Distinguish between Total Pension Liability and Net Pension Liability.
What will be an ideal response?
Total pension liability is the present value of projected benefits to be paid to retirees that is attributable to years of service already performed. Net pension liability is the total pension liability minus the fiduciary net position of the pension trust fund.
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List the primary sources of law.
What will be an ideal response?
Internal controls may be preventive or detective.Which of the following controls is preventive?
a. Requiring two persons to open mail containing payments. b. Reconciling the accounts receivable subsidiary file with the control account. c. Using batch totals. d. Preparing bank reconciliations.
When the bond market interest rate is 6% and the bond contractual interest rate is 8%, the bond will sell at a premium
Indicate whether the statement is true or false
A supplier is an external stakeholder that
A. competes for customers or resources. B. helps a company sell its goods and services to customers. C. joins forces with another company to achieve advantages that neither can achieve on its own. D. rescinds tax breaks when firms don't deliver promised jobs. E. provides raw materials, services, equipment, labor, or energy.