ACME Has a Defined Benefit Pension Plan

question 26

Multiple Choice

ACME has a defined benefit pension plan.ACME is preparing the December 31, 2010 financial statement disclosures related to the plan assets.It should disclose which of the following? I.Expected Return on Plan Assets
II.Actual Return on Plan Assets

• A)I
• B)II
• C)both I and II
• D)neither I nor II

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Definitions:

Performance

The execution, accomplishment, or fulfillment of a promise, contract, or other obligation.

Revocation

The act of withdrawing, canceling, or repealing a statement, offer, or privilege, which can pertain to legal contracts, licenses, or wills.

Acceptance

In contract law, the agreement by a party to the terms of an offer, forming a contract.

Capacity

In legal terms, the ability to understand the nature and effects of one's actions, specifically in forming contracts or executing wills.