1. What are the differences and similarities between a definedcontribution plan

1. What are the differences and similarities between a definedcontribution plan and a defined benefit plan? As an employee wouldyou rather have a defined contribution plan or a defined benefitplan? Explain why. As an employer would you rather offer a definedcontribution plan or a defined benefit plan? Explain why.2. Discuss how the accounting for an employers defined benefitplan differs from accounting for the defined benefits pension funditself. Discuss how the accounting for an employers definedcontribution plan differs from accounting for the definedcontribution fund(s) itself (themselves).