During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory
A) average method
B) LIFO method
C) FIFO method
D) can not tell without more information
C
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In distinguishing between revenues and gains, which of the following statements is false?
A) More gains than revenues are beyond the entity's control. B) Gains are associated more with peripheral, nonoperating activities than are revenues. C) GAAP does not provide precise distinctions between revenues and gains. D) Revenues are reported net (rather than gross) more often than gains.
Which of the following best describes a micro rest?
A) A short document with more extensive information available on a PC B) A document with short paragraphs C) A document with embedded links to detailed information D) A document that uses an inverted pyramid format E) A document that is sent using an instant messaging function
In whole life insurance contracts, the ________.
A. loan value developed by the contract enables the insurer to borrow money from the insured B. rate of the premiums to be paid decreases if the face value increases C. loan value decreases as the age of the policy increases D. insurer pays the face value of the policy on the death of the insured
U.S. GAAP defines the primary measurement of the pension liability of the pension plan as the _____the _____ of the amount the pension plan expects to pay to employees during retirement based on accumulated service but using the level of salary expected to serve as a basis for computing pension benefits
a. projected benefit obligation; future value b. projected benefit obligation; present value c. actual benefit obligation; present value d. actual benefit obligation; future value e. actual benefit obligation; expected value