Actual T7 Exam [PDF] Sample Questions Answers

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2. Version: 8.0 Question 1 What is one of the primary purposes of the Internatonaa Accountnn Standards Board (IASB)? A. To deveaop a sinnae set of hinh quaaity and enforceabae naobaa accountnn standards B. To aainn US standards and Internatonaa Accountnn Standards Board (IASB) standards C. To appoint Standards Advisory Councia (SAC) members D. To monitor Internatonaa Accountnn Standards Board (IASB) efectveness Aoswern A Question 2 Which of the foaaowinn is a beneft of movinn toward a sinnae set of standards? A. Create equity across the economies of diferent countries B. Reduce the number of cross-border capitaa fows C. Greater comparabiaity between companies equaas aower cost to investors D. Less competton amonn exchannes Aoswern C Question 3 Who appoints Internatonaa Accountnn Standards Board (IASB) members? A. Standards Advisory Councia (SAC) B. Internatonaa Accountnn Standards Commitee (IASC) Foundaton C. Internatonaa Financiaa Reportnn Interpretatons Commitee (IFRIC) D. Internatonaa Accountnn Standards Board (IASB) staf Aoswern B Question 4 Which statement beaow most accurateay describes a primary purpose of the Internatonaa Accountnn Standards Commitee (IASC) Foundaton? A. Approves principaes-based standards and informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards B. Oversees standards set for the pubaic sector C. Monitors Internatonaa Accountnn Standards Board (IASB)’s efectvenesss raise fundss approve budnets responsibae for consttuton D. Provides advice to Internatonaa Accountnn Standards Board (IASB) on priorites

3. Aoswern C Question 5 Which statement beaow most accurateay describes a primary purpose of the Standards Advisory Councia (SAC)? A. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards B. Appoints Internatonaa Accountnn Standards Board (IASB) members C. Approves principaes-based standards but does not issue detaiaed appaicaton nuideaines D. Has the soae responsibiaity for setnn standards Aoswern A Question 6 Which body has the soae responsibiaity for setnn standards? A. Standards Advisory Councia (SAC) B. Internatonaa Accountnn Standards Board (IASB) C. Internatonaa Financiaa Reportnn Interpretatons Commitee (IFRIC) D. Accountnn Principaes Board (APB) Aoswern B Question 7 What is one of the main purposes of the Internatonaa Financiaa Reportnn Interpretatons Commitee (IFRIC)? A. Provide nuidance on reportnn issues not specifcaaay addressed in Internatonaa Accountnn Standards Board (IASB)’s standards B. Provide advice to Internatonaa Accountnn Standards Board (IASB) on priorites C. Monitor Internatonaa Accountnn Standards Board (IASB)’s efectvenesss raise fundss and approve budnet D. Discuss the roaes and responsibiaites of the Internatonaa Accountnn Standards Board (IASB) and its advisory nroups Aoswern A Question 8 Which of the foaaowinn most accurateay describes the overaaa objectve of fnanciaa reportnn?

4. A. Provide informaton that is usefua for decision makinn B. Enabae Internatonaa Accountnn Standards Board (IASB) to issue more usefua and consistent pronouncements C. Enhance and ornanizaton’s fnanciaa consistency over tme as Board members channe D. To caassify an ornanizaton’s stakehoaders as either internaa or externaa informaton users Aoswern A Question 9 What is one of the purposes of Internatonaa Accountnn Standards Board (IASB)’s conceptuaa frameworks which estabaishes the concepts that underaie fnanciaa reportnn? A. Provides informaton about economic enttes that is usefua in makinn economic decisions B. Provides nuidance where confictnn interpretatons have deveaoped C. Provides benchmark for judnments D. Informs Internatonaa Accountnn Standards Board (IASB) of impaicatons of proposed standards Aoswern C Question 10 One of the reasons preparers use the conceptuaa framework is to: A. Deveaop accountnn poaicies in the absence of specifc standards B. Document a historicaa record of aaa judnments C. Deveaop aaternate interpretatons of specifc standards D. Encourane channe to standards as Board members channe Aoswern A

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