What was the main argument of FASB Interpretation 3?
a. ERISA did not create a pension liability except in the likelihood of plan termination.
b. The cost of providing pension benefits should be spread over the remaining service life of employees.
c. Pension expense should be computed using any one of five acceptable accumulated benefit methods, regardless of cash contributions.
d. The balance sheet should report unfunded vested benefits.
ANSWER: A
You might also like to view...
Wayne Co purchased $40,000 of equipment with a salvage value of $5,000 and a useful life of nine years on August 15, 2016. If the company used sum-of-the-years'-digits depreciation computed to the nearest whole year, depreciation expense for 2017 was
A) $6,222 B) $7,000 C) $7,111 D) $8,000
A corporation is liable for all torts committed by its employees while acting in the course of and within the scope of their employment.
Answer the following statement true (T) or false (F)
______ describes what occurs when new technologies cause previously successful firms to fail.
a. Dynamic disruption b. Customers’ adoption lag c. Technology paradox d. Innovator’s dilemma
Which of the following would be classified as a fixed cost?
a. fabric for use in quilts to be produced b. straight-line depreciation on production equipment c. pepperoni used in making pizzas d. copy lease payment of $500 per month plus $0.01 per copy