• A: Current Assets
• B: Fixed Assets
• C: Outward Charges
• D: None of the Above
• Correct Answer: b

• A: Earning Revenue
• B: Outward Charges
• C: Conversion into cash
• D: None of these
• Correct Answer: a

• A: Control Inflation
• B: Allocation saving efficiently
• C: Increase the price of common stock
• D: Lower the yield on bonds
• Correct Answer: b

Goods Sold for Cash:                                                           Cash  Sale
Good bought on Credit from T Carter:                           Purchase  T Carter
Goods returned by us to C berry :                                  C berry   Outward
Van bought for cash                                                        Purchase   Cash

• A: 2 & 4 Only
• B: 3 Only
• C: 1 & 3 Only
• D: 4 Only
• Correct Answer: b

• A: The employers contribution each period is based on formula.
• B: The accounting for a defined contribution plan is straight forward and uncomplicated.
• C: Requires pension expenses to be determined solely on the basis of the plan formula applied to years of service to date and based on existing salary level
• D: Changes in Employment Rules
• Correct Answer: c

• A: Accumulated benefit obligation
• B: Projected benefit obligation
• C: Vested benefit obligation
• D: None of these
• Correct Answer: b

• A: The benefit of gain or risk of loss from assets contributed to the pension fund are borne by the employee
• B: The accounting for a defined contribution plan is straight forward and uncomplicated
• C: The employers contribution each period is based on a formula
• D: The benefit to be received by employees are usual determined by employer’s three highest years salary defined by terms of the plan
• Correct Answer: D

• A: Requires an employer to contribution a certain sum each period based on the formula
• B: Ensure the pension expense and cash funding amount will be different
• C: Define the benefit that employee will receive at the time of retirement.
• D: None of the above
• Correct Answer: C

• A: Determining the accumulated benefit obligation.
• B: Determining the projected benefit obligations.
• C: Making the periodic contribution to a funding agency to ensure that funds are available to meet claims.
• D: None of these
• Correct Answer: C

• A: After retained earning statement and before the balance sheet.
• B: After the retained earning statement and before the balance sheet.
• C: Before the retained earning statement & balance sheet.
• D: After the balance sheet and before the retained earning statement.
• Correct Answer: C