Reference no: EM132704348

Problem 1: From which retirement plan are the benefits that are paid to retirees tax free?
1. defined contribution plan
2. 401(k) plan
3. defined benefit plan
4. Roth IRA

Problem 2: Which of the following is not a natural resource?
1. mineral deposit
2. diamonds
3. oil & gas reserves
4. water reservoir
5. patent

Problem 3: Which of the following is an example of a capital expenditure and added to the cost of an asset rather than a revenue expenditure which is recorded as an expense immediately?
1. replacing all burned-out light bulbs in the factory
2. cleaning the carpet in the front office
3. replacing an engine in factory equipment
4. routine tune-up for a company car

Problem 4: The balance in the Accumulated Depreciation account represents the
1. Cash fund to be used to replace plant assets.
2. Total amount recorded as expense since the fixed asset was acquired.
3. Amount to be added to the cost of the plant asset to arrive at its fair market value.
4. Amount recorded as depreciation expense in the current period