A Benefit of an Employer Pension Plan Is That Taxes

question 21

True/False

A benefit of an employer pension plan is that taxes are eliminated.

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Definitions:

Land Account

An account used in accounting to track the investment in land owned by an entity, including the costs associated with acquiring the land.

Adjustment Necessary

Indicates that changes must be made to financial records or statements to correct inaccuracies or account for new information.

Equipment Account

An account in financial records that tracks the cost and accumulated depreciation of equipment owned by a business.

Unamortized Patent

The portion of a patent's cost that has not yet been expensed through amortization.