An employee's right to obtain pension benefits regardless of whether (s)he remains employed is the A....
An employee's right to obtain pension benefits regardless of whether (s)he remains employed is the
A. Prior service cost
B. Defined benefit
C. Vested interest
D. Minimum liability
Homework Answers
Option [c] is correct - Vested Interest
Vested Interest is the employees right to obtain pension benefits regardless of whether s(he) remains employedi
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An employee's right to obtain pension benefits regardless of
whether (s)he remains employed is the
A....
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan...
The interest cost included in the annual pension cost recorded by an employer sponsoring a defined benefit pension plan represents the a) difference between the expected and actual return on plan assets. b) increase in the defined benefit obligation due to the passage of time. c) increase in the fair value of plan assets due to the passage of time. d) interest earned on the plan assets for the year. An experience gain or loss (adjustment) is a) additional...
Required: Match the term on the right to the appropriate definition or description on the left. T...
Required: Match the term on the right to the appropriate definition or description on the left. Term Definition 1. Actuarial method 2. Projected benefit obligation 3. Underfunded plan 4. Defined contribution plarn 5. Vested benefit obligation 6. Prior service costs A. Employee Retirement Income Security B. Benefits provided as a result of amounts C. Benefits for vested and nonvested D. Cost of benefits arising from pasted year E. Benefits provided based on a formula F. Irrevocable accumulation of benefits Act...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improv...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments. 3. Which of the following pension-related definitions is not correct? a. Present value is the current worth of an amount...
"In a defined benefit plan, pension expense is equal to the firm s cash contribution." TRUE...
"In a defined benefit plan, pension expense is equal to the firm s cash contribution." TRUE FALSE All of the following increase pension expense except: service cost. interest on the liability. amortization of prior service cost. all of these answers are correct.
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 5...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the...
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available: Projected benefit obligation Balance, Jan. 1, 2020 $300,000 Service cost 80,000 Interest cost ($150,000 x 10% discount rate) 30,000 Change in actuarial assumptions on Dec. 31, 2020 (800) Pension benefits paid (84,000) Balance, Dec. 31, 2020 $325,200 Accumulated benefit obligation $240,000 Vested benefit obligation $80,000 Plan assets Balance, Jan. 1,...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of Haan Company Balances at January 1. 2013: PBO $3.500 Prior service cost C $150 Fair value of pension assets $3.000 ABO $2,800 Expected return on plan assets 7% Obligation discount rate 10% Activity for 2013 Service cost $400 Benefit payments to retirees 170 Contributions to pension fund 230 Actual return on plan assets 130 Prior service cost amortization 40 rt Draw Design Layout References...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. V...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. Vested rights B. The employee bears part of the contribution cost in this pension plan. c. Noncontributory pension plan Based on a formula, it computes the benefits, not contributions, to be paid out. Contributory pension plan D. Under this plan, the employer not only makes the contributions (based on a percentage of an employee's salary), controls the investment, and guarantees a given payout...
Required: Match the term on the right to the appropriate definition or description on the left. Term Definition 1. Actuarial method 2. Projected benefit obligation 3. Underfunded plan 4. Defined contribution plarn 5. Vested benefit obligation 6. Prior service costs A. Employee Retirement Income Security B. Benefits provided as a result of amounts C. Benefits for vested and nonvested D. Cost of benefits arising from pasted year E. Benefits provided based on a formula F. Irrevocable accumulation of benefits Act...
#4 Velasquez Company has available the following information about its defined-benefit pension plan for the year ending December 31, 2018: Service cost for 2018 Accumulated benefit obligation Plan assets at fair value Accumulated OCI (PSC) Vested benefit obligation Market-related asset value Projected benefit obligation Accumulated OCI net gain Interest on projected benefit obligation $ 45,000 683,000 630,000 300,000 505,000 725,000 865,000 90,000 64,000 Instructions (a) Calculate the pension asset / liability to be recorded at December 31, 2018. (b) Calculate...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1 - credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets...
Preparing Pension Entries and Pension Worksheet Rollo Company has a defined benefit pension plan. At the end of the current reporting period, December 31, 2020, the following information was available: Projected benefit obligation Balance, Jan. 1, 2020 $300,000 Service cost 80,000 Interest cost ($150,000 x 10% discount rate) 30,000 Change in actuarial assumptions on Dec. 31, 2020 (800) Pension benefits paid (84,000) Balance, Dec. 31, 2020 $325,200 Accumulated benefit obligation $240,000 Vested benefit obligation $80,000 Plan assets Balance, Jan. 1,...
Preparing a Pension Work Sheet The following data relate to the defined benefit pension plan of Haan Company Balances at January 1. 2013: PBO $3.500 Prior service cost C $150 Fair value of pension assets $3.000 ABO $2,800 Expected return on plan assets 7% Obligation discount rate 10% Activity for 2013 Service cost $400 Benefit payments to retirees 170 Contributions to pension fund 230 Actual return on plan assets 130 Prior service cost amortization 40 rt Draw Design Layout References...
The following information applies to Riddle Corp.'s defined benefit pension plan for the current year: $ 600,000 540,000 60,000 150,000 Projected benefit obligation January 1 (before amendment) Plan assets January 1 Pension Asset/Liability, January 1-credit balance Present value of increase in service benefits effective January 1 because of an amendment in the pension plan (not included in the projected benefit obligation above) Settlement rate Contributions to the plan (funding) Service Cost Actual and expected return on plan assets Benefits paid...
Term Answer Description ERISA A. This pension plan meets specified criteria established by the Internal Revenue Code. Vested rights B. The employee bears part of the contribution cost in this pension plan. c. Noncontributory pension plan Based on a formula, it computes the benefits, not contributions, to be paid out. Contributory pension plan D. Under this plan, the employer not only makes the contributions (based on a percentage of an employee's salary), controls the investment, and guarantees a given payout...
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