Describe the major difference and the major similarity between the vested benefit obligation and the defined benefit obligation.

Q: true or false The net defined benefit liability/asset that is presented in the balance sheet is the…

A: True. Net defined benefit liability /asset is the difference between Present Value of Defined…

Q: What is the main purpose of modes of extinguishment

A: Introduction Extinguishment of obligation; A legal right, interest, or contract is extinguished…

Q: Which of these three characteristics (I, II, and III) are required in order for a promised good or…

A: Promised goods or services will be considered distinct if: When it is capable to being distinct…

Q: What are the examples of Derivative Instruments? Define each examples and differentiate its nature…

A: Derivative is defined as the financial security along with the value, which used to be reliant or…

Q: The ability to meet short term obligations is termed

A: A short-term liability is referred to as the financing obligation that being liable to an…

Q: Under what conditions should a contingent liability berecorded?

A:

Q: In computing the ending balance of defined benefit obligation, which of the following is deducted…

A: Defined benefit obligation is the present value of future pension liabilities of a company which it…

Q: What is the purpose of valuation in terms of statutory dimension

A: The valuation is done to ensure that the book value of the assets are measured and recorded in…

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

A:

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: To be recorded as a liability, does the obligation have to be absolute?

A: Accounts payable, short-term loans, interest payments, bank overdrafts, and other similar short-term…

Q: Taxable interest income is active or passive or portfolio ?

A: Active income is an income that is earned by performing a service. Active income includes salaries,…

Q: Plan forfeitures under a defined benefit plan may be allocated to rem manner or go towards reducing…

A: A defined benefit plan refers to the plan which is based around the employer who pays a defined sum…

Q: in a conditional

A: A conditional obligation would seem to be one that is contingent on the occurrence of an unknown…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: Determine whether a contract exists, and whether some frequently encounteredfeatures of contracts…

A: A contract exists when it has commercial substance and all parties to the contract are committed to…

Q: They are the Defined Contribution Plans and Defined Benefit Plans. What are the distinct differences…

A: Retirement plans are segregated into 2 plans Defined Benefit Plan (DBP) Defined Contribution Plan…

Q: Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation,…

A: Contract of surety relates to the contract of guarantee a contract is to perform the promise or…

Q: In determining the present value of the prospective benefits (often referred to as the defined…

A: Defined benefit obligation means a defined plan of contribution from employer to employees'…

Q: Is it possible to distinguish between long-term liability and short-term responsibility?

A: The Answer:

Q: What are the two obligations of postretirement plans?

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

Q: Explain how does a liability’s fair value change?

A: Fair value is the value of liability which has to be reported in the books of the company’s…

Q: Describe the obligations of postretirement.

A:

Q: What must a contract include for the contract to exist for purposes of revenue recognition?

A: Step 1: An accounting principle that has outlined certain conditions for the treatment of the…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.