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T7 Dumps - International Financial Reporting Standards for Compensation Professionals Exam Practice Exam Questions

WorldatWork T7 - Certified Compensation Professional CCP Practice Exam

  • Certification Provider:WorldatWork
  • Exam Code:T7
  • Exam Name:International Financial Reporting Standards for Compensation Professionals Exam Exam
  • Total Questions:89 Questions and Answers
  • Updated on:Nov 21, 2024
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T7 Question and Answers

Question # 1

The profit-sharing plan of Company ABC requires the company pay a specified proportion of its profit for the year to employees who serve throughout the year. If no employees leave during the year, the total profit-sharing payments for the year will be 3% of profit. The company estimates that staff turnover will reduce the payments to 2.5% of profit. What does Company ABC recognize as a liability and an expense?

Options:

A.  

0.5% of profit

B.  

2.5% of profit

C.  

3% of profit

D.  

5.5% of profit

Discussion 0
Question # 2

What is the reconciliation of the beginning and ending balances of stockholders’ equity accounts called?

Options:

A.  

Statement of Financial Position

B.  

Statement of Income

C.  

Statement of Cash Flows

D.  

Statement of Stockholders’ Equity

Discussion 0
Question # 3

Company XYZ outsourced its printing services to a specialist printing firm. The specialist firm took responsibility for the staff, though the team remains on Company XYZ’s premises. Which of the following is true?

Options:

A.  

Because they remain on your premises, they are considered staff costs

B.  

Due to the outsourcing of the staff, they are now considered service-supplier costs rather than staff costs

Discussion 0

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