Q: what is the major difference and the major similarity between the vested benefit obligation and the…
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Q: What factors decide whether a pension plan is adequately financed or not?
A: What criteria determine whether or not a pension plan is appropriately funded:
Q: Where a post-employment benefit plan contains characteristics of both defined contribution and…
A: The employer needs to pay post employment benefits in addition to salary. The post employee benefits…
Q: increases the Employee Benefit Expense?
A: Employee benefit expense means Benefits/Compensation provided to the employee other than by way of…
Q: What is fully funded pension plan?
A: A pension plan is termed as a retirement amount, which an individual receives from their insurance…
Q: What is meant by a taxpayer's 'preservation age' and a 'condition of release', why are these…
A: Here discuss about some term related with the taxpayers which are important to get avail the…
Q: Understand the interrelationships among the elements that constitute a definedbenefit pension plan
A: Defined benefit pension plans are the retirement designs that include providing a fixed and…
Q: what is pension plan asset?
A: Definition : The term pension plan assets refer to the funds a corporation can use to satisfy its…
Q: Explain the following terms as used in IAS 19 Employee Benefits: (1) The term 'defined benefit…
A: Defined Benefit Plan Defined benefit plan which is described as the long term employees compensation…
Q: Differentiate between a defined contribution pensionplan and a defined benefit pension plan. Explain…
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Q: Knowledge Check 01 Which of the following statements are correct with regard to defined benefit…
A: OCI is called other comprehensive income
Q: Define benefit pension plans.
A: Pension plan Pension plan is an agreement between the employer and employee. After the retirement of…
Q: Explain how a defined contribution pension plan works.
A: Pension: Pension is a cash payment given to the employees at the time of their retirement. The…
Q: Differentiate between the accumulated benefit obligation and the projected benefit obligation.
A: ABO (Accumulated benefit obligation) and PBO (Projected benefit obligation) are similar in most of…
Q: Define defined benefit plan
A: A defined-benefit plan is a business supported retirement plan in which representative advantages…
Q: Explain how a defined contribution pension plan and how a defined benefit plan work. Which pension…
A: A defined contribution plan is a type of corporate retirement plan in which an employee contributes…
Q: Direct Compensation coverage.
A: The determinants of direct financial compensation can be classified into two categories, external…
Q: Explain the fundamental differences between a defined contribution pension plan and a defined…
A: Defined contribution plan and defined benefit plan are the two types of pension plans.In a defined…
Q: (a) Explain the following as used in IAS 19 Employee Benefits: (1) The term 'defined benefit pension…
A: IAS 19 stands for the purpose of providing guidelines for the accounting processes and disclosures…
Q: Define Homestead allowance.
A: Generally probate laws provide adequate protection to the family members of the decedent whom the…
Q: What is a defined benefit postretirement plan?
A: Pension plan: This is the plan devised by corporations to pay the employees a kind of compensation…
Q: What are the four basic components of pension expense? Select one: A. Service cost, benefits paid,…
A: Answer - To calculate a pension expense of a particular Employee working under him, the employer…
Q: pension fund
A: A retirement fund is a product that invests your savings in retirement. Tax cuts and employer…
Q: Define Contribution Pension Plans.
A: Pension plan: This is the plan devised by corporations to pay the employees a kind of compensation…
Q: Define defined benefit (DB) retirement plan
A: It is such a plan that is taken care of by the employer. In this plan, all the benefits accrued to…
Q: They are the Defined Contribution Plans and Defined Benefit Plans. What are the distinct differences…
A: Retirement plans are segregated into 2 plans Defined Benefit Plan (DBP) Defined Contribution Plan…
Q: Describe the major difference and the major similarity between the vested benefit obligation and the…
A: Differences: The actual present value obligation of the pension that is payable to the employee is…
Q: What are the assumption of differences between pension plans and other postretirement benefit plans?
A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…
Q: The balance of the present value of defined benefit obligation is affected by all of the following…
A: solution concept The balance of the present value of defined benefit obligation is affected by the…
Q: For Pension Plans: A. Describe the differences between a Defined Benefit pension plan and a Defined…
A: Defined Benefit Pension Plan Defined benefit pension plan can clearly describes as it is absolutely…
Q: Define unfunded pension liability
A: Pension Liability: Pension liability refers to the amount of money that a private company,…
Q: What other types of pension plans exist, and how do they compare to Defined Contribution Pension…
A: The Answer
Q: What is a defined Contribution Pension Plan?
A: A defined contribution pension plan It is an arrangement where there is a contribution by employer…
Q: Define Pension plan assets.
A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…
Q: What determines whether a pension plan is underfunded or overfunded?
A: An overfunded pension plan is a plan which possess more assets as compared to the liabilities. An…
Q: Which of the following cause a decrease in the funded status of a defined benefit plan? (Select all…
A: Plan obligation are the amount that is required to pay to employees as a benefit
Q: Explain Pension Benefit Guarantee Corporation
A: Pension fund: A fixed sum of money is receivable in future or after the age of retirement, which the…
Q: Define underfunded pension plan
A: Pension plan which is also known as retirement plan is a type of investment, which helps to…
Q: What is a pension plan?
A:
Q: What are the key elements of a defined benefit pension plan?
A: Definition: Pension expenses are used to report an employer’s annual cost for maintaining an…
Q: Describe the obligations of pension.
A: A pension is a plan of retirement that requires contribution from both the employer & the…
Q: Name three approaches to measuring benefit obligationsfrom a pension plan and explain how they…
A: Pension: A fixed sum of money receivable in future or after the age of retirement, which the…
Q: Define defined contribution (DC) retirement plan
A: A retirement plan refers to the savings plan in which people have invested some portion of their…
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- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.Which of the following statements regarding a money purchase plan is (are) correct? I. The employee can choose from among different levels of contribution rates. II. The employer's contribution is a set formula often stated as a percentage of the employee's pay deferral into the plan. II. Employees may be permitted to make voluntary after-tax contributions into the plan. A. None. 3. I only. C. I and Il only. D. Il and II only. E. I, Il and II.A Keogh plan is a type of qualified pension plan for self-employed individuals. An individual or entity that establishes a Keogh plan can: only establish a defined contribution profit-sharing pension plan. have both employees and self-employed individuals as participants. I. II. Oa. Only statement I is correct. Ob. Only statement II is correct. Oc. Both statements are correct. Od. Neither statement is correct. ( Previous Next 令) OLO
- A Defined Benefit Plan defines the following: O A. Your (employee) contributions to the plan B. The rate of return on assets (stocks, bonds, etc.) in the plan C. In most cases, is funded almost entirely by the employer D. Both A & C E. None of the aboveCarson Company sponsors a single-employer defined benefit pension plan. The plan provides that pension benefits are determined by age, years of service, and compensation. Among the components that should be included in the calculation net pension cost are service cost, interest cost, and actual return on plan assets. Required: A. What two accounting problems result from the nature of the defined benefit pension plan? Why do those problems arise? B. How should Carson determine service cost component of the net pension cost? C. How should Carson determine the interest cost component of the net pension cost? D. How should Carson determine the actual return on plan assets component of the net pension cost?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.
- 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.It refers to a plan where only the employer contributes to a retirement fund. a. Contributory plan b. Non-contributory plan c. Unfunded plan d. Libreko planIn case of Contributory Pension plans: (a) employer bears the entire cost. (b) employees voluntarily make payments to increase their benefits. (c) offer tax benefits. (d) All above 1. Cost of purchase does not include: (a) The purchase price. (b) Import duties. (c) The selling price. (d) Transportation costs. 2. Departure from lower- of -cost -or net realizable value (LCNRV) rule may be justified in situations when: (a) cost is difficult to determine. (b) items are readily marketable at quoted market prices. (c) units of product are interchangeable. (d) All above. 3. Premium on 6-month insurance policy during construction should be classified as the cost of: (a) Building. (b) Land. (c) Insurance premium (Expenses). (d) Land Improvement. 4. Computation of the depletion base involves: (a) Development costs. (b) Post-exploratory costs. (c) Acquisition cost. (d) Revaluation cost. 5. In case of Contributory Pension plans: (a) employer bears the entire cost. (b) employees voluntarily make…
- Which of the following phrases describes employer contributions within a profit sharing plan? discretionary mandatory substantial and recurring fixed Select one: 1 and 3 1 only 2 and 4 1, 2, and 4An employer invests money to establish a fund of money to pay future nonqualified deferred compensation plan benefits. The investment earnings are: Select one: a. Tax deferred until the benefits are paid b. Taxable to the employer c. Tax exempt d. Taxable to the employeeWhich of the following statements is true? Select one: Profit sharing plans may not offer in-service withdrawals Pension and profit sharing plans are both subject to mandatory funding requirements Profit sharing plans allow annual employer contributions up to 25 percent of the employee’s covered compensation The legal promise of a profit sharing plan is to pay a pension at retirement Clear my choice
