Question

In: Accounting

The present value of the future benefits to be paid, taking into consideration expected future increases...

  1. The present value of the future benefits to be paid, taking into consideration expected future increases in salaries, is the --------------------------------------------------------------------

  1. Interest cost is based upon the beginning balance of the ------------------------------ and uses a rate called the --------------------------------------------------------------------------------------------.

  1. Retroactive benefits granted to employees for services performed before the initiation of the pension plan are called ---------------------------------------------------------------------------

  1. Ten percent of the larger of the PBO at beginning of the year and pension fund at the same time is called the --------------------------------------------------------------------------------------

  1. Operating losses may be carried back ----------------------years and forward----------------yrs.

  1. When the PBO is less than plan assets, we say that plan assets is------------------------

  1. A loss on sale of investment is reported in --------------------------------as an---------------------when preparing the cash flows statement.

  1. If accounting income is less than taxable income, the difference is deferred tax -------------------------------; if its more, the difference is deferred tax------------------------------------------

  1. Purchases of stock of other companies belong in the ---------------------------------section of the cash flows statement.

  1. The two parties to a lease are --------------------------------- and --------------------------------------

  1. The two types of Pension Plan are ------------------------------------------and------------------------

  1. Income tax expense is based on -------------------------while taxes payable is based -----------

  1. The difference between the expected return and actual return is referred to as -----------.

Solutions

Expert Solution

ans 1 Projected Benefit obligation
ans 2 1) Carrying value rate used is effective(market) interest rate
ans 3 Prior service cost
ans 4 Corridor
ans 5 carryback 2 years and carryforwars 20 years
ans 6 short
ans 7 cash flow from opearting activities (indirect method) as an adjustment which is added
ans 8 Deferred tax asset first blank answer, Deferred tax laibility
ans 9 Investing
ans 10 Lessor and lessee
ans 11 Defined Contribution and defined benefit
ans 12 Pretax financial income and payable is based on Taxable Income
ans 13 Unexpected gain or los
If any doubt please comment

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