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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- Which 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 employersWhich of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.An 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
- It refers to a plan where only the employer contributes to a retirement fund. a. Contributory plan b. Non-contributory plan c. Unfunded plan d. Libreko planWhich of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR CashExplain how plan assets accumulate to provide retiree benefits and understand therole of the trustee in administering the fund
- What reporting is required for the accounting for employee Pension Trust FundsIt 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 planIdentify which is taxable? A. Proceeds of life insurance received by heirs B. Excess amount received over premiums paid by insured upon surrender of policy C. Compensation for personal injuries of an employee D. Indemnification for moral damages
- Mulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employersFor the following definitions, indicate the type of trust being described by selecting the correct answer from the dropdown. option for answer - blind trust, life insurance trust, living (revocable) trust, divorce trust, trust for minors a. Holds life insurance policies on the insured. b. Provides funds for a college education or other needs, shifts income to other taxpayers, and transfers accumulated income without permanently parting with the underlying assets. c. Manages assets, reduces probate costs, provides privacy for asset disposition, protects against medical or other emergencies. d. Manages the assets of an ex-spouse.which of the following are non financial claims? pension obligations taxes payable both pension obligations and taxes payable notes payable