Select the best answer. Which of the following would be excluded from the definition of a pension plan? A. Plans that are not funded B. Plans existing under a well-defined but unwritten organization policy C. Death and disability payments that occur under a separate agreement D. Defined contribution and defined benefit plans Submit Answers Which of the following statements regarding covenant violations is correct? A. Classification as a current liability is required if a waiver has not been obtained. B. Classification as a current asset is required if a waiver has not been obtained. C. Financial statements generally are issued prior to the waiver being obtained. If a violation results from the inability to maintain required financial ratios, the disclosure D. the existing violation and the waiver period is required. Submit Answers The disclosure that a reasonable estimate cannot currently be made and a description of the remediatio commitment are examples of which of the following disclosures? A. Disclosures for probable but not reasonably estimable loss contingencies that may be material B. Disclosures for reasonably possible loss contingencies C. Disclosures for reasonably possible losses in excess of accrued amounts D. Disclosures of indirect causation Submit Answers Which of the following should be disclosed by the company even though it is not specifically required by GAAP? A. The policy for classifying shipping and handling costs B. A description of how current and deferred taxes were calculated C. The policy for recognizing interest income or impaired loans D. A description of the methods used in computing depreciation for major classes of assets Submit Answers FASB ASC 275 requires that all entities include which of the following in their financial statements? B. A. Disclosure of all possible risks and uncertainties Disclosures related to management, internal control structure deficiencies, and sudden catastrophes Disclosures of risks and uncertainties that could highly affect the amount reported in the financial statements D. Disclosures of current vulnerability related to concentrations of financial instruments C. Submit Answers What type of estimate is more likely to meet the disclosure criteria for a significant estimate? A. New estimate B. Situational estimate C. Policy-term estimate D. Remote possibility the estimate will change Submit Answers The Garden Foundation plans to disclose concentrations of credit risk in its financial statements. How must that information be disclosed? B. A. No disclosure is required in the financial statements for a concentration of credit risk. The organization can make the disclosure in the way that is most efficient and effective for The Garden Foundation The organization is prohibited from disclosing all concentrations of credit risks in a single D. Disclosures should always be based on the financial statement amount rather than the bank statement balances C. note Sant Answers Select the best answer. Which of the following statements is most accurate regarding typical leasing arrangements with related parties after the adoption of FASB ASC 842? Related party transactions for leases only encompass transactions between parties that are either related by blood or marriage. B. Leasing arrangement agreements between related parties may be written or verbal. C. To qualify as a related party leasing arrangement, the lease must not be cancelable by either party in the agreement D. They should be classified and presented the same as leases between unrelated parties. Summit Answers Comfort House must decide whether to disclose sources of revenue in its financial statements and how much Information to include if it does make the disclosure. Which of the following pieces of advice might prove helpful in making this decision? A. loss of the source would adversely affect key operating statistics by a material amount the source should be disclosed B. If the source is to be disclosed, its name and relevant information should be included. C. M the source is disclosed in the statements, a note disclosure is also required D. The disclosure will include details of the contingency plans. Submit Answers