Which of the following is/are not true?
a. U.S. GAAP and IFRS permit the employer to prepare consolidated financial statements with the retirement trust.
b. The employer must report the net funded status of each defined benefit retirement plan (that is, the fair value of retirement trust assets minus the retirement trust obligation) as either an asset or a liability on its balance sheet.
c. The employer must report the net funded status of each defined benefit retirement plan and credit (for an overfunded plan) or debit (for an underfunded plan) is to Other Comprehensive Income.
d. Notes to the financial statements provide information about investments made by the retirement trust and how trust assets and liabilities changed during a period.
e. all of the above
A
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The Leontief paradox questioned the validity of the theory of
a. comparative advantage. b. factor endowments. c. overlapping demands. d. absolute advantage.
A credit sale of $5,275 to a customer would result in which of the following?
A. A credit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger. B. A debit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger. C. A credit to Sales and a credit to the customer's account in the accounts receivable subsidiary ledger. D. A credit to the Accounts Receivable account in the general ledger and a credit to the customer's account in the accounts receivable subsidiary ledger. E. A debit to the Accounts Receivable account in the general ledger and a debit to the customer's account in the accounts receivable subsidiary ledger.
In a decentralized company, central management is able to focus on strategic planning and decision making
Indicate whether the statement is true or false
When a customer calls the 800 toll-free number at L.L. Bean in Freeport, Maine, to order a new chamois shirt, the person who answers the customer's questions is a
A. technical specialist. B. retailer's order getter. C. retailer's order taker. D. missionary salesperson. E. supporting salesperson.