Which one of the statements below is not a purpose for the journal?
A) to show increases and decreases in accounts
B) to show a chronological order by date
C) to show a complete transaction in one place
D) to help locate errors
A
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Which of the following statements about SIMPLE retirement plans is true?
A) They are limited to employers with 100 or fewer eligible employees and who do not maintain another qualified plan. B) Employees are not permitted to make SIMPLE plan contributions. C) Employers are subject to more stringent nondiscrimination rules than those that apply to most qualified plans. D) Employer contributions are fully taxable in the year of the contribution, but qualified distributions are received tax-free.