ACCTG 305 - Exam 5.docx - ACCTG 305 Exam 5 Q Which of the following statements describes a defined contribution pension plan A The employer’s

ACCTG 305 - Exam 5.docx - ACCTG 305 Exam 5 Q Which of the...

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ACCTG 305 - Exam 5 Q: Which of the following statements describes a defined contribution pension plan? A: The employer’s obligation is satisfied by making required periodic contributions to the plan. Q: Estimating the amount of employer obligation is most difficult for which of the following types of benefit plans? A: postretirement healthcare plan Q: The attribution period for a postretirement healthcare plan spans each year of service from the employee’s date of hire to the employee’s date of: A: full eligibility (vesting date). Q: Which of the following postretirement benefit plans is most likely underfunded for US firms? A: postretirement healthcare plan Q: What decreases the amount of pension expense recognized by US firms in the case of a defined benefit pension plan for a particular period? A: expected return on plan assets Q: Which of the following is a correct statement concerning the reporting of the funded status of a defined benefit pension plan in the balance sheet? A: None of the above Q: Under US GAAP, an actuarial gain results from: A: a decrease in the estimated life expectancy of employees. Q: Under US GAAP, the projected benefit obligation (PBO) is increased by: A: An increase in the estimated life expectancy of employees. Q: Under US GAAP, recognizing expense earlier on the tax return than it is recognized in the income statement A: results in the recognition of a deferred tax liability. Q: Behrend (a US Corp.) uses accelerated depreciation for tax reporting and straight line depreciation for financial reporting and has two million dollars in reversing difference that will occur next year. Assuming that Behrend has no other temporary differences, deferred income taxes should be reported on this year’s ending balance sheet as a: A: current deferred tax liability Q: Which of the following statements is true for US firms?
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A: Temporary differences that create future deductible amounts result in deferred tax assets; Temporary differences that create future taxable amounts result in deferred tax liabilities. Q: Allocating a particular period’s income tax among continuing operations, discontinued operations, and extraordinary items is referred to as: A: intraperiod income tax allocation.
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  • Spring '14
  • DORAN,DAVIDTHOMA

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