Chapter 10 & 12 Homework

Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?

Homework – Chapters 10 and 12
Please provide a short answer and include examples and/or sample journal entries if required:

  1. Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
  2. What are the key distinguishing characteristics of fiduciary funds?
  3. What are the four types of fiduciary funds?
  4. Provide examples of resources that are restricted by donors as to: (a) purpose, (b) time, and (c) the occurrence of a specific event. Provide an example of resources that restricted by donors permanently.
  5. In a recent month a CPA provided 10 hours of volunteer time to the Society for the Visually Impaired. He devoted 7 hours to maintaining the organization’s financial records and 3 to recording tapes of newspapers and magazine articles. If volunteers had not provided these services, the organization would have had to hire paid personnel. Should the organization give accounting recognition to the CPA’s services?
  6. A museum received gifts of two valuable paintings. It recorded the value of one as an asset and recognized the corresponding revenue. It gave no accounting recognition to the other. What might be a legitimate explanation for such an apparent inconsistency?

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Answer preview why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?

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