Accounting Intermediate II Practice questions:

15. T/F. Construction In Progress Account is the Same as Work In Process because both are inventory accounts. 16. T/F. Partial Billings Account is a Liability account that has always a credit balance. 17. T/F. If a performance contract contains more than one performance obligation, the seller must allocate the contract price to each of the performance obligations on the basis of selling price of each of the obligations. 18. T/F. A pension plan requires a company to provide enough resources to its retirees for them to live-out their lives when not working for the company. 19. T/F. A defined contribution plan, is a pension plan, in which employees pay a certain percentage of their wages or salaries and employers make similar payments into the plan. 20. T/F. In a defined contribution plan, the employer is responsible to make up the short-fall amount the pension fund