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1. Major reasons for disclosure of deferred income tax information is:

a. better assessment of quality of earnings.
b. better predictions of future cash flows.
c. that it may be helpful in setting government policy.
d. all of these.

2. Which of the given will not result in temporary difference?

a. Product warranty liabilities
b. Advance rental receipts
c. Installment sales
d. All of these will result in a temporary difference.

3. Relationship between amount funded and amount reported for pension expense is as follows:

a. pension expense should equal the amount funded.
b. pension expense will be less than the amount funded.
c. pension expense will be more than the amount funded.
d. pension expense may be greater than, equal to, or less than the amount funded.

4. In accounting for pension plan, any difference between pension cost charged to expense and payments into the fund should be reported as:

a. an offset to the liability for prior service cost.
b. accrued or prepaid pension cost.
c. an accrued actuarial liability.
d. a charge or credit to unrealized appreciation and depreciation.

5. Intangible asset (deferred pension cost) is created when:

a. the accumulated benefit obligation exceeds the fair value of pension plan assets, but accrued pension cost and unrecognized prior service cost is greater than this excess.
b. the accumulated benefit obligation exceeds the fair value of pension plan assets, but accrued pension cost is less than this excess, and unrecognized prior service cost exists.
c. pension plan assets at fair value exceed the accumulated benefit obligation.
d. pension plan assets at book value exceed the projected benefit obligation.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920675

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