ACC 499 - Final Exam Part 1 (Chapters 5-7) Solution

ACC 499 - Final Exam Part 1 (Chapters 5-7) Solution

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...

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