What is the present value of any economic benefits available in the form of refunds from or reductions in the future contributions to the defined benefits plan called?
Ugh, why do they always have to make these questions so convoluted? I'm just going to close my eyes and point. Maybe I'll get lucky and hit the right answer.
Ha, this is a classic accounting trick question! They're trying to confuse us with all those technical terms. But I'm gonna go with C. Fair value, because that's the one that sounds the most impressive.
I'm pretty sure the answer is A. Net defined benefit liability (asset). That's the term we learned in class for the present value of those economic benefits.
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