Final

Question 1

Post retirement benefit expense

Answer 1

Service cost
Interest
-expected return on the plan asset
-amortization net gain/ loss

Question 2

Pension expense

Answer 2

PBO
Interest
Service cost
-distribution
-amortization

Question 3

Plan assets

Answer 3

Beg balance
Interest
Contribution
-distribution

Question 4

PBO

Answer 4

Beg bal
Service cost
Interest
-benefits paid

Question 5

LIFO reserve

Answer 5

FIFO INVENTORY -LIFO inventory

Question 6

Average cost method

Answer 6

Total cost / total units

Question 7

Turn over ratio

Answer 7

Sales/ average total assets

Question 8

Gross profit %

Answer 8

Revenge- COGS
———————-
Revenue

Question 9

Cost of inventory

Answer 9

Insurance during transit
Frighten
Cost incurred
Getting the inventory ready

Question 10

Declare + distribution of Stock dividends

JE

Answer 10

D retain earnings
D paid in capital excess of par
C Common stock

Question 11

Ending RE

Answer 11

Beg Re
NI
- Dividends

Question 12

Comprehensive income

Answer 12

Net Income + OCI 

Question 13

NRV

Answer 13

Selling price - cost to sell

Question 14

Average cost of ending inventory method

Answer 14

Beginning inventory plus net purchases plus net markup minus net markdowns equals COGS

Question 15

Conventional retail method

Answer 15

Add freight in add net markup

Later on subtract net mark downs

Question 16

Fixed asset ratio

Answer 16

Nets sales / average PPE

Question 17

AR

Answer 17

Opp

Question 18

Inventory

Answer 18

Normal

Question 19

Accounts payable

Answer 19

Opposite

Question 20

Intereste payable

Answer 20

Opposite

Question 21

Unamortized discount

Answer 21

Normal

Question 22

Income tax payable

Answer 22

Opposite

Question 23

Deferred tax liability

Answer 23

Opposite

Question 24

Prepaid

Answer 24

Opposite