Question
Asked Jan 26, 2020
1 views

Determine the meaning of the following terms.

a.    Contributory plan.

b.    Vested benefits.

c.    Retroactive benefits.

d.    Years-of-service method.

check_circle

Expert Answer

Step 1

a. Contributory plan:

A plan through which the employees or beneficiary contribute to the pension fund created, maintained and recorded by the pension fund agencies. This contribution includes employer contribution too.

b. Vested benefit:

A fut...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Other

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Of what use is the statement of cash flows?

A: Statement of cash flows:Statement of cash flow is a financial statement that shows the cash and cash...

question_answer

Q: What accounts on the balance sheet must be evaluated when completing the financing activities sectio...

A: Financing activities: Financing activities refer to the activities carried out by a company to mobil...

question_answer

Q: The FASB requires a reconciliation between the effective tax rate and the federal government's statu...

A: Effective tax rate: The average rate of tax paid by individual or corporation on the income earned i...

question_answer

Q: Given the following items and amounts, compute the actual return on plan assets: fair value of plan ...

A: Plan assets: An asset which is created, maintained and planned for a specific purpose or benefit is ...

question_answer

Q: Please help

A: Overhead costs: The expenses that are not directly related to the manufacturing process are referred...

question_answer

Q: Your roommate is puzzled. During the last year, the company in which she is a stockholder reported a...

A: The books of accounts of the company are prepared using the accrual basis of accounting. While compu...

question_answer

Q: please help with problems 1 and 2

A: 1.

question_answer

Q: Metheny Corporation's lease arrangements qualify as sales-type leases at the time of entering into t...

A: Sale type leasing: An agreement created between the lessor and the lessee for an amount higher than ...

question_answer

Q: What are the major advantages of notes to the financialstatements? What types of items are usually r...

A: Notes to financial statements can be the information which is left out from the balance sheet and in...