Retiring allowances are also known as: Multiple Choice O Lieu of notice O Parting gifts Bonuses O Supplemental payments Severance pay
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- Note: For directly to do Part A is Periodic Direct Part B is Perpetual AllowanceWhich component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . RemeasurementsAmounts that come from accounts of unvested employees that can be directed/contributed to the accounts of other employees who participate and remain in the plan are known as what? Select one: a. Matching contributions b. Excess contributions c. Forfeitures d. Rollover contributions
- The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) _________of preretirement income for low-income retirees than for high-income retireesThe calculation used by social security to calculate retirement benefits is meant to replace a(n)calculate samsam salary after deductions
- What is the difference between making a gift aid donation and a donation straight fromyour salary through Payroll giving? Briefly describe main features of both.Contrast accounting for pensions to accounting for other postretirement benefits.Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal exemptions, tax deductions, adjusted gross income, social security tax, taxable wages, fit, net pay, personal deductions, Medicare tax, dependent, graduated income tax, and withholding allowances. Which one is it?
- Look at Note 31.2, “Retirement Benefits.” AF incorporates estimates regarding staffturnover, life expectancy, salary increase, retirement age, and discount rates. Howdid AF report changes in these assumptions? Is that reporting method the same ordifferent from the way we report changes under U.S. GAAP?Describe the nature of postretirement benefit plans other than pensions and identify the similarities and differences in accounting for those plans and pensions.These are compensated or paid absences that are carried forward and can be used in future periods and the employees are entitled to a cash payment for unused entitlement on leaving the entity. Nonaccumulating and nonvesting Nonaccumulating and vesting Accumulating and vesting Accumulating and nonvesting
