All of the following are true of a defined benefit plan except the:
A. plan consists of a general pool of assets.
B. employer must cover any difference between plan assets and liabilities.
C. employer may reduce its contributions if the plan is overfunded.
D. plan consists of individual accounts.
Ans: B. employer must cover any difference between plan assets and liabilities.
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Supply chain processes can be divided into primary and tertiary activities
Indicate whether the statement is true or false
Ted's Graduation Store sells graduation supplies to students through the college bookstore. The bank charges Ted's Graduation Store 3.25% on the total credit card sales each day to settle the credit card transactions
The college bookstore reported that consumers purchased $420 in credit card purchases. The managerial accountant needs to update the sales budget, the operating expenses budget, and the cash collections budget to account for the credit sales. What amount should the managerial accountant use to complete the sales budget, the operating expenses budget, and the cash collections budget? In which month should the managerial accountant show this data? What should the managerial accountant consider when updating the master budget? What will be an ideal response?