Government has a defined contribution plan for its General Fund employees. During the year, it contributed $1,080,000 to its employees individual defined contribution retirement accounts. At its fiscal year-end, the government still owes $180,000 to its employees individual defined contribution retirement accounts according to the benefit terms of the defined contribution plan.  How much should the government report as expenditures for pensions for its current fiscal year?

Answer rating: 100% (QA)

The government should report the amount of contributions made to the individual def... View the full answer