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    Contingent liabilities are disclosed in the notes to the financial statements, not recognized as liabilities on the balance sheet. Employee benefit expenses are typically classified as operating expenses in the income statement, not as cost of goods sold or non-operating income. A defined benefit plan is a pension plan, which provides employees with a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

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    Contingent liabilities are disclosed in the notes to the financial statements, not recognized as liabilities on the balance sheet. Employee benefit expenses are typically classified as operating expenses in the income statement, not as cost of goods sold or non-operating income. A defined benefit plan is a pension plan, which provides employees with a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

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    5 views1 page

    D 10 PDF

    Uploaded by

    Anthony
    Contingent liabilities are disclosed in the notes to the financial statements, not recognized as liabilities on the balance sheet. Employee benefit expenses are typically classified as operating expenses in the income statement, not as cost of goods sold or non-operating income. A defined benefit plan is a pension plan, which provides employees with a specified monthly benefit on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns.

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    of 1

    How are contingent liabilities disclosed in the financial statements?

    a) They are recognized as liabilities on the balance sheet.

    b) They are reported as a separate line item within revenue.

    c) They are disclosed in the notes to the financial statements.

    d) They are reported as an adjustment to retained earnings.

    How are employee benefit expenses typically classified in the income statement?

    a) As cost of goods sold.

    b) As operating expenses.

    c) As non-operating income.

    d) As extraordinary items.

    Which of the following is an example of a defined benefit plan?

    a) Health insurance plan.

    b) Stock option plan.

    c) Profit-sharing plan.

    d) Pension plan.

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