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- Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for postretirement benefit plans.1. How does the GASB define extraordinary and special items? Compare the definitions and recognition of these items to FASB requirements. 2. Distinuish among appropriations, expenditures, encumbrances, and expenses.Mulitple choice question What is the federal counterpart of the state and local government "encumbrance"? Select one: a. Obligation b. Outlay c. Allotment d. Apportionment
- The following is a correct entry: Pension Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXX Net Pension Liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . XXX The entry would be found in the a. capital projects fund. b. enterprise fund. c. general fund. d. debt service fund.Now what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary differences between tax and book income are reported. Discuss with suitable examples.Which of the following statements regarding asset ceilings for overfunded and underfunded pension plans is true? A. For underfunded pension plans, the issue is whether the sponsoring entity can realize the benefits of the underfunding either through reducing or stopping its contributions in the future or through withdrawing surplus funds. B. An overfunded pension results in a net defined benefit liability on the SFP. C. An underfunded pension has a fair value of plan assets that is less than the DBO. D. An asset ceiling is the minimum benefit that the employer can realize by reducing or stopping future contributions to a defined benefit pension plan.
- In entity A’s first quarter Statement of Appropriations, Allotments, Obligations, Disbursements and Balances, how much is “unobligated allotments” P6B P5B P10B P15B The receipt of an allotment is recorded by a government entity in the? RAOD ORS RAPAL a and c The incurrence of an obligation for future delivery or performance by the oblige is recorde by a government entity in the RAOD ORS RAPAL a and b The receipt of an appropriation is recorded by a government entity in the RAOD ORS RAPAL a and b The entry to record the receipt of Notice of Cash allocation (NCA) by a government entity is: Debit Cash-Modified Disbursement System (MDS), Regular; Credit Accumulated Surplus (Deficit) Debit Cash-Modified Disbursement System (MDS), Regular; Credit Subsidy from National Government Debit Cash Collecting Officer; Credit Subsidy from National Government No Entry According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government” account is Asset…Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.V5. Explain the following types of superannuation funds . accumulation benefit funds • defined benefit funds • Public sector funds • private sector funds
- Which of these forms must most tax-exempt organizations file annually with the Internal Revenue Service? Choose the correct.a. 990b. 1203c. 501d. 501(c)(3)P18-1 Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term A Future deductible amount B Income tax payable (or refund) C Effective tax rate D Valuation allowance E Deferred tax asset F Operating loss carryforward G Taxable income H Deferred tax consequences I Future taxable amount J Deferred tax liability K Temporary difference L Income tax expense (or benefit) M Deferred tax expense (or benefit) _________1. The deferred tax consequences of future deductible amounts and operating loss carryforwards _________2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported…1. How much is the TOTAL unobligated allotments for all RAODs - PS, MOOE and CO? (Final answer should be the TOTAL of the three RAODs) 2. What is the TOTAL amount of unfunded allotments to be reported in the Registry of Allotments and NCA?
