Which Two Nations Are Both Among the Top Five Consumers

question 19

Multiple Choice

Which two nations are both among the top five consumers of oil, coal and natural gas?

• A)Russia and China
• B)China and the United States
• C)Russia and the United States
• D)India and the United States

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Definitions:

Interest Cost

Represents the total expense over the life of a borrowing, calculated as the difference between the amount borrowed and the amount repaid.

Service Cost

An expense recognized in the income statement of an employer for the cost of future pension benefits earned by employees during the current period.

Accrual-Basis Concepts

Accrual-basis concepts in accounting involve recording revenues when they are earned and expenses when they are incurred, regardless of when cash is received or paid.

Projected Benefit Obligation

The present value of all benefits attributed by the pension benefit formula to employee service rendered up to that date.