QUESTION 18A tax-advantaged pension plan, such as a 401(k), that both employer and employee may contribute that allows for retirement saving is called a:defined contributiondefined benefit planO a pension planAll of these are true

401(k) is a defined contribution pension plan in which employee and employer can make contributions…

Answered: A tax-advantaged pension plan, such as…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 10GI

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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
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.
Which of the following qualified plans is a defined benefit plan? Defined benefit pension plan Target benefit pension plan Stock bonus pension plan Cash balance pension plan Select one: 1 and 4 2 and 3 1 and 3 1 and 2 3 and 4
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Please answer the following questions about defined benefit pension plans: Companies with defined benefit pension plans must recognize pension expenses each period. What are the five components of pension expense? Briefly describe each component. How does each component of pension expense affect pension expense during the period (increase, decrease, or uncertain)? What is the difference between the accumulated pension obligation and the projected pension obligation? What determines whether a pension plan is underfunded or overfunded?
Which of the following types of pension plan will provide benefits that are dependent on the return on the investment of contributions? Defined benefit plan. Defined contribution plan. Undefined benefit plan. All of these choices.
b. How does each component of pension expense affect pension expense during the period (increase, decrease, or uncertain)? c. What is the difference between the accumulated pension obligation and the projected pension obligation? d. What determines whether a pension plan is underfunded or overfunded?
Net interest cost is a component of pension expense under IFRS. How is net interest cost calculated? Select one: O a. The increase in the DBO over the period, net of the increase in the plan assets over the period. O b. Interest expense on the DBO, net of actual interest income earned on plan assets. O c. Interest expense on the defined benefit obligation (DBO), net of expected interest income earned on plan assets. O d. The increase in the DBO over the period, net of the increase in the plan assets over the period.
For Pension Plans: A. Describe the differences between a Defined Benefit pension plan and a Defined Contribution pension plan. B. What are the advantages and disadvantages of each compared to the other?
Which type of retirement plans are subject to contribution limits? Select one: a. Only defined contribution plans b. Only defined benefit plans c. Neither defined benefit nor defined contribution plans d. Both defined benefit and defined contribution plans
The calculation used by social security to calculate retirement benefits is meant to replace a(n)
Under a defined contribution pension plan _________________ bear the investment risk, while under a defined benefit pension plan __________________ bear the risk. Group of answer choices employees / employees employers / employers employees / employers employers / employees

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A tax-advantaged pension plan, such as a 401(k), that both employer and employee may contribute that allows for retirement saving is called a: O defined contribution defined benefit plan O a pension plan All of these are true