Monetary unit sampling (MUS) results in an efficient sample size and concentrates on the dollar value of the account balances
a. True
b. False
Indicate whether the statement is true or false
True
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___________________ statements recast all items on the statement as a percentage of a selected item on the statement
Fill in the blank(s) with correct word
Program flowcharts are used to describe the logic represented in system flowcharts
Indicate whether the statement is true or false
Using debt and preferred stock in the capital structure of a firm will _____.
A. increase financial risk B. decrease business risk C. increase the tax payable by the firm. D. decrease operating leverage E. increase the book value of common stock
Exhibit 19-02The Sophia Company adopted a defined benefit pension plan on January 1, 2015, and prior service credit was granted to employees. The present value of those benefits was calculated to be $1,245,300 at that date. The service cost is funded in full at the end of each year, plus an additional amount of $225,000 is funded each year-end. The unrecognized prior service cost is being amortized by the straight-line method over the remaining 10-year service life of the company's active employees. Additional information relating to the company's pension plan is presented below:
2015 2016 Service cost (annual)$ 105,000 $125,000 Unrecognized prior service cost amortization124,530 124,530 Interest cost10% 10% Expected (and actual) return on plan assets10% 10% Refer to Exhibit 19-02. What is the pension expense for 2015? A. $105,000 B. $229,530 C. $315,000 D. $354,060