hich 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 4
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Which of the following phrases describes employer contributions within a profit sharing plan?
- discretionary
- mandatory
- substantial and recurring
- fixed
1 and 3
1 only
2 and 4
1, 2, and 4
Step by step
Solved in 2 steps
- Which of the following profit sharing allocation options provides for a combination of age and compensation to allocate the contributions? Standard Social Security Integration Age-Based Profit Sharing Select one: 1 only 3 only 2 and 3 1, 2, and 3When 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-financedWhich 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.
- Which of the following is not an approach to financing employee benefits? Select one: a. Noncontributory b. Employee-financed c. Contributory d. VoluntaryThe account Benefits Payable, is best defined as An asset account An account showing the benefits to be paid to the employee An account showing the benefits that are paid to a governmental entity An account showing the contributions owed for a benefit plan offered by the employerS1: Under a defined contribution plan, the amount of a participant’s future benefits is determined by the contributions paid by the employer, the participant, or both, and the operating efficiency and investment earnings of the fund. S2: Under a defined benefit plan, the payment of promised retirement benefits depends on the financial position of the plan and the ability of contributors to make future contributions to the plan as well as the investment performance and operating efficiency of the plan. Only S1 is true None is true Only S2 is true Both are true
- What are the disclosures and important key points of interim financial reporting PAS 34 and employee benefits PAS 19?Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.All of the following factors are considered by the CRA in determining if an employment relationship was under employee or self-employed arrangement except: Question 13 options: a) Ownership of tools b) Ability to hire others c) Opportunity for profit d) How much the employer can pay
- Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair valueWhich of the following is not a procedure in accounting for defined contribution plans? Remeasurements are recorded in other comprehensive income. Contributions shall be recognized as expense in the period it is payable. Any unpaid contribution at the end of the period shall be recognized as accrued expense. Any excess contribution shall be recognized as prepaid expense.According to PAS 24, all the followingare not necessarily considered related parties of the reporting entity, except: a Post-employment benefit plans. b Providers of finance c Public utilities d Trade unions
