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luda_lava [24]
3 years ago
13

When a company amends a pension plan, for accounting purposes, prior service costs should be Select one: a. treated as a prior p

eriod adjustment because no future periods are benefited. b. recorded in other comprehensive income (PSC). c. amortized in accordance with procedures used for income tax purposes. d. reported as an expense in the period the plan is amended. Clear my choice
Business
1 answer:
Alekssandra [29.7K]3 years ago
6 0

Option B

When a company amends a pension plan, for accounting purposes, prior service costs should be recorded in other comprehensive income (PSC).

<h3><u>Explanation:</u></h3>

The accounting for pensions can be considerably complicated, particularly concerning established benefit plans.  In this kind of plan, the employer contributes a deliberate periodic payment to workers subsequent they retire. If a plan revision lessens plan benefits, register it in separate comprehensive income on the date of the amendment.

This sum is then balanced upon any prior service cost residing in incorporated other comprehensive income. Any extra amount of the credit is then amortized practicing the same methodology simply recorded for prior service costs.

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10) At the beginning of the year, Lucy company estimated that the total annual fixed overhead costs would amount to $25,000. Fur
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Answer: A. Products were overcosted during the year.

Explanation:

At the budgeted figures of $25,000 fixed overhead costs and the 2,000 units of production, the predetermined fixed overhead rate is:

= 25,000 / 2,000

= $12.50 per unit

However, the company then produces 2,200 units at the same cost of $25,000 making the actual predetermined fixed overhead rate:

= 25,000 / 2,200

= $11.36 per unit

<em>The actual rate is less than the predetermined rate which means that the products had originally be overcosted by being apportioned higher expenses.  </em>

4 0
3 years ago
____ involves completely disclosing to participants the goals and procedures involved in the study and obtaining their agreement
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Answer: The correct answer is OBTAINING INFORMED CONSENT.

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This is to ensure that the participation of subjects in the study is entirely voluntary and decision is not influenced.

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4 years ago
QuestionA baseball team is deciding where to celebrate their tournament victory. They decide between two restaurants by voting,
Damm [24]

Answer:

majority rule

Explanation:

4 0
3 years ago
If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate of unemployment
Ivanshal [37]

Answer:

The correct answer to the following question is D) interest rates would be increased  by the government when there is almost full employment in the economy.

Explanation:

When in the economy, business are producing close to productivity and in the nation there is almost full employment , then it can be said that the economy is booming . Which means there is good amount of money supply in the economy and people are spending robustly and that means the demand is high , which ultimately tells that the prices of goods and services are high.

So to cut the prices, government will increase the interest rate which will lead to the increase in cost of borrowing, and that will cause decrease in money supply and demand will ultimately fall, which leads to decrease in prices of goods and services.

3 0
3 years ago
On August 2, 2013, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.
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Answer:

Aug 2 2013   Notes Receivable  6000 Dr

                           Accounts Receivable   6000 Cr

Oct 31 2013  Interest Receivable  180 Dr

                          Interest Revenue       180 Cr

Oct 31 2013  Cash                        6180 Dr

                         Notes Receivable      6000 Cr

                         Interest Receivable      180 Cr

         

Explanation:

When the note is received, the customer account will be closed and accounts receivable will be credited while a new asset of notes receivable will be created and notes receivable is debited.

The interest on notes receivable is calculated assuming a 360 day year and the 12% is annual interest rate.

The interest on note is 6000 * 0.12 * 90/360 = $180

The interest is income so wull be credited while as it is receivable, the interest receivable will be debited.

On 31 October when the note is honored and cash is received, it will be total of principal + interest so cash = 6000 + 180 = 6180

As a result, the assets notes and interest receivables will be closed and credited against cash.

8 0
4 years ago
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