Summer2008FinalExam - Name A505 (303) Summer, 2007 Exam II...

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Name A505 (303) Summer, 2007 Exam II 8/6/08 You have from 1:00 – 3:00 to finish the exam. Points are shown next to each question (total = 100 points). To receive full (or partial) credit you must clearly show all calculations. Exam II is worth 50% of your overall grade. Please check to see that you have 12 pages (they are numbered). When done, attach your answers (clearly labeled) and turn in all pages of the exam. A303—Exam II 6 August, 2008 Page 1 of 12
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Multiple Choice: 3 points each 1. In a defined-benefit plan, the process of funding refers to a. determining the projected benefit obligation. b. determining the accumulated benefit obligation. c. making the periodic contributions to a funding agency to ensure that funds are available to meet retirees' claims. d. determining the amount that might be reported for pension expense. 2. The computation of pension expense includes all the following except a. service cost component measured using current salary levels. b. interest on projected benefit obligation. c. expected return on plan assets. d. All of these are included in the computation. 3. One component of pension expense is expected return on plan assets. Plan assets include a. contributions made by the employer and contributions made by the employee when a contributory plan of some type is involved. b. plan assets still under the control of the company. c. only assets reported on the balance sheet of the employer as prepaid pension cost. d. none of these. 4. Gains and losses that relate to the computation of pension expense should be a. recorded currently as an adjustment to pension expense in the period incurred. b. recorded currently and in the future by applying the corridor method which provides the amount to be amortized. c. amortized over a 15-year period. d. recorded only if a loss is determined. A303—Exam II 6 August, 2008 Page 2 of 12
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5. Which of the following is not treated as a change in accounting principle? a. A change from LIFO to FIFO for inventory valuation
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This note was uploaded on 09/11/2011 for the course ACCOUNTING 323 taught by Professor None during the Spring '10 term at Prince George's Community College, Largo.

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Summer2008FinalExam - Name A505 (303) Summer, 2007 Exam II...

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