When a pension plan commences, credit is often granted to employees for past years of service, giving rise to what is called:
a. unfunded past service cost.
b. unfunded benefits.
c. unfunded actuarial liability.
d. all of the above.
ANSWER: D
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Lakeside, Inc. estimated manufacturing overhead costs for the year at $371,000, based on 181,000 estimated direct labor hours. Actual direct labor hours for the year totaled 196,000. The manufacturing overhead account contains debit entries totaling $392,000. The Manufacturing Overhead for the year was ________. (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A) $49,393 underallocated B) $49,393 overallocated C) $9800 underallocated D) $9800 overallocated
Which of the following is true of excessive compensation packages?
A. When huge amounts of compensation depend on quarterly earnings reports, there is a strong incentive to manipulate those reports in order to achieve the money. B. Excessive compensation packages serve corporate interests when they provide an incentive that is not based on executive performance or accomplishments. C. When executive compensation is tied to stock price, executives have a strong incentive to focus on long-term corporate interests rather than short-term stock value. D. Economic fairness and personal morality always exists in executives receiving lofty compensation packages.
You are preparing a report on professional ethics in which you quote the author of a current issue of Journal of Business Ethics. If you are using APA style, the citation for the direct quote in the text includes
a. author's name and page number b. author's name and date c. author's name, date, and page number d. article title, date, and page number
Which of the following is a relevant consideration in determining whether a government can successfully rely on section 1 of the Charter?
A) that the law was passed by the government in good faith B) that the law is just C) that the law will be of some benefit to society D) that the penalties for which the law provides are reasonable E) that the law is needed to address a matter of pressing and substantial concern