Which of the Following Statements Is Correct

question 42

Multiple Choice

Which of the following statements is correct?

• A)There is an account titled Pension Asset / Liability.
• B)There is an account titled Defined Benefit Obligation.
• C)Unrecognized net gain or loss should be reported in the liability section of the balance sheet.
• D)Other comprehensive income (PSC) should be included in net income.

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Definitions:

Unemployed

Individuals who are jobless, actively seeking work, and available to take up employment.

Structural Unemployment

Unemployment that results from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand.

Cyclical Unemployment

A type of unemployment that results from business cycle fluctuations in the economy, typically increasing during recessions and decreasing during expansions.

Unemployment

A situation where individuals who are capable of working and willing to work cannot find jobs.