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To estimate how much the employees have earned for their work in the current and prior periods in order to attribute the benefit to the periods of service and to incorporate estimates about demographics and financial variables into calculations, a company must utilize what method?

A.

Re-measurement method

B.

Fair value method

C.

Net present value method

D.

Projected unit credit method

What is the purpose of a statement of cash flow?

A.

To show liability and equity and the manner in which those funds are employed in a manner which is useful for users of the statement

B.

To account for changes in cash during the accounting period in a manner which is useful for users of the statement

C.

To show details of the nature of a company’s operating activities in a manner which is useful for users of the statement

D.

To reconcile the beginning and ending balances of stockholders’ equity in a manner which is useful for users of the statement

Which of the following describes the concerns of Level 3 of the conceptual framework for financial reporting?

A.

Basic objective

B.

Recognition, measurement, and disclosure concepts

C.

Fundamental concepts

D.

Elements of financial statements

Which of the following is a benefit of moving toward a single set of standards?

A.

Create equity across the economies of different countries

B.

Reduce the number of cross-border capital flows

C.

Greater comparability between companies equals lower cost to investors

D.

Less competition among exchanges

Profit-sharing and bonuses are an example of which kind of employee benefits?

A.

Short-term benefits

B.

Post-employment benefits

C.

Termination benefits

D.

Long-term benefits

What are the expenses related to a company’s financing and investing activities called?

A.

Noncurrent expenses

B.

Current liabilities

C.

Non operating expenses

D.

Operating expenses

What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?

A.

Net defined benefit liability (asset)

B.

Asset ceiling

C.

Fair value

D.

Net present value

What are balanced sheets and income statements linked by?

A.

Investing activities

B.

Retained earnings

C.

Expenses

D.

Net income

Which of the following best defines the term “asset”?

A.

The residual interest in the assets of the entity after deducting all its liabilities.

B.

A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

C.

A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

D.

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants

Why is accounting for short-term employee benefits generally a straightforward process?

A.

Because no actuarial assumptions are required to measure the obligation or cost and there is no possibility of any actuarial gain or loss

B.

Because short-term employee benefit obligations are measured on a discounted basis

C.

Because short-term employee benefits are not provided in exchange for the service of the employee

D.

Because the employer is required to incorporate actuarial assumptions into measurement of the obligation and the expenses