Questio8

Which of the following is not a characteristic of a defined-contribution pension plan? The employer's contribution each period is fixed. If the employer does not make contribution in full, then it reports a pension liability.  If the employer contributes more than the required amount, then it reports a pension asset. An appropriate funding pattern must be established to ensure that the promised benefits at employees’ retirement will be met. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee.

Under a qualified pension plan, I. the yearly earnings on the pension plan assets are taxable income to the employee. II. an employer's contribution is not taxable income to the employee at the time of the contribution. Oa, Only statement I is correct. Ob. Only statement II is correct. Oc. Both statements are correct. Od. Neither statement is correct.

Question 17: Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. В. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable.

What is meant by past service cost? When is past service cost recognized as pension expense? Differentiate between a defined contribution pension plan and defined benefit pension plan. Explain how the employer’s obligation differs between the two types of plans.  What disclosures should be made by lessees and lessors related to future payments?

Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee under the following circumstances: No employee contributions are made to the plan. The pension plan provides for matching employee contributions. a. b. C a. Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee when no employee contributions are made to the plan. O A. The distributions are only taxable to the employee once the taxpayer is retired. O B. The distributions are only taxable to the employee once the taxpayer reached 65 of age. O C. The distributions are fully taxable to the employee when the payment is received. O D. The distributions are not taxable to the employee when the payment is received.

If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial statements? If the reverse occurs'that is, current funding by the employer exceeds the amount recognized as pension expense'what kind of account arises, and how should it be reported?

Help Save & Exit Submit Which of the following is a correct statement concerning the reporting of the pension plan on the face of the employer's balance sheet? Multiple Choice 22:26 Neither the PBO nor the plan assets is separately reported. Both the PBC and the plan assets are separately reported. Only the PBO is separately reported. Only the plan assets are separately reported. sraw Hill Show All no 15....pdf Question no....pages Question no....pages MacBook Air ... 桌据

Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee under the following circumstances: a. No employee contributions are made to the plan. b. The pension plan provides for matching employee contributions. a. Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee when no employee contributions are made to the plan. O A. The distributions are only taxable to the employee once the taxpayer is retired. B. The distributions are only taxable to the employee once the taxpayer reached 65 of age. C. The distributions are fully taxable to the employee when the payment is received. D. The distributions are not taxable to the employee when the payment is received. b. Explain how distributions from a qualified pension plan, which are made in the form of annuity payments, are reported by an employee when the pension plan provides for matching…

If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial statements?  If the reverse occurs - that is, current funding by the employer exceeds the amount recognized as pension expense - what kind of account arises, and how should it be reported?

QUESTION 18 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: defined contribution defined benefit plan O a pension plan All of these are true

A company currently offers it’s employees a defined benefit pension plan, but is looking into changing to a defined contribution plan for new employees, the company reports under IFRS. Within the notes, there is reference to the following: in relation to the pension extract (a)• Net pension liabilities/asset • Employee service cost • Net interest expense/income• Remeasurements   Explain what the main features are of a defined benefit and defined contribution pension plan and how they are included in the financial statements. With reference to the pension notes, describe each item and how any movement in those items would be recorded in the financial statements.

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

The employer has an obligation to provide future benefits for:     A. Defined benefit pension plans.     B. Defined contribution pension plans.     C. Defined benefit and defined contribution plans.     D. None of these answer choices are correct

Xerox reports the following pension and retiree health care ("Other") footnote as part of its 10-K report. Pension Benefits Retiree Health 2010 2009 2010 2009 (in millions) Change in Benefit Obligation Benefit obligation, January 1 $9,194 $8,495 $1,102 $1,002 Service cost 178 173 B 7 Interest cost 575 508 54 60 Plan participants' contributions 11 9 26 36 Plan amendments [19) 4 (86) 1 Actuarial loss (in) 477 209 13 124 Aquistions 140 1 1 Currency exchange rate changes (154) 373 6 15 (1) Curtailments Benefits paid/settlements Benefit obligation, December 31 Change in Plan Assets Fair value of plan assets, January 1 (670) [578] (118) (143) $9,731 $9,194 $1,006 $1,102 $7,561 $6,923 $- $- Actual return on plan assets 846 720 - Employer contribution 237 122 92 107 Plan participants' contributions 11 9 26 36 Aquistions 107 - - Currency exchange rate changes (144) 349 Benefits paid/settlements (669) 15781 (118) (143) Other (9) 16 Fair value of plan assets, December 31 Net funded status at…

Under a noncontributory plan, only the employee makes contributions to the retirement benefit plan.    a. TRUE b. FALSE

WHAT IS THE CORRECT JOURNAL ENTRY WHEN WITHHOLDING AN EMPLOYEE'S CONTRIBUTION TO A PENSION PLAN?

Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit pension plan. Pension information concerning the 2020 fiscal year is presented below (in millions): Information provided by the pension plan trustee Fair value of plan assets, January 1, 2020 $1,600 Actual return on plan assets, 2020 224 The discount rate used in actuarial assumptions is 10%. What is the balance of the plan assets as at December 31, 2020? Select one: 17 а. $1,664 b. $1,824 c. $1,376 d. $1,760

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.

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

If a pension plan is both contributory and qualified, it is fully funded by the employer and not governed by IRC. fully funded by the employee and governed by IRC. funded by both employer and employee and notgoverned by IRC. funded by both employer and employee and governed by IRC.

The Employee Retirement Income Security Act (ERISA) was established to provide:   Question 16 options:   a)  funding for retirement plans.   b)  mandatory retirement plans for self-employed individuals.   c)  protection to employees participating in private employer retirement plans.   d)  individual trust funds for employees retiring from jobs in the federal government.   e)  the ability to retain the same retirement insurance when employees change employers.