Use the Following Two Columns of Items to Answer the Matching

question 77

Short Answer

Use the following two columns of items to answer the matching questions below:
-401(k) plan
A)a defined contribution plan for small firms (1-10 employees)
B)a defined contribution plan in which the employer contributes to employee retirement accounts based on a specified profit formula
C)a defined contribution plan that allows employees to contribute up to $18,500 per year in 2018 on a pre-tax basis
D)a retirement plan in which the employer contributes its own stock to the employee's retirement account

• A)a defined contribution plan for small firms (1-10 employees)
• B)a defined contribution plan in which the employer contributes to employee retirement accounts based on a specified profit formula
• C)a defined contribution plan that allows employees to contribute up to $18,500 per year in 2018 on a pre-tax basis
• D)a retirement plan in which the employer contributes its own stock to the employee's retirement account

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Definitions:

Journal Entry

A record in accounting that represents a transaction where at least two account balances are affected.

Cash Overage

A situation where the amount of cash on hand is greater than the expected amount, often due to errors in cash management or recording.

Internal Control System

A process implemented by management and other personnel to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws and regulations.

Purpose

The reason for which something is done or created, or for which something exists.