Essay on EXAM

2657 WordsSep 19, 201411 Pages
Solution to Mid-Term Exam ADM 4348M Winter 2011 SPECIAL TOPICS IN FINANCIAL ACCOUNTING March 1, 2011 DMS 4140 17:30-20:30 Professor : Sheldon Weatherstone Duration: 3 hours Instructions 1. Non-programmable calculators are permitted, but you cannot share calculators. 2. Books and notes are not permitted. 3. Please do not ask the professor or the invigilator to explain or interpret questions. State any assumptions you feel are necessary. 4. Write your answers in the booklet provided. 5. Hand back the signed examination copy with your exam booklet(s). STUDENT NAME: __________________________________________ STUDENT # : ________________________ Statement of Academic Integrity…show more content…
amended its pension plan, resulting in past service costs with a present value of $100,000. The amendment of the pension plan is expected to provide future benefits up to the average eligibility date which is ten years from now. There are no unamortized actuarial gains of losses as at 1/1/2011. There are also no actuarial gains or losses on the accrued benefit obligation due to changes in actuarial assumptions during the period under review (i.e. no actuarial re-evaluations were conducted as Flintstone commits to having them done only every three years). Instructions: (a) Identify the plan’s funding status and the asset or liability reported on the December 31, 2011 and 2012 balance sheets assuming that Flintstone Corp. accounts for its pension with the deferral and amortization approach under PE GAAP. (b) Calculate the pension expense for 2011 and 2012 assuming that Flintstone Corp. accounts for its pension with the deferral and amortization approach under PE GAAP. (c) Identify the plan’s funding status and the asset or liability reported on the December 31, 2011 and 2012 balance sheets assuming that Flintstone Corp.

More about Essay on EXAM

Open Document