_____ Plans Do Not Promise a Specific Benefit Level for Employees

question 12

Multiple Choice

_____ plans do not promise a specific benefit level for employees upon retirement. Rather, an individual account is set up for each employee with a guaranteed size of contribution.

• A)Defined benefit
• B)Term benefit
• C)Defined contribution
• D)Unspecified contribution
• E)Cash balance

---

Definitions:

FIFO

An inventory valuation method that assumes the first items acquired are the first ones sold, standing for First-In, First-Out.

Last-in, First-out

An inventory valuation method where the most recently produced or purchased items are the first to be expensed, often used to manage costs and taxes.

Last-in, First-out Method

An inventory valuation method where the goods purchased last are considered sold first for cost of goods sold calculation.

Perpetual Inventory System

A method of accounting for inventory that records the sale or purchase of inventory immediately through computer systems, without the need for a physical count.