22. The popular pension plans that most employees enjoy are a. Defined benefit plan b. Defined Contribution plan c. Executive retirement plan fully funded d. A and b above e. None of the above. 23. The components of a pension plan include: Service cost Interest cost Expected return on plan assets All of the above Only a and b above. a. b. c. d. e. 24. T, F. When pension cost is greater than the usual expense, Accrued Pension Cost has to be debited and Cash Credited for the total cost. 25. T, F. Leases are long-term obligations that must be recognized. 26. T, F. Leases can be either a capital lease or an operating lease. 27. T, F. When a lease is a capital lease, the assets leased must be recognized in the lessee's books as assets with corresponding liabilities. 28. T, F. Because of the benefits that accrued to banks that finance long-term leases, they try to take interest on lease rentals as well as depreciation on the assets leased. 29. T, F. Direct financing leases are very beneficial to banks than the lessees 30. T, F. Sale-type leases are very popular for local governments and municipalities because they help their cash flows. 31. T, F. If one wants to understand the impact of leases on the operations of most businesses, the reader of financial statements must look at cashflow statements. 32. T, F. There are specific criteria that must be met before a lease can be classified as capital lease. 33. T, F. Leases that do not qualify as capital leases must be classified as operating leases