Examlex
The audit objective that all balances include all items that should be recorded in that account is related most closely to which one of the ASB balance assertions?
Prior Service Cost
The expense recognized in pension accounting when a plan is amended to increase benefits for service provided by employees in prior years.
Ending Balance
The amount of money in an account at the end of a financial period, after all transactions have been accounted for.
Plan Assets
The resources set aside to pay employee benefits under a pension or other post-employment benefit plan.
Fair Value
Rephrased: An accounting concept referring to the estimated price at which an asset could be bought or sold in a current transaction between willing parties.
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