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6. Under a defined contribution plan, which of the following statements is false? * The actual contribution is the amount recorded as employee benefit expense

6. Under a defined contribution plan, which of the following statements is false? * The actual contribution is the amount recorded as employee benefit expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. Under a defined contribution plan, which of the following statements is false? * The actual contribution is the amount recorded as employee benefit expense The required contribution is fixed, and is O the amount recorded as employee benefit expense. If the actual contribution is more than O the required contribution, there is a resulting prepaid employee benefit. If the actual contribution is less than the O required contribution, there is a resulting accrued employee benefit expense. All of the choices are true.
Transcribed Image Text:6. Under a defined contribution plan, which of the following statements is false? * The actual contribution is the amount recorded as employee benefit expense The required contribution is fixed, and is O the amount recorded as employee benefit expense. If the actual contribution is more than O the required contribution, there is a resulting prepaid employee benefit. If the actual contribution is less than the O required contribution, there is a resulting accrued employee benefit expense. All of the choices are true.
5. For a sales type lease * O No Interest income is recognized The sales price includes the present value of the unguaranteed residual value The present value of the guaranteed residual value is deducted to determine the cost of goods sold The gross profit will be the same whether the residual value is guaranteed or unguaranteed.
Transcribed Image Text:5. For a sales type lease * O No Interest income is recognized The sales price includes the present value of the unguaranteed residual value The present value of the guaranteed residual value is deducted to determine the cost of goods sold The gross profit will be the same whether the residual value is guaranteed or unguaranteed.
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