Which statement is true concerning the recognition and measurement of a defined contribution plan? The contribution shall be recognized as an expense in the period it is payable. Any unpaid contribution at the end of the period shall be recognized as accrued liability. All statements are true. Any excess contribution shall be recognized as prepaid expense but only to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

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 is not a procedure in accounting for defined contribution plans?…

A: A defined-contribution plan refers to the type of retirement plan under which the employees add up a…

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: Which of the following would not be reported on a plan's statement of fiduciary net position? A.)…

A: Lets understand the basics. Statement of fiducary net position is similar like a statement of…

Q: efined contribution  plan? I. An entity shall not disclose the amount recognized as expense for a…

A: Under the define contribution plan the primary funded by the employee as the participant differs a…

Q: Which of the following is most likely to be regarded as an estimated liability that is subject to…

A: Solution Concept Estimated liability that is subject to provision           It means that the amount…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

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: In computing the ending balance of defined benefit obligation, which of the following is deducted…

A: Defined benefit obligation is the present value of future pension liabilities of a company which it…

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: Amounts that come from accounts of unvested employees that can be directed/contributed to the…

A: Unvested stocks are those stocks that are set aside for the employees which has not been vested due…

Q: Determine whether each of the following independent statements best applies to a defined…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: Net interest cost is a component of pension expense under IFRS. How is net interest cost calcul…

A: Net Interest cost is calculated by taking the difference between interest expense on defined benefit…

Q: When an entity amends a pension plan, past service cost should be Recorded in other comprehensive…

A: Under a Pension plan, a regular amount is required to be contributed to a pension account and such…

Q: The return on plan assets is the increase in plan assets (at fair value), adjusted for contributions…

A: Return on plan assets is calculated as Plan assets * Expected Return

Q: hange in the benefit plan assets?   a.contributions from the employer. b.actual/expected return on…

A: Employees with defined benefit plans receive a fixed, predetermined benefit when they retire. The…

Q: The amortization of prior service costs will affect the pension expense for the period along with…

A: solution for above requirement are as follows

Q: With respect to spousal and child support, which of the following statements is NOT correct. A) Any…

A: SOLUTION- According to the rules on tax treatment of alimony the following statements are not…

Q: S1: Under a defined contribution plan, the amount of a participant’s future benefits is determined…

A: As per IAS 26 Accounting and Reporting by Retirement Benefit Plan the two given statements are of…

Q: Which of the following is true about plan assets? Any excess return on plan assets are earned to…

A: Plan assets refer to the form of assets that are held onto by the owner for long-term employee…

Q: Which of the following items on the statement of net assets available for benefits would indicate a…

A: nondiscrimination testing is one of the tests of IRS testing  in order to ensure that company not…

Q: ll require the use of current assets. Payment of the obligation must be probable. The compensation…

A: The correct option is given as,

Q: Under IFRS, which of the following statements is true regarding accounting for defined benefit…

A: defined benefit pension plan means these are post emplment Benifits other then defined contributions…

Q: Under IFRS, the amounts of long-term employment benefits, such as paid absences and unrestricted…

A: Under IFRS (International Financial Reporting Standards), remeasurements of long-term employment…

Q: any past service costs should be included in ne ) pension expense of past periods. -) pension…

A: Past service cost is the change in the defined benefit obligation for employee service in prior…

Q: 1. How to find out the acturial gains and losses on the defined benefit obligation and the defined…

A: The US GAAP and IFRS principles have a similar method of measuring pension benefit obligations but…

Q: Which of the following is/are true with regard to accounting for short-term employee benefits?…

A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out…