Which of the following costs is unique to postretirement health-care benefits?
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1 .CPA-00699Visor Co. maintains a defined benefit pension plan for its employees. Under U.S. GAAP, the service cost component of Visor's net periodic pension cost is measured using the:
A Unfunded vested benefit obligation. B Unfunded accumulated benefit obligation. C Projected benefit obligation. D Expected return on plan assets.
2 .CPA-05236Under U.S. GAAP, what is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date and based on past and current compensation levels only?
A Projected benefit obligation. B Accumulated benefit obligation. C Interest cost. D Service cost.
3 .CPA-05424Parker Co. amended its pension plan on January 2 of the current year. It also granted USD 600,000 of unrecognized prior service costs to its employees. The employees are all active and expect to provide 2,000 service years in the future, with 350 service years this year. What is Parker's unrecognized prior service cost amortization for the year under U.S. GAAP?
A USD 105,000 B USD 0 C USD 2,000 D USD 600,000
4 .CPA-06960How should plan investments be reported in a defined benefit plan's financial statements?
A At fair value. B At cost. C At actuarial present value. D At net realizable value.
5 .What information should be disclosed by a company providing health care benefits to its retirees?I. The assumed health care cost trend rate used to measure the expected cost of benefits covered by the plan.II. The accumulated postretirement benefit obligation.
A II only. B I and II. C Neither I nor II. D I only.
7 .If the payment of employees' compensation for future absences is probable, the amount can be reasonably estimated, and the obligation relates to rights that accumulate, the compensation should be:
A Accrued if attributable to employees' services not already rendered. B Accrued if attributable to employees' services already rendered. C Recognized when paid. D Accrued if attributable to employees' services whether already rendered or not.
8 .The following information pertains to Rik Co.'s two employees:NameWeeklysalaryNumber ofweeks workedVacation rightsvest oraccumulateRyanUSD 80052YesToddUSD 60052NoNeither Ryan nor Todd took the usual two-week vacation during the current year. In Rik's December 31 financial statements, what amount of vacation expense and liability should be reported?
A USD 1,400 B USD 0 C USD 1,600 D USD 2,800
9 .Ross Co. pays all salaried employees on a Monday for the five-day workweek ended the previous Friday. The last payroll recorded for the year ended December 31, Year 2, was for the week ended December 25, Year 2. The payroll for the week ended January 1, Year 3, included regular weekly salaries of USD 80,000 and vacation pay of USD 25,000 for vacation time earned in Year 2 not taken by December 31, Year 2. Ross had accrued a liability of USD 20,000 for vacation pay at December 31, Year 1. In its December 31, Year 2, balance sheet, what amount should Ross report as accrued salary and vacation pay?
A USD 68,000 B USD 89,000 C USD 64,000 D USD 69,000
10 .CPA-00776Under current generally accepted accounting principles, which approach is used to determine income tax expense?
A "With and without" approach. B Periodic expense approach. C Asset and liability approach. D Net of tax approach.
