Which of the Following Is/are Not True

question 85

Multiple Choice

Which of the following is/are not true?

• A)U.S.GAAP and IFRS require firms to recognize the cost of retirement benefits (pensions, health care, life insurance) as an expense while employees work, not when they receive payments or other benefits during retirement.
• B)Employers often contribute cash to a trust, an entity administered by the employer, to fund their retirement obligations.
• C)The accounting records of the trust established to fund the retirement obligations are separate from the accounting records of the employer, and the amounts on the two sets of books usually differ.
• D)Payments to employees come from both the employer's contributions and investment returns of the trust established to fund the retirement obligations.
• E)all of the above

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Definitions:

Rent Payments

Regular payments made by a tenant to a landlord in exchange for the right to occupy or use the landlord's property.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Detect Errors

The process of identifying and correcting mistakes or inaccuracies in financial documents or databases.

Check Register

A record of checks written out, deposits made, and current balance; usually part of a ledger or separate financial tracking tool.