ACC 499 - Final Exam Part 1 (Chapters 5-7) Solution
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Question 1
Vested benefits are
not contingent on future service to a company
not contingent on future service to a company
Question 2
According to current GAAP, termination benefits paid to an employee should be
charged to a loss
charged to a loss
Question 3
The projected benefit obligation is equal to the
actuarial present value of all benefits earned as of a specified date, both vested and nonvested, by employees using anticipated future salary levels in the pension plan formula
actuarial present value of all benefits earned as of a specified date, both vested and nonvested, by employees using anticipated future salary levels in the pension plan formula
Question 4
Which of the following is not a component of the net periodic pension expense to be reported on a company's income statement?
unrecognized past service cost
unrecognized past service cost
Question 5
Unrecognized prior service cost would be reported on the balance sheet and affect the amount(s) reported for
both accrued/prepaid pension cost and accumulated other comprehensive income
both accrued/prepaid pension cost and accumulated other comprehensive income
Question 6
If an employer were to account for a defined benefit pension plan on the cash basis, it would be a violation of the
accrual concept
accrual concept
Question 7
GAAP for pension plans requires companies with defined benefit pension plans to
recognize pension expense based on accrual-basis concepts
recognize pension expense based on accrual-basis concepts
Question 8
A company's net periodic pension cost (expense) includes all of the following items except
employer's contribution to the pension fund
employer's contribution to the pension fund
Question 9
The expense for other...