LIFO Accounting Assingment Help With Solution

Posted on April 20, 2017

LIFO Accounting Assingment Help With Solution

 
MULTIPLE CHOICE
 
1. The accumulated benefit obligation measures
a. the pension obligation on the basis of the plan formula applied to years of service to date and based on existing salary levels.
b. an estimated total benefit at retirement and then computes the level cost that will be sufficient, together with interest expected to accumulate at the assumed rate, to provide the total benefits at retirement.
c. the pension obligation on the basis of the plan formula applied to years of service to date and based on future salary levels.
d. the shortest possible period for funding to maximize the tax deduction.
 
2. The projected benefit obligation measures
a. the pension obligation on the basis of the plan formula applied to years of service to date and based on existing salary levels.
b. an estimated total benefit at retirement and then computes the level cost that will be sufficient, together with interest expected to accumulate at the assumed rate, to provide the total benefits at retirement.
c. the pension obligation on the basis of the plan formula applied to years of service to date and based on future salary levels.
d. the shortest possible period for funding to maximize the tax deduction.
 
3. A liability for pensions is reported on the balance sheet when
a. the projected benefit obligation exceeds the fair value of pension plan assets.
b. the pension expense reported for the period is greater than the funding amount for the same period. c. the accumulated benefit obligation exceeds the fair value of pension plan assets.
d. vested benefits exceed the fair value of pension plan assets.

4. The major difference between accounting for pensions and the accounting for other postretirement benefits is that firms
a. do not need to report an excess of the accumulated benefits obligations over assets in a postretirement benefits fund as a liability on the balance sheet.
b. do not need to disclose any estimates used in calculating projected benefits.
c. postretirement benefits are normally not material for most companies and do not need to be disclosed. d. do not need to set aside funds for future postretirement benefits as they do for pension benefits.

5. Analysts concerns with postretirement benefits include all of the following except:
a. should the underfunded postretirement benefit obligation be added to liabilities in assessing risk? b. How reasonable are the firms’ assumptions regarding health care cost increases?
c. Is the postretirement benefit fund adequately paying benefits.
d. Is the postretirement benefit fund generating returns consistent with the expected rate of return?
 
6. All of the following conditions signal that revenue recognition may have been recorded too early except: a. large and volatile amounts of uncollectible accounts receivable.
b. a decrease in the number of days accounts receivable are outstanding. c. unusually large amounts of returned goods.
d. excessive warranty expenditures.
 
7. Which of the following will most likely help identify an increasing proportion of uncollectible sales? a. accounts receivable turnover
b. the ratio allowance for doubtful accounts to gross accounts receivable c. the ratio of sales returns to sales
d. the ratio of cost of sales to sales

 
 

How it Works

How It works ?

Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention product code mentioned in end of every Q&A Page. You can also send us your details through our email id support@assignmentconsultancy.com with product code in the email body. Product code is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
 
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to product code . The date is asked to provide deadline.
 
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id assignmentconsultancy.help@gmail.com and support@assignmentconcultancy.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
 
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
 
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
 
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.

Features

Features for Assignment Help

Zero Plagiarism
We believe in providing no plagiarism work to the students. All are our works are unique and we provide Free Plagiarism report too on requests.

 

Relevancy
We believe in providing perfect, relevant and 100% accurate solutions to the student as per questions asked. All our experts are perfect in providing that so as to give unique experience to the students.

 

Three Stage Quality Check
We are the only service providers boasting of providing original, relevant and accurate solutions. Our three stage quality process help students to get perfect solutions.

 

 

100% Confidential
All our works are kept as confidential as we respect the integrity and privacy of our clients.

Related Services

 

8. A typical defined benefit pension plan formula includes all of the following except: a. the number of years of employee service
b. the fair market value of pension plan assets c. a multiplier based on age
d. the final salary at retirement date
 
9. Regarding actuarial assumptions, firms must disclose in notes to the financial statements all of the following except:
a. the discount rate used to compute the pension benefit obligation. b. the expected rate of return on pension investments.
c. estimates of the number of retirees over the next 10 years. d. the rate of compensation increase.
 
10. When prices are increasing, companies that use the LIFO method of accounting for inventory will report a. Lower cost of goods sold amounts in comparison to the FIFO method
b. Higher sales amounts in comparison to the FIFO method
c. Higher ending inventory amounts in comparison to the FIFO method d. Lower gross profit margins in comparison to the FIFO method
 
11. Under the percentage-of-completion contract method
a. revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed.
b. revenue, cost, and gross profit are recognized during the production cycle.
c. revenue, cost, and gross profit are recognized at the time the contract is completed. d. none of these
 
12. The installment method of revenue recognition can be used when cash collectibility is uncertain. The installment method
a. requires that no income is recognized until all installments are received.
b. requires that gross profit is recognized as each installment payment is received.
c. requires that entire cost of the sale be recovered prior to any income being recognized. d. allows revenue recognition at the time of the sale.
 
13. The use of LIFO rather than FIFO for inventory costing under normal economic conditions results in: I. lower net income.
II. higher total assets.
III. gher retained earnings.
IV. unchanged retained earnings. a. II and III
b. I, II and IV c. I only
d. I and IV
 
14. Which of the following is not a common characteristic of a company choosing to use LIFO rather than FIFO? a. Larger inventory balances
b. Higher variability in inventory balances c. Greater expected tax savings
d. Larger in size
 
15. Financial Statements of ABC Corp. indicates that ending inventory levels in 2005 and 2006 were $200,000 and $350,000 respectively. Cost of Goods sold for 2005 and 2006 were $1,900,000 and $2,200,000 respectively. Purchases in 2006 were:
a. $1,950,000 b. $2,150,000 c. $2,350,000 d. $1,850,000

 

Product Code :Acc55

To get answer for this question, kindly click here (Note: Don’t forget to write the product code in comment section)

You can also email us at assignmentconsultancy.help@gmail.com but please mentioned product code in the mail body while sending emails.You can browse more questions to get answer in our Q&A sections here.

Summary
User Rating
5 based on 1 votes
URL