1. Vested benefits are

a. estimated benefits

b. benefits to be received as a lump-sum payment

c. benefits that will be lost when employment is terminated

d. benefits the employee has the right to receive even if the employment is terminated

2. GAAP require intraperiod income tax allocation to income or loss as they relate to discontinued operations and other comprehensive income but not to retrospective adjustments or prior period adjustments.

True

False

3. True or False: Temporary differences cause a company's effective tax rate to be different from the enacted tax rate.

4. True or False: Construction in Progress is an inventory account typically valued at on the balance sheet at net realizable value.