Answered: A 401(k) plan: A- is a type of defined…

A 401(k) plan: A- is a type of defined contribution plan. B- is a type of defined benefit plan. C- creates a liability for the employer. D- creates a liability for the employee. O A O B O D

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7MC: Which of the following is not a component of pension expense? a. amount funded b. service cost c....

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Question

A 401(k) plan:
A- is a type of defined contribution plan.
B- is a type of defined benefit plan.
C- creates a liability for the employer.
D- creates a liability for the employee.
O A
O B
OD

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QUESTION 3 a) Explain the following terms as used in IAS 19 Employee Benefits: (i) The term 'defined benefit pension plan'. (ii) The basis to be adopted in measuring scheme assets. (iii) The basis to be adopted in measuring scheme liabilities.
Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
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Question 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O B