Worldatwork Exam T7 Topic 2 Question 110 Discussion

Actual exam question for Worldatwork's T7 exam

Question #: 110
Topic #: 2

[All T7 Questions]

Which statement below most accurately describes a primary purpose of the International Accounting Standards Committee (IASC) Foundation?

AApproves principles-based standards and informs International Accounting Standards Board (IASB) of implications of proposed standards

BOversees standards set for the public sector

CMonitors International Accounting Standards Board (IASB)'s effectiveness, raise funds, approve budget, responsible for constitution

DProvides advice to International Accounting Standards Board (IASB) on priorities

Show Suggested Answer

Suggested Answer: C

by Dion at Apr 06, 2025, 08:32 PM

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Kiley

10 days ago

I agree with Aileen, A) makes the most sense because it ensures consistency in accounting standards

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Brice

14 days ago

A) Approves principles-based standards and informs International Accounting Standards Board (IASB) of implications of proposed standards - Hold up, isn't that the IASB's job? I'm not buying it.

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C) Monitors International Accounting Standards Board (IASB)'s effectiveness, raise funds, approve budget, responsible for constitution - That's the one! Gotta keep those accountants in check, am I right?

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Aileen

22 days ago

I think the primary purpose is A) Approves principles-based standards and informs IASB

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Worldatwork Exam T7 Topic 2 Question 110 Discussion

Contribute your Thoughts:

Kiley

Brice

Alida

Aileen