This preview shows pages 1–3. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: CHAPTER 20 ACCOUNTING FOR PENSIONS AND POSTRETIREMENT BENEFITS MULTIPLE CHOICE Conceptual Answer No. Description d 1. Factors considered by actuaries. c 2. Process of funding a pension plan. d 3. Accounting problems in pension plans. c 4. Nature of a defined contribution plan. b 5. Nature of a defined benefit plan. a 6. Definition of accumulated benefit obligation. a 7. Projected benefit obligation as a measure of pension obligation. d 8. Alternative measures of the pension obligation. d 9. Characteristics of vested benefits. d 10. Pension funding and pension expense recognition. a 11. Components of pension expense. c 12. Service cost calculated using future compensation levels. b 13. Settlement interest rates. a 14. Nature of plan assets. b 15. Definition of actual return on plan assets. b 16. Prepaid/accrued pension cost. a 17. Recognition of prior service costs. c 18. Amortization of prior service costs. b 19. Amortization methods for prior service costs. b 20. Recording unrecognized gains and losses. a 21. Use of market-related asset values. a 22. Gain or loss caused by a plant closing. c 23. Switch from a defined benefit plan to a defined contribution plan. b 24. Recognition of a minimum liability. b 25. Intangible assetdeferred pension cost. a 26. Identification of a balance sheet account. b 27. Disclosures of pension plan information. c 28. Function of Pension Benefit Guaranty Corporation. c *29. Disclosures of postretirement benefits. b *30. Transition amount. a *31. Postretirement benefits. c *32. Postretirement health care benefits. d *33. Accrual period. b *34. Expected postretirement benefit obligation. c *35. Transition amount. d *36. Item not recognized. *This topic is dealt with in an Appendix to the chapter. Test Bank for Intermediate Accounting, Eleventh Edition MULTIPLE CHOICE Computational Answer No. Description d 37. Calculate pension expense to be recognized. c 38. Calculate pension expense. a 39. Calculate pension expense for the period. b 40. Calculate pension expense to be recognized. c 41. Determine pension expense to be recognized. a 42. Calculate intangible asset to be reported. b 43. Calculate total pension liability to be reported. a 44. Calculate total pension liability. c 45. Calculate total pension liability reflecting minimum liability. c 46. Calculate minimum liability. b 47. Calculate amount of intangible asset. b 48. Calculate minimum liability. c 49. Calculate amount of intangible asset. b 50. Calculate minimum liability to be reported. a 51. Calculate intangible asset to be reported. d 52. Calculate total pension liability to be reported. d 53. Calculate amount of intangible asset to be reported. b 54. Calculate amortization of prior service cost....
View Full Document
This note was uploaded on 05/01/2011 for the course ACCT 3341 taught by Professor Dr.ramaswamy during the Spring '09 term at University of St. Thomas-Texas.
- Spring '09