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The financial statements shall explain the relationship between the actuarial present value of promised retirement benefits and the net assets available for benefits, and the policy for the funding of promised benefits.CorrectIncorrect
What does the payment of promised retirement benefits depend on under a defined benefit plan?CorrectIncorrect
Which of the following is not the actuary’s role with regard to a defined benefit plan?CorrectIncorrect
Projected salary rates may be calculated using the present value of the expected payments by a retirement benefit plan up to the time of retirement of participants.CorrectIncorrect
Which of the following is the reason for adopting current salary approach in calculation of present value of the expected payments by a retirement benefit plan?CorrectIncorrect
Which of the following is not the reason for adopting a projected salary approach in calculation of Present value of the expected payments by a retirement benefit plan?CorrectIncorrect
The actuarial present value of promised retirement benefits based on current salaries is disclosed in the financial statements of a plan to indicate __________.CorrectIncorrect
In many countries, actuarial valuations are not obtained more frequently than ________ .CorrectIncorrect
Retirement benefit plan investments shall be carried at __________.CorrectIncorrect
Which of the following shall be included in the financial statements of a retirement benefit plan, whether defined benefit or defined contribution?CorrectIncorrect
Which of the following shall be shown in a statement of changes in net assets available for benefits?CorrectIncorrect
Entity X operates a defined contribution pension plan for its employees. The company’s contribution rate to the pension fund is 5% of gross salaries. During the year ended 31 December 20X1, gross salaries amounted to $3 million. For convenience, a regular amount of $10,000 was transferred monthly into the pension fund by the company, with the balance being paid by the company in January 20X2.
What amount shall be included in the Statement of Profit or Loss of Entity X for the year ended 31 December 20X1 with respect to a defined contribution pension plan?CorrectIncorrect