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The following questions dealing with pensions and other postretirement benefits are adapted from questions that previously appeared on Certified Management Accountant (CMA) examinations. The CMA designation sponsored by the Institute of Management Accountants (www.imanet.org) provides members with an objective measure of knowledge and competence in the field of management accounting. Determine the response that best completes the statements or questions.
1. The projected benefit obligation (PBO) is best described as the
a. Present value of benefits accrued to date based on future salary levels.b. Present value of benefits accrued to date based on current salary levels.c. Increase in retroactive benefits at the date of the amendment of the plan.d. Amount of the adjustment necessary to reflect the difference between actual and estimated actuarial returns.
2. On November 30, the Board of Directors of Baldwin Corporation amended its pension plan giving retroactive benefits to its employees. The information below is provided at November 30.Using the straight-line method of amortization, the amount of prior service cost charged to expense during the year ended November 30 is
a. $9,500b. $19,000c. $30,250d. $190,000
fleet inc. is an athletic footware company that began operations on january 1 2012. the following transactions relate
Given that absolute market potential almost always exceeds actual industry sales, why do marketers bother to make potential estimates? Discuss how you will make sales (revenue) estimates for your client company
What is the difference between Prime Cost and Conversion Cost?
Each unit requires 20 minutes of direct labor. If 13,200 units were produced, what was the fixed overhead spending variance?
Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?
Greene Sisters has a DSO of 20 days. The company's average daily sales are $20,000. What is the level of its accounts receivables? Assume there are 365 days in a year.
Identify three companies with which you are familiar that are using the Web to conduct business. Describe their use of the Web.
The partners agree that the implied partnership goodwill is to be recorded simultaneously with the admission of Jack. What is the total implied goodwill of the firm?
glaser health products of ranier falls georgia is organized functionally into three divisions operations sales and
Graff Company has cash of $40,000, net accounts receivable of $90,000, and net sales of $720,000. Last year's net accounts receivable were $70,000. Compute the following ratios.
under the indirect method when accounts receivable decrease during the period question 8 options revenues on a cash
Assume that Caterpillar uses the straight-line method to depreciate plant and equipment. What is the approximate average service life of CAT's depreciable assets?
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