113 exam 1 review.docx - EXAM 1 REVIEW TOPICS This is a...

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EXAM 1 REVIEW TOPICS This is a suggested topic review list for exam 1. It does not list anything that is not already in the class notes. If you want to do well on this exam, as on the quizzes, master all of the material in the notes which is the material we have covered in the class sessions. I make up questions based entirely on these notes. Please email me if you have questions. Good luck on exam 1! Pensions, OPEB Pension expense for defined contribution plans. For which of the pension plans (defined contribution and defined benefit) and OPEB is accrual accounting required. The two sides of the pension plan. Events that cause changes in PBO, changes in plan assets. The items to be reported in the financial statements and footnotes for a defined benefit pension plan: pension expense and the OCI items in the statement of comprehensive income, pension liability and the 2 AOCI items in in the balance sheet, PBO and assets in the footnotes. Pension benefit formula. Explain why the 5 components of pension expense are components of the expense; in other words why do they increase or decrease pension expense. When is actual return and expected return used in defined benefit pension accounting.
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