Which of the following is/are not true?
a. U.S. GAAP and IFRS do not 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 net 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
C
You might also like to view...
According to David Whitwam, former CEO of Whirlpool, one must create an organization whose people are:
A) adept at exchanging ideas, processes, and symptoms. B) absolutely free of the "not-invented here" syndrome. C) constantly working together to identify best global opportunities. D) working together to solve the biggest global problems. E) able to adapt to systems across borders.
Which one of the following statements is true with regard to the lower of cost or market rule?
A) If the direct method is used in applying the lower of cost or market rule, the loss or loss recovery due to market valuation changes is included in cost of goods sold. B) The lower of cost or market rule must be applied on an individual item basis for financial accounting purposes. C) With the application of the lower of cost or market rule using the direct method, the account, Allowance to Reduce Inventory to Market, is reported on the balance sheet as a contra asset. D) The lower of cost or market rule is primarily an application of the going concern assumption.
Jack provides heating and air conditioning equipment for office buildings. He sells ________
A) distributive goods B) consumer services C) consumer goods D) industrial goods E) intangible goods
Answer the following statement(s) true (T) or false (F)
1. The public expects firms to be active and proactive in responding to the needs of the community. 2. Few multinational organizations as well as nationally and locally based ones are actively involved with community initiatives such as mentorship programs for disadvantaged students, internships, sponsorship of local school programs, and participation of company leaders on boards of minority organizations in the community. 3. The main obstacle for initiating and maintaining activities that benefit the company’s social environment is economic pressure to demonstrate profitability on a short-term basis, which makes it difficult to allocate the money necessary for long-term commitments to social goals. 4. There is little evidence that links corporate social performance and financial performance. 5. Simpson and Kohers’s (2002) research supports the link between social and financial performance. However, not all of the results were statistically significant.