How to Account for Defined Contribution Pension Plans

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the type of pension plan where the contribution is definite, but the benefit is indefinite?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. As an employer, what do you call the plan or arrangement in which you will provide for your employees' income upon their retirement?

2. In accounting for defined contribution plan, you will debit what particular account _____.

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Use the worksheet/quiz combo to see how well you understand accounting for defined contribution pension plans. How these plans work and which account you debit for them are among the quiz topics.

Quiz & Worksheet Goals

Take the quiz to check your understanding of:

  • Item(s) that should be disclosed in the notes to financial statements
  • Account that's debited in a defined contribution plan
  • Type of pension plan where the contribution is definite, with indefinite benefits

Skills Practiced

  • Information recall - access the knowledge you have gained about a plan that's provided by employers for employee income upon retirement
  • Reading comprehension - ensure that you draw the most important details from the lesson on defined contribution pension plans, like the term for the risk of employees getting retirement benefits that are lower than expected
  • Interpreting information - verify that you can read information about the account debited when accounting for defined contribution plans and interpret it correctly

Additional Learning

If you'd like to review more, use the lesson called How to Account for Defined Contribution Pension Plans. This lesson helps you complete these goals:

  • Examine the purpose of pension plans
  • Determine how fund managers typically invest
  • Compare and contrast the types of pension plans
Support