Accounting for a defined benefit pension plan

1) In accounting for a

A. the employer’s responsibility is simply to make a contribution each year based on the formula established in the plan
B. an must be established to ensure that enough monies will be available at retirement to meet the benefits promised
C. the liability is determined based upon known variables that reflect future salary levels promised to employees
D. the expense recognized each period is equal to the cash contribution

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2) Which of the following is NOT a characteristic of a ?

A. The benefits to be received by employees are defined by the terms of the plan
B. The employer’s contribution each period is based on a formula
C. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee
D. The accounting for a defined-contribution plan is straightforward and uncomplicated

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