ACC 222 Chapter 17 Smartbook- Northern Virginia Community College
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Course
Accounting II
Institution
Accounting II
ACC 222 Chapter 17 Smartbook- Northern Virginia Community College/ACC 222 Chapter 17 Smartbook- Northern Virginia Community College/ACC 222 Chapter 17 Smartbook- Northern Virginia Community College/ACC 222 Chapter 17 Smartbook- Northern Virginia Co
ACC 222 Chapter 17 Smartbook- Northern Virginia
Community College
,ACC 222 Chapter 17 Smartbook- Northern Virginia
Community College
For many companies, pension expense tends to be
Multiple choice question.
an average expense reported on the income statement.
one of the smallest expenses reported on the income statement.
one of the largest expenses reported on the income statement.
Pension plans often enhance productivity and reduce employee turnover in
companies.
Which type of pension fund guarantees a set amount will be available at
retirement?
Multiple choice question.
Defined benefit pension plan
Defined contribution pension plan
Which of the following are advantages of defined contribution pension plans
(as compared to defined benefit pension plans) for the employer?
Multiple select question.
less paper work
lower financial risk
lower administrative cost
lower contribution costs
Which of the following items is designed to provide income to individuals
during retirement?
Multiple choice question.
Postretirement benefits other than pensions
Pension plans
, ACC 222 Chapter 17 Smartbook- Northern Virginia
Community College
Net income
The employer's obligation, the plan assets, and the periodic expense of having the
pension plan are key elements of a defined benefit pension plan.
Which of the following factors may motivate employers to sponsor a pension
plan? (Select all that apply.)
Multiple select question.
To fulfill a moral obligation.
To meet legal requirements that companies sponsor pension plans.
To enhance the company's competitiveness in the labor market.
To enhance employees' loyalty to the company and reduce
employee turnover.
Which of the following components of pension expense increase the
expense? (Select all that apply.)
Multiple select question.
amortization of losses
interest cost accrued on pension liability
service cost during current period
expected return on plan assets
amortization of gains
amortization of prior service cost
Which of the following statements is correct regarding a defined contribution
pension plan?
Multiple choice question.
The employer promises to contribute a specified percentage of
its employees' pay to a pension plan.
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