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- Which of the following increases the Employee Benefit Expense? Actual return on plan assets Gain on remeasurement of plan assets Interest income on plan assets Loss on settlement of benefit obligationAmounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributionsQUESTION 1 Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability Pension Expense Other Comprehensive Income (OCI) gain/loss
- Explain the following terms. Include the definition, how they are calculated, treated in the accounting records (general ledger) and shown in the financial statements. Defined Benefit Obligation Plan Assets Pension Asset/Liability Pension Expense Other Comprehensive Income (OCI) gain/lossA 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 aboveWhen the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed
- Which of the following characteristics is/are indicative of a post-employment defined contribution plan? If actuarial or investment experience are worse than expected, the entity’s obligation may be increased. The amount to be received by the employee is determined by the amount of contributions paid by an entity to the plan, with investment returns arising from the contributions. The entity’s obligation is to provide the agreed benefits to current and former employees. The entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Group of answer choices Only statements 1 and 2. Only statements 2 and 3. Only statements 2 and 4. Only statements 3 and 4.A defined benefit plan is one in which: A.) The employer promises specified payments to employees on their retirement. B.)The specific provisions are defined by the Internal Revenue Code. C.) The specific provisions are defined by the Uniform Code of Retirement Plans. D.) The employee can specify the mix of benefits (e.g., health, pension, insurance) that will be received on retirement.Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.
- 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 is not a regulatory responsibility of the Pension Benefit Guaranty Corporation? Select one: a. They oversee the termination of covered plans. b. They administer an insurance program for defined-benefit plans. c. They interpret legislation. d. They administer an insurance program for defined-contribution plans.Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR Cash
