Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair value

Q: Which of the following is not a requirement for expense reimbursements to be an accountable plan?…

A: Reimbursement plan complies with IRS regulations, according to IRS regulations, a reimbursement plan…

Q: Which of the following statements are true? When an employee has rendered service to an entity…

A: PFRS 19 talks about Recognition, Measurement, and Disclosure of Employee Benefits in financial…

Q: Which of the following best describes the current revenue recognition principle? Recognize revenue…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: true or false Only vested past service costs are recognized when a defined benefit plan is amended.…

A: Defined benefit plan is a retirement benefit plan which is also known as pension scheme plan in…

Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled?   amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

Q: 1. Indicate whether the following expenditures are trade or business deductions (T), production of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: Payment must be probable in order for a compensated absence to be accrued. True False

A: The term "probable" is pivotal in the context of accruing liabilities, especially concerning…

Q: How is the Accumulated Benefit Obligation (ABO) different from the Projected Benefit Obligation…

A: Accumulated Benefit Obligation and Projected Benefit Obligation both are terms used in the pension…

Q: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…

A: Obligations for which the amount of the future sacrifice is so uncertain that it cannot be measured…

Q: An increase in OCI related to plan assets occurs when:   Select one: a. The accumulated benefit…

A: The information given is a question related to Plan Assets and Deferred Obligation Accounting.

Q: Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities…

A: Fringe benefits -  These are the benefits offered to employees apart from the salary given to…

Q: income recieved but service not rendered, Please suggest the JE

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: Which of the following principles matches expenses with associated revenues in the period in which…

A: Solution:- the following principles matches expenses with associated revenues in the period in which…

Q: look over the three most important components of the pension expense. The treatment of expected and…

A: Introduction  Companies account pension expense on accrual basis, accounting for pension plan…

Q: Under IFRS, any difference between the pension expense and the payments into the pension fund plan…

A: Pension expense and the contribution to pension fund are recorded through pension liability/asset…

Q: Which of the following is not a pervasive expense recognition principle? a. immediate recognition…

A: Option C - Cash Payment is not a pervasive expense recognition principle.

Q: Which of the following is the least acceptable measurement for a provision?   a. average of a given…

A: Solution: The least acceptable measurement for a provision is "actual settlement amount known after…

Q: Which type of retirement plans are subject to contribution limits? Select one: a. Only defined…

A: Defined contribution plans refers to the plan under which both the employee and employer contribute…

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.