Which of the following brought accrual accounting to post retirement benefits other than pensions (OPEB)?
a. SFAS No. 87
b. SFAS No. 106
c. SFAS No. 132
d. ERISA
ANSWER: B
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Two alternative methods of accounting for the cost of oil and gas properties have been widely used. The method that capitalizes all costs associated with all wells is the
A) successful-efforts method. B) full-cost method. C) variable-cost method. D) specific-cost method.
On June 30, 2014, Lynch Co declared and issued a 1 . percent stock dividend. Prior to this dividend, Lynch had 50,000 shares of $10 par value common stock issued and outstanding. The market value of Lynch Co's common stock on June 30, 2014, was $24 per share. As a result of this stock dividend, by what amount would Lynch's total stockholders' equity increase (decrease)?
a. $0 b. $75,000 c. $70,000 d. $(70,000)
Leo buys 5 million sheets of paper from a vendor for his printing firm. He is satisfied with the product, and he orders the same quantity from the same vendor every week. This is most likely an example of a(n) _____.
A. initial buy B. straight rebuy C. new buy D. modified rebuy
Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.
What will be an ideal response?