- Current Assets
- Fixed Assets
- Outward Charges
- None of the Above
- b
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Assets are held for the purpose of:
- Earning Revenue
- Outward Charges
- Conversion into cash
- None of these
- a
The purpose of financial market is to:
- Control Inflation
- Allocation saving efficiently
- Increase the price of common stock
- Lower the yield on bonds
- b
Which of the following are incorrect?
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
- 2 & 4 Only
- 3 Only
- 1 & 3 Only
- 4 Only
- b
The projected benefit obligation is the measure of pension obligation that:
- The employers contribution each period is based on formula.
- The accounting for a defined contribution plan is straight forward and uncomplicated.
- 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
- Changes in Employment Rules
- c
Alternative method exist for the measurement of pension obligation, which measure require the use of future salaries in its computation?
- Accumulated benefit obligation
- Projected benefit obligation
- Vested benefit obligation
- None of these
- b
Which of the following is not a characteristic of a defined contribution pension plan?
- The benefit of gain or risk of loss from assets contributed to the pension fund are borne by the employee
- The accounting for a defined contribution plan is straight forward and uncomplicated
- The employers contribution each period is based on a formula
- The benefit to be received by employees are usual determined by employer’s three highest years salary defined by terms of the plan
- D
In a defined contribution plan, a formula is used that?
- Requires an employer to contribution a certain sum each period based on the formula
- Ensure the pension expense and cash funding amount will be different
- Define the benefit that employee will receive at the time of retirement.
- None of the above
- C
In a defined benefit plan, the process of funding refer to:
- Determining the accumulated benefit obligation.
- Determining the projected benefit obligations.
- Making the periodic contribution to a funding agency to ensure that funds are available to meet claims.
- None of these
- C
The income statement should be prepared:
- After retained earning statement and before the balance sheet.
- After the retained earning statement and before the balance sheet.
- Before the retained earning statement & balance sheet.
- After the balance sheet and before the retained earning statement.
- C