Under IFRS

question 53

Multiple Choice

Under IFRS,

• A)there is a general ledger account called net defined benefit liability/asset.
• B)there is a general ledger account called defined benefit obligation.
• C)there is a general ledger account called Pension Fund Assets.
• D)Pension Expense is included in other comprehensive Income.

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Definitions:

Expenses

The costs incurred during the operation of a business, which may include payments to suppliers, salaries, and utility bills.

Accounting Process

A systematic series of steps undertaken by an organization to record financial transactions, summarize these transactions, and prepare financial statements.

Information Users

Individuals or entities that use financial information to make decisions, including investors, creditors, and management.

Financial Statement

A written report that quantitatively describes the financial health of a company, including the balance sheet, income statement, and cash flow statement.