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1) which of the following accounting principles best describes the rationale for reporting a liability for earned but unused compensated absences? a. historical cost b. full disclosure c. materiality d. matching 2) laid back corp. follows the practice of paying all employees for vacation. the vacation pay is not vested, but it carries over for one year is unused. under gaap, the obligation for earned but unused vacation should be a. accrued as a current liability d. disclosed as a contingent liability c. ignored until incurred d. accrued or no accrued according to the judgment of management 3) what is measured by the accumulated benefit obligation? a. the pension expense, computed by the plan formula applied to years of service to date, assuming future salary levels b. the pension expense, computed by the plan formula applied to the years of service to date, using existing salary levels c. the pension obligation, computed by the plan formula applied to years of service to date, assuming future salary levels d. the pension obligation, computed by the plan formula applied to years of service to date, using existing salary levels 4) in computing the earnings per share of common stock, noncumulative preferred dividends not declared should be a. deducted from the net income for the year b. added to the net income for the year c. ignored d. deducted from the net income for the year, net of tax 5) when using the if-converted method to compute diluted earnings per share, convertible securities should be a. included only if antidilutive b. included only if dilutive c. included whether dilutive or not c. not included


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