In the discussion of employees’ pension plans, your book talks about two pension plans - Defined Contribution Plan and Defined Benefit Plan. Which one of the following is an example of Defined Contribution Plan?a. Section 529 Plan b. 401k c. HSA Plan d. FUTA e. None of the above

Answered: In the discussion of employees' pension…

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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What is overfunded pension plan?
1. Which of the following statements typifies defined contribution plans? Investment risk is borne by the corporation sponsoring the plan. O Retirement benefit is defined by a pension formula O The plans are more complex than defined benefit plans. O The employer's obligation is satisfied by making the periodic contribution to the plan.
Describe the reporting of pension plans for a company with multiple plans, some of which are underfunded and some of which are overfunded.
All of the following are events that can change the projected benefit obligation (PBO) during a period except: O The payment of retirement benefits. O Amendments to the pension plan agreement The interest accumulated on the liability. All of these can change the PBO.
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
What are some other pensions plans, and how do they differ from the Defined Contribution Pension PLans
Define Contribution Pension Plans.
Give me two paragraphs explaining a pension plan
In a defined-benefit plan, a formula is used that Select one: a. requires that the benefit of gain or the risk of loss from the assets contributed to the pension plan be borne by the employee. b. requires that pension expense and the cash funding amount be the same. c. defines the contribution the employer is to make; no promise is made concerning the ultimate benefits to be paid out to the employees. d. defines the benefits that the employee will receive at the time of retirement.
Question text The computation of pension expense includes all the following except Select one: 13 a. interest on plan assets b. all of these are included C. service cost component measured using current salary levels. d. interest on defined benefit obligation.
Public pension funds are those funds administered by O A. federal, state, or local government (e.g., Social Security) B. A private company such as Apple O C.A self-employed individual, like your professor D. None of the above
In pension planning, some people rely on the Social Security system fortheir entire retirement program. Using two groups, have one argue forSocial Security and have one argue against the system.

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In the discussion of employees' pension plans, your book talks about two pension plans - Defined Contribution Plan and Defined Benefit Plan. Which one of the following is an example of Defined Contribution Plan? a. Section 529 Plan b. 401k c. HSA Plan d. FUTA e. None of the above