T7International Financial Reporting Standards for Compensation Professionals Exam
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Last Updated Apr 18, 2024 Ace your exams with our consistently updated T7 exam dumps.
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Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?
A. Cost
B. Materiality
C. Expense
D. Disclosure
Level 3 of the conceptual framework for financial reporting includes five basic assumptions. Which of the following describes the basic assumption of economic entity?
A. The company lasts long enough to fulfill objectives and commitments
B. The company keeps its activity separate from its owners and other business units
C. The company can divide its economic activities into time periods
D. Transactions are recorded in the periods in which the events occur
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?
A. 0.5% of profit
B. 2.5% of profit
C. 3% of profit
D. 5.5% of profit
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