a company’s operating activities in a manner which is useful for users of the statement
  4. To reconcile the beginning and ending balances of stockholders’ equity in a manner which is useful for users of the statement

Answer(s): B



Which of the following describes the change in the net defined benefit liability (asset) during the period due to passage of time?

  1. Past service cost
  2. Current service cost
  3. Net interest on the net defined benefit liability (asset)
  4. Time value of money

Answer(s): C



What are the two guiding principles of accrual accounting?

  1. Expense recognition and matching
  2. Revenue recognition and matching
  3. Revenue recognition and measurement
  4. Cost and materiality

Answer(s): B






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