Which of the Following Is Also Known as a "Cafeteria

question 84

Multiple Choice

Which of the following is also known as a "cafeteria plan?"

• A) employee stock purchase plan
• B) employee stock ownership plan
• C) flexible benefit plan
• D) personal life benefit plan
• E) profit sharing plan

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Definitions:

Net Income

The total profit or loss of a business after all expenses, taxes, and costs have been deducted from total revenue.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB) for global use in financial reporting.

ASPE

The Accounting Standards for Private Enterprises (ASPE) is a set of accounting standards for private companies in Canada, providing guidelines on financial reporting practices.