Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

In a cash balance plan, all contributions typically come from which of the following sources?

Government grants

The employer

Both the employer and the employee equally

The employee

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Verified step by step guidance

Understand the concept of a cash balance plan: A cash balance plan is a type of defined benefit retirement plan where the employer credits the participant's account with a set percentage of their annual compensation plus interest credits.

Identify the source of contributions: In a cash balance plan, contributions are typically made by the employer. The employer is responsible for funding the plan and ensuring that the promised benefits are available to employees upon retirement.

Clarify the role of the employee: Unlike defined contribution plans (e.g., 401(k)), employees do not directly contribute to a cash balance plan. The employer manages the funding and investment of the plan.

Eliminate incorrect options: Government grants are not a source of funding for cash balance plans. Contributions are not equally shared between the employer and employee, nor are they solely made by the employee.

Conclude that the correct source of contributions in a cash balance plan is the employer, as they are responsible for funding the plan and providing the promised benefits.