Qualified plan assets are placed into and held by a trust. What can the trust distribute to the employer? Select one: a. Nothing b. Special distributions and dividends c. Excess contributions d. Annual forfeitures
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Qualified plan assets are placed into and held by a trust. What can the trust distribute to the employer?
Nothing
Special distributions and dividends
Excess contributions
Annual forfeitures
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Solved in 2 steps
- Which of the following is not a component of pension expense? a. amount funded b. service cost c. expected return on plan assets d. interest costWhat reporting is required for the accounting for employee Pension Trust FundsWhich of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
- Explain how plan assets accumulate to provide retiree benefits and understand therole of the trustee in administering the fundIt refers to a plan where plan assets are transferred to a trustee who assumes obligation of managing the fund and disbursing funds to retiring employees. a. Funded plan b. Non-contributory plan c. Unfunded plan d. Outsourcing planAn employer invests money to establish a fund of money to pay future nonqualified deferred compensation plan benefits. The investment earnings are: Select one: a. Tax deferred until the benefits are paid b. Taxable to the employer c. Tax exempt d. Taxable to the employee
- Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.Discuss the uses of Mutual Funds. a) Asset-Liability Matching b) Employee Retirement Funding c) Employee Retention Program d) Diversification of InvestmentsUnder IFRS, any difference between the pension expense and the payments into the pension fund plan assets should be reflected in Select one: a. a contra account to the net defined benefit liability/asset. b. an accrued actuarial liability. c. the net pension liability/asset. d. a note to the financial statements only. e. None of the above.
- Which of the following statements about constituent funds in the Mandatory Provident Fund (MPF) Scheme is INCORRECT? A) They are options offered within a master trust. B) The employer selects which constituent fund the employee invests in. C) One of the funds must be a capital preservation fund. D) They can invest directly in an Approved Pooled Investment Fund.In the reconciliation of the beginning and ending fair value of the plan assets, a company should disclose the actual return on its pension plan assets. the expected return on its pension plan assets. the components of the pension expense. all of these choices.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
