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ACCT 312 Week 2 Quiz

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ACCT 312 Week 2 Quiz

Question :

(TCO 2) Which causes a temporary difference between taxable and pretax accounting income?

	Student Answer:		Unrealized loss from recording investment available for sale at fair value
			Investment expenses incurred to generate tax-exempt income
			The dividends received deduction
			Life insurance proceeds received due to the death of an executive

Question 2.

Question :

(TCO 2) Which statement typifies defined contribution plans?

	Student Answer:		Investment risk is borne by the corporation sponsoring the plan.
			The plans are more complex than defined benefit plans.
			Present value factors are used to determine the annual contributions to the plan.
			The employer’s obligation is satisfied by making the periodic contribution to the plan.

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Question 3.

Question :

(TCO 2) Which is not a way of measuring the pension obligation?

	Student Answer:		Accumulated benefit obligation
			Vested benefit obligation
			Retiree benefit obligation
			Projected benefit obligation

Question 4.

Question :

(TCO 2) The PBO is increased by

	Student Answer:		amortization of prior service cost.
			an increase in the actuary’s assumed discount rate.
			an increase in the average life expectancy of employees.
			a return on plan assets that is lower than expected.

Question 5.

Question :

(TCO 3) Our company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $220,000; benefits paid to retirees, $20,000; interest cost, $14,400. The discount rate applied by the actuary was 8%. Which was the beginning PBO?

	Student Answer:		$180,000
			$200,000
			$214,400
			$224,000

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ACCT 312 Week 2 Quiz

ACCT 312 Week 2 Quiz

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