A debit balance in a company's Pension Asset/Liability account implies that the company has funded more than the amount Expensed since the pension plan was initiated. O True O False
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- Question 12 of 20 View Policies When a company amends a pension plan, for accounting purposes, prior service costs should be O recorded in other comprehensive income (PSC). O reported as an expense in the period the plan is amended. O amortized in accordance with procedures used for income tax purposes. O treated as a prior period adjustment because no future periods are benefited.Question 11 of 20 View Policies Current Attempt in Progress The computation of pension expense includes all the following except O service cost component measured using current salary levels. O expected/actual return on plan assets. O interest on projected benefit obligation. O amortization of prior service cost.Question 17 S1: Employee-sponsored retirement plans can be categorized into two: current service cost and projected benefit obligation. S2: Liabilities pertains to the settlements which resulted in an outflow of resources embodying economic benefits. S3: PAS 19, provides that only the unvested past service costs shall be recognized as expense immediately. one statement is true two of the statements are true all statements are false all statements are true
- Question 13 Pension expense is decreased by: A- Amortization of prior service cost. B- Amortization of net gain. C- Benefits paid to retired employees. D- Prior service cost. O A O B O DFlag question Question text In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as Select one: 15 а. pension asset/liability. b. as other comprehensive income (G/L) C. an offset to the liability for past service cost. d. as accumulated other comprehensive income (PSC).Question 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O B
- QUESTION 16 A 401 (k) Plan: O A. is a mandatory retirement program. B. is not a very effective way of achieving your retirement goals. O C. is funded fully by your employer as a retirement benefit for you. O D. is a defined benefit retirement program. O E. None of the above. QUESTION 17 Which of the following is most true regarding retirement planning? A. You can expect public sources to fund most of your retirement needs. O B. Ownership for retirement planning has shifted more from employers and government to individuals. O C. You do not need to worry about funding your retirement from multiple sources. O D. Retirement planning should be delayed until you are at least 30 years old or own your own home.QUESTION 9 Private (employer) sources for funding your retirement could include all of the following, except: A. Pension O B. Personal Roth IRA C. 401 (k) Plan O D. Cash balance plansQuestion 14 what give rises to the changes in PBO balance? A- service cost and interest cost B- prior service cost that is caused by a change in pension formula C- changes in life expectancy estimates D- all of the above O A O C OD
- Question 5 of 20 View Policies -/1 ||| In the calculation of pension expense recognized for a period by an employer sponsoring a defined benefit pension plan, which components will not be included? O Interest cost on the projected benefit obligation. O Excess of accumulated benefit obligation over the fair value of the plan assets. O Actuarial present value of benefits attributed by the pension benefit formula to employee service during that period. O Amortization of the unrecognized net obligation (and loss or cost) or unrecognized net asset (and gain) existing at the date of transition. ...QUESTION 27 Personal sources for funding your retirement could include all of the following, except: O A. Roth IRA B. TraditionalIRA O C. Pension D. Savings E. Stocks and Bonds3. In a pension plan no more than 10% of the plan assets can be invested in employer securities. a. True b. False