GASB Standards Require That IRS 457 Deferred Compensation Plans,if Reported,be

question 78

True/False

GASB Standards require that IRS 457 Deferred Compensation Plans,if reported,be reported as pension trust funds.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenue and expenses to the correct periods.

Earnings Per Share

A financial metric calculated by dividing the net earnings available to common shareholders by the average outstanding shares.

Fiscal Year

A fiscal year is the 12-month period used by governments and businesses for accounting and financial reporting purposes, which may not coincide with the calendar year.

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Payments made to shareholders of common stock, usually in the form of cash or additional shares, from the company's earnings.