What four alternative methods for accounting for prior service cost were considered by accounting regulators?
What will be an ideal response?
1) Account for it prospectively2) Recognize the total amount as an expense in the period in which it arises and record a liability.3) Amortize the amount as a component of pension expense after the recognition of the liability and comprehensive income has been reduced.4) Decrease retained earnings and record a liability.
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The accrual basis of accounting recognizes revenue when realized (realization concept) and expenses when incurred (matching concept)
Indicate whether the statement is true or false
The ________ Act is a federal statute that prohibits discrimination in the extension of credit based on sex, marital status, race, color, national origin, religion, age, or receipt of income from public assistance programs.
A. Fair Debt Collection Practices B. Equal Credit Opportunity C. Fair Credit Billing D. Truth-in-Lending
Persuasion is the process of motivating people to do or believe something despite their initial resistance
Indicate whether the statement is true or false
Under TRIPS, a nation may decide to exclude pharmaceutical patents if it determines they are immoral
Indicate whether the statement is true or false