ACCT 312 Week 2 Quiz

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ACCT 312 Week 2 Quiz

 1.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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