Question textDickson Manufacturing Corp., a company reportingunder IFRS, has a defined benefit pension plan. Pensioninformation concerning the 2020 fiscal year ispresented below (in millions):Information provided by the pension plan trusteeFair value of plan assets, January 1, 2020$1,600Actual return on plan assets, 2020224The discount rate used in actuarial assumptions is 10%.What is the balance of the plan assets as at December31, 2020?Select one:17а.$1,664b.$1,824c.$1,376d.$1,760 Question textVasquez Ceramic Corp. (VCC), a public company, has adefined benefit pension plan for its employees. Lupe,VCC's controller, is researching how the plan assetreturns under a defined benefit plan are treated.Which of the following statements is true regardingVCC's plan assets for the defined benefit plan?Select one:а.The actual pension plan returns increase VCC's netpension liability.b.Differences between the expected and actual returnson the plan assets are recorded to profit or loss of VCC.c.A portion of plan returns is recorded as a reduction tothe pension expense for VCC.d.The actual pension plan returns are recorded asrevenue on VCC's statement of comprehensive income.

Plan assets means investment held for benefit of employees inrelation to defined benefit plans.

Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit pension plan. Pension information concerning the 2020 fiscal year is presented below (in millions): Information provided by the pension plan trustee Fair value of plan assets, January 1, 2020 $1,600 Actual return on plan assets, 2020 224 The discount rate used in actuarial assumptions is 10%. What is the balance of the plan assets as at December 31, 2020? Select one: 17 а. $1,664 b. $1,824

Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit pension plan. Pension information concerning the 2020 fiscal year is presented below (in millions): Information provided by the pension plan trustee Fair value of plan assets, January 1, 2020 $1,600 Actual return on plan assets, 2020 224 The discount rate used in actuarial assumptions is 10%. What is the balance of the plan assets as at December 31, 2020? Select one: 17 а. $1,664 b. $1,824

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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