Intermediate Accounting Sample Test

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ACCT 3302 Fall 2012 Exam 3 1 (20): 2 (10): 3 (10): 4 (16) 5 (16): 6 (8): 7 (5): 8(15): 9 (5): 10 (5): Total (100) _____ Name: INSTRUCTIONS 1. Your test should include 8 pages (cover sheet plus 7 pages of test). All pages should be turned in at the completion of the exam. 2. On the problems, include ALL computations, properly labeled in the space provided. Partial credit may be given at the discretion of the instructor. 3. Calculators may be used. They cannot be shared. You may not use the calculator on a cell phone. 4. If you have a question or problem, ask the instructor. 5. The minimum penalty for academic dishonesty on this exam will be a grade of 0 for this examination. Academic…show more content…
| | | |d. The method that is used when an accounting error is recognized in a subsequent time period. | | | |e. The method that is used when depreciation methods are changed from double declining balance to| | | |straight-line method. | | | 3. Comprehensive Income and Pensions (10 points) Complete the template for the Statement of Comprehensive Income using the following information: ABC Company reports Net Income of $20,000 for the year 2010. The company negotiated a change in its defined benefit pension plan that increased the pension obligation by $3,000 attributed to the work already completed by its employees. $300 of this change was included in pension expense for 2010. Because of well-chosen investments, the pension trust fund had unexpected gains of $4,000 over its expected return of $2,000. Finally the actuaries estimate of the end of the year value of the Defined Benefit Pension Plan included a $1000 increase in the liability due to changes in actuarial assumptions. Statement of Comprehensive Income ABC Company For the year ending 12/31/2010 Net Income $20,000 Other Comprehensive Income Prior Service Cost Incurred Amortization of Prior Service Cost Unexpected
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