- The benefit of gain or risk of loss from assets contributed to the pension fund are borne by the employee
- The accounting for a defined contribution plan is straight forward and uncomplicated
- The employers contribution each period is based on a formula
- The benefit to be received by employees are usual determined by employer’s three highest years salary defined by terms of the plan
- D
- Requires an employer to contribution a certain sum each period based on the formula
- Ensure the pension expense and cash funding amount will be different
- Define the benefit that employee will receive at the time of retirement.
- None of the above
- C
- Determining the accumulated benefit obligation.
- Determining the projected benefit obligations.
- Making the periodic contribution to a funding agency to ensure that funds are available to meet claims.
- None of these
- C
- After retained earning statement and before the balance sheet.
- After the retained earning statement and before the balance sheet.
- Before the retained earning statement & balance sheet.
- After the balance sheet and before the retained earning statement.
- C
- Authority refer to an individual’s obligation to achieve desire results
- If an employee is given the responsibility for a task, that employee should be given make decision within the limits of the task.
- The detail provided to employee is function of the employee’s position with the firm
- None of above
- d
- The general ledger master file in created with cash each.
- Separation between authorization and transactions processing is strictly enforced.
- Both A & B
- None of the above
- b
- There is a time lag between transactions processing and posting to the general ledger
- Paper documents are eliminated
- The general ledger master file
- No direct access or querying of the general ledger is possible.
- a
- The cash receipts journal voucher is approved by the treasure.
- The employee who maintain the cash journal computers depreciation expenses
- The employee who maintain the cash receipts journal records transactions on the accounts receivable subsidiary ledger.
- None of these
- c
- General Ledger
- Trial Ledgers
- Adjusted Trial Balance
- None of these
- b
- The post closing trial balance reports the ending balance of each account in general ledger.
- Manual statements are prepared based on the unadjusted trial balance
- One purpose of preparing the unadjusted trial balance is to ensure that debits equal credits.
- None of these
- b