Define prior service cost. How is it reported in the financial statements? How is it included in pension expense?

Q: WHAT IS THE CORRECT JOURNAL ENTRY WHEN WITHHOLDING AN EMPLOYEE'S CONTRIBUTION TO A PENSION PLAN?

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: increases the Employee Benefit Expense?

A: Employee benefit expense means Benefits/Compensation provided to the employee other than by way of…

Q: Contrast accounting for pensions to accounting for other postretirement benefits.

A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…

Q: When accounting for pension costs, how should the payment into the pension fund be recorded? How…

A: Pension expense: Pension expense is an expense to the employer paid as compensation after the…

Q: Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A .…

A:

Q: What is the GASB standard for reporting expenditures from governmental funds for employee pension…

A: GASB stands for Government Accounting Standards Board, which is a non-governmental body that holds…

Q: are the key accounting issues in determining the

A: Pension Accounting Many organisations provide additional benefits to their employees in addition to…

Q: How does an “asset gain or loss” develop in pension accounting? How does a “liability gain or loss”…

A: Plan assets: Assets which are created, maintained and planned for a specific purpose or benefit is…

Q: Describe how pension expense is a composite of periodic changes that occur in both the pension…

A: Pension plan: It is the plan devised by corporations to pay the employees an income after their…

Q: ification fo

A: Employees working with an entity for a specific number of years are eligible for retirement…

Q: Which type of pension plan would you prefer to be covered under (i.e., defined benefit, defined…

A: In this there are many types of pension plans available and each have own characteristics.

Q: Depending on when an unfunded pension liability is to be paid, it will be classified on the balance…

A: Yes, unfunded pension liability will be classified as a liability on the BS Balance Sheet It is…

Q: How should gains or losses related to pension plan assets be recognized? How does this treatment…

A:

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: Which are the components of pension expense that involve delayed recognition?

A:

Q: Explain the following terms. Include the definition, how they are calculated, treated in the…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: What is the general term that covers social insurance and pension fund payments alone with wages and…

A: Social security schemes, is the term that covers social insurance and pension fund payments alone…

Q: b. How does each component of pension expense affect pension expense during the period (increase,…

A: b) The components of pension expense are:- i. Service Cost - The increase in the projected pension…

Q: What are the four basic components of pension expense? Select one: A. Service cost, benefits paid,…

A: Answer -  To calculate a pension expense of a particular Employee working under him, the employer…

Q: The return on plan assets is the increase in plan assets (at fair value), adjusted for contributions…

A: Return on plan assets is calculated as Plan assets * Expected Return

Q: Define Contribution Pension Plans.

A: Pension plan:   This is the plan devised by corporations to pay the employees a kind of compensation…

Q: describe the two elements which determine the net periodic pension expense.

A:

Q: Define the service cost component of the periodic pension expense.

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: What are the benefits provided by Employee Retirement Income Security Act?

A: The Employee Retirement Income Security Act is an organizational law that recognizes the minimum…

Q: Distinguish between defined contribution and defined benefit pension plans. Justify the employer's…

A: The Answer :

Q: How does each component of pension expense affect pension expense during the period (increase,…

A: Pension expense is referred to as an expense on which the corporation or business usually get…

Q: What factors must be considered by the actuary in measuringthe amount of pension benefits under a…

A: Actuarial valuation is the assessment of the pension plan as required stutorily wherein the…

Q: accounting for employee Pension Trust Funds

A: Introduction Accounting Pension Trust Funds: The computation of yearly pension expenditure and the…

Q: What is meant by “past service cost”? When is past service cost recognized as pension expense?

A: Prior Service Cost- When an employee is granted a pension revision, the amount of benefit earned…

Q: Define Pension plan assets.

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: What are the changes that affect the pension expense?

A: The net periodic pension costs includes: 1. Current service cost 2. Past service cost 3. Interest…

Q: Define underfunded pension plan

A: Pension plan  which is also known as retirement plan is a type of investment, which helps to…

Q: What are the components that might be included in the calculation of net pension cost recognized for…

A: Pension:   A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Describe the obligations of pension.

A: A pension is a plan of retirement that requires contribution from both the employer & the…

Q: What is meant by “prior service cost”? When is prior servicecost recognized as pension expense?

A: Prior service cost: The change in the amount of projected benefit due to changes in the act or rules…

Q: describe the components of a company’s defi ned benefi t pension costs;

A: COMPONENTS OF COMPANY   1.  Cash : A primary factor in a big series of scenarios comprising of start…

Q: Explain Valuation of Pension Obligations.

A: Pension obligations: Pension obligations of an employer under a defined benefit plan are to be found…

Q: What exactly does "previous service cost" mean? When is past service cost recognized as a pension…

A: This question about  describes "Previous service cost" might indicate several different things. When…