In an expanded accounting equation, revenues and expenses are an expanded part of:
A. Assets.
B. Liabilities.
C. Retained Earnings.
D. Common Stock.
Answer: C
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What does a summary plan description describe?
A. a pension plan's funding, eligibility requirements, and risks B. a set of communications, activities, and facilities designed to change health-related behaviors to reduce health risks C. the type and duration of disability insurance D. the details of a company's health insurance coverage E. the amount of Social Security benefits employees are allotted
When an accountant is asked to compile financial statements that omit substantially all of the required disclosures, which of the following actions is appropriate?
a. The CPA cannot accept the engagement. b. The CPA may accept the engagement. c. The CPA may accept the engagement if the CPA believes the omission is not undertaken to mislead users. d. The CPA must express an adverse opinion.
A pension plan:
A. Can be a defined benefit plan or an undefined benefit plan. B. Is the same as Other Postretirement Benefits. C. Is a contractual agreement between an employer and its employees in which the employer provides benefits to employees after they retire. D. Can be underfunded if the plan assets are more than the accumulated benefit obligation. E. Is always funded fully by employers.
Both cash inflows and outflows can be managed to control overall cash flow.
Answer the following statement true (T) or false (F)