Question

Please respond to one of the following topics.

TOPIC 1: Try this for planning your own retirementaccount: Given a stated level of biweekly or monthlycontributions, any employer matching added in, an assumed averageannual earnings, and the expected number of years until you retire,calculate the expected size of your retirement account. And pleaseremember that this exercise is for only one part of your financialfuture.

TOPIC 2: Many firms believe that it is very difficult toestimate the amount of a possible future contingency. Should acontingent liability be reported even when the dollar amount of theloss is not known? Should it be disclosed in the notes to financialstatements? Explain.