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Unformatted text preview: CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS IFRS questions are available at the end of this chapter. TRUE-FALSE —Conceptual Answer No. Description F 1. Funded pension plan. T 2. Qualified pension plans. F 3. Defined-contribution plan liability. T 4. Defined-benefit plans. T 5. Vested benefit obligation. F 6. Accumulated benefit obligation. F 7. Definition of service cost. T 8. Definition of interest cost. F 9. Recognizing accumulated benefit obligation. T 10. Pension Asset /Liability balance. F 11. Plan amendment and projected benefit obligation increase. F 12. Years-of-service amortization method. T 13. Expected return and actual return. F 14. Unexpected gains and losses. T 15. Accumulated OCI (G/L) account and the corridor. F 16. Amortization of net gains and losses. T 17. Recording prior service cost. F 18. Reporting accumulated OCI (PSC) on the balance sheet. F 19. Other comprehensive income (PSC) and net income. T 20. Reconciliation of PBO and fair value of plan assets. MULTIPLE CHOICE —Conceptual Answer No. Description d 21. Factors considered by actuaries. c 22. Process of funding a pension plan. d 23. Accounting problems in pension plans. c 24. Nature of a defined-contribution plan. b 25. Nature of a defined-benefit plan. b 26. Defined-contribution plan characteristics. a 27. Accounting for a defined-benefit plan. c 28. Pension obligation measurement using future salaries. a 29. Definition of accumulated benefit obligation. a 30. Projected benefit obligation as a measure of pension obligation. d 31. Alternative measures of the pension obligation. d 32. Characteristics of vested benefits. d 33. Pension funding and pension expense recognition. a 34. Components of pension expense. c 35. Service cost calculated using future compensation levels. b 36. Settlement interest rates. Accounting for Pensions and Postretirement Benefits MULTIPLE CHOICE —Conceptual (cont.) Answer No. Description a 37. Nature of plan assets. b 38. Definition of actual return on plan assets. b 39. Pension Asset / Liability. c 40. Items included in pension expense. a 41. Definition of pension expense. c 42. Recognition of prior service costs. c 43. Amortization of prior service costs. b 44. Amortization methods for prior service costs. a 45. Defined-benefit plan amendment. d 46. Unexpected gains and losses. b 47. Recording gains and losses. a 48. Use of fair value of plan asset. a 49. Gain or loss caused by a plant closing. a 50. Reporting pension asset. d 51. Intangible asset—deferred pension cost. a 52. Identification of a balance sheet account. a 53. Recognition of pension asset. b 54. Disclosures of pension plan information. c 55. Function of Pension Benefit Guaranty Corporation....
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- Spring '11
- benefit obligation, MC MC MC MC MC MC MC TF MC MC MC MC MC MC MC MC MC MC