Answer in 4 paragraphs:According to the textbook the defined contribution plan and defined benefit plan are the most popular pension plans used by employers. Employers have changed from traditional defined benefit plans to defined contribution plans with no major company establishing a traditional pension plan in the past decade. Differentiate between the defined contribution pension plan and the defined benefit plan. What are the major differences in accounting for defined contribution plans and defined benefit plans? Assess the most likely reasons this trend has occurred and the future impact on accounting for pensions. Answer in 4 paragraphs:The Importance of Financial Statements”Public companies are required to publish annual financial statements. Suggest the major benefits of companies making financial statement information available to employees. As an employee discuss what financial information would be of value to you. Provide at least two (2) specific examples on why the information is important.Briefly explain generally accepted accounting principles (GAAP) and describe why it is important that public companies follow GAAP when preparing financial statements. Also give your opinion on whether private companies should be required to follow GAAP. Provide a rationale for your opinion.