Defined contribution plans and defined benefit plans are two common types of pension plans. Choose the correct statement conceming these plansMutiple ChoiceThe required annul contribution to the plans determined by a formule or contract in a defined contritaution planBoth plans provide the same retremert benefesThe retrement benefit is unually determnable well before retirement in a defined contribution planIn both types of pians, pension espenses generaly the armount funded dunng the year

There is a lot of differentiation in between the defined contribution plan and defined benefit plan.…

Defined contribution plans and defined benefi plans are two common types of pension plans. Choose the corect statement conceming these plans Multiple Choice the required annal contrittion to the plans determined by a form or contract ina defned contitton pan Both plans provide the same retemert benefes The retrement beneft is usualy determeable wl before retrement in a defined contribution plan In both types of pians, penson expensen generally the amount funded dung the yea

Defined contribution plans and defined benefi plans are two common types of pension plans. Choose the corect statement conceming these plans Multiple Choice the required annal contrittion to the plans determined by a form or contract ina defned contitton pan Both plans provide the same retemert benefes The retrement beneft is usualy determeable wl before retrement in a defined contribution plan In both types of pians, penson expensen generally the amount funded dung the yea

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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The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
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Th e relationship between the periodic pension cost and the plan’s funded status is bestexpressed in which of the following?A . Periodic pension cost of –£483 = Ending funded status of –£4,774 – Employer contributions of £693 – Beginning funded status of –£4,984.B . Periodic pension cost of £1,322 = Benefi ts paid of £1,322.C . Periodic pension cost of £210 = Ending funded status of –£4,774 – Beginning fundedstatus of –£4,984
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What is an accurate description of vested rights concerning a pension plan? Question 5 options: a) Rights to receive accrued interest over the life of the plan b) Rights of survivorship to receive at least the interest accrued if the deceased at time of death c) Rights to at least 50% of the initial lump sum payment d) Rights to pension benefits based on employee's/firm's contributions
Sh.30.a
A company that sponsors a defined benefit plan records an entry to debit OCI-Pension Gain/Loss for $5,000 and credit Plan Assets. The company uses the corridor approach to amortize Accumulated OCI-Pension Gain/Loss. This entry indicates that Select one: O a. The expected return on plan assets exceeded actual return on plan assets. O b. The actual return on plan assets exceeded the expected return on plan assets. O c. The beginning balance in Accumulated OCI-Pension Gain/Loss exceeded the corridor. O d. The beginning balance in Accumulated OCI-Pension Gain/Loss did not exceed the corridor. e. a and c f. b and d OO
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