Question : 171.A capital lease recorded in the accounting records of the : 1237435

 

171.A capital lease is recorded in the accounting records of the lessee by an entry:   

A.Debiting Rent Expense and crediting Cash each time a lease payment is made.

 

B.Debiting Cash and crediting Rental Revenue each time a lease payment is received.

 

C.Debiting an asset account and crediting a liability account for the present value of the future lease payments.

 

D.Debiting an asset account and crediting Sales for the present value of the future lease payments.

 

 

 

 

172.A company with a fully funded pension plan:   

A.Recognizes no pension expense.

 

B.Reports no long-term liability for future pension payments.

 

C.Does not utilize the services of a trustee to operate the pension plan.

 

D.Recognizes pension expense equal to the cash payments made to retirees during the current period.

 

 

 

 

173.In estimating annual pension expense, which of the following factors would not be taken into consideration?   

A.Current financial condition of the company.

 

B.Expected rate of return to be earned on pension fund assets.

 

C.Employee turnover rates.

 

D.Compensation levels and estimated rate of pay increases.

 

 

 

 

174.Pension expense is:   

A.The present value of the estimated future pension benefits earned by employees as a result of their services during the period.

 

B.The amount funded to the pension in a given year.

 

C.The future value of rights granted to employees as a result of their services during the period.

 

D.The amount withdrawn from the pension fund to pay retirees during the period.

 

 

 

 

175.Which of the following is not true about post-retirement benefits?   

A.Post-retirement costs should be recognized as expense as the workers earn the right to receive the benefits.

 

B.Most corporations have fully funded their post-retirement benefits.

 

C.Unfunded post-retirement costs are a non-cash expense.

 

D.A corporation’s liability for post-retirement benefits is equal to the present value of estimated future payments.

 

 

 

 

176.A liability for deferred income taxes represents:   

A.Income taxes on earnings already reported in the income statement, but that will be taxed in future periods.

 

B.Income taxes already paid on earnings which have not yet been reported in the company’s income statement.

 

C.Income tax obligations being disputed with the Internal Revenue Service.

 

D.Income taxes levied in prior years which are now past due.

 

 

 

 

177.Using different accounting methods on financial statements and tax returns will create:   

A.No effect upon the balance sheet, only the income statement.

 

B.No effect upon the balance sheet nor the income statement.

 

C.A deferred tax liability.

 

D.An illegal situation.

 

 

 

 

178.Deferred taxes are classified as:   

A.Only a liability.

 

B.Only an asset.

 

C.Either an asset or liability, depending upon the situation.

 

D.A non-operating expense.

 

 

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more