The Journal Entry a Company Uses to Record Partially Funded

question 54

Multiple Choice

The journal entry a company uses to record partially funded pension rights for its salaried employees, at the end of the year is

• A) debit Salary Expense; credit Cash
• B) debit Pension Expense; credit Unfunded Pension Liability
• C) debit Pension Expense; credit Unfunded Pension Liability and Cash
• D) debit Pension Expense; credit Cash

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Definitions:

Chain of Command

The line of authority and responsibility along which orders are passed within an organization, military unit, or government body.

Inappropriate Use

The incorrect, unsuitable, or misuse of something, often leading to negative consequences or results.

First Line

The initial sentence or phrase in a paragraph or document, crucial for capturing the reader's attention and setting the tone.

Business Exchanges

Transactions or interactions between businesses or within a single business.