Reference no: EM13971448

Intermediate Accounting

1) Which creates a deferred tax liability?

1) A deferred tax asset represents a

2) The three components of pension expense that are present most often are

2) Which of the following constitutes the accumulated benefit obligation?

3) Prior to 1993, postretirement benefits other than pensions generally were accounted for on the

4) Which of the following transactions decreases retained earnings?

4) When a property dividend is declared, the reduction in retained earnings is for

5) Executive stock options should be reported as compensation expense

5) Our company granted options for 2 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $9 per option. If the options have a vesting period of 5 years, which would be the balance in Paid-in Capital - Stock Options 3 years after the grant date?

6) Which of the following is not a potential common stock?

6) When computing diluted earnings per share, which of the following will be omitted from the calculation?

1) Please describe permanent differences and provide three examples.

2) Please describe defined-contribution plans. What is an example? Who bears the risk? Who typically contributes to these plans?

4) What are the two ways for a company to reacquire stock? Please also discuss when a company reacquires stock and whether there is a difference between the amount the shares were originally sold for and the cash paid to buy the shares back.

5) What is FASB's stance on companies recording compensation expense for stock option plans? What method is preferable? What is the journal entry to record compensation expense?