Describe the nature of postretirement benefit plans other than pensions and identify the similarities and differences in accounting for those plans and pensions.

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: In what ways are pension benefits and post-retirement healthcare different?

A: This is about In what ways are pension benefits and post-retirement healthcare different

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: Why didn’t the FASB cover both types of postretirementbenefits—pensions and healthcare—in the…

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

Q: Why did the FASB's prior pension accounting guidelines not encompass both pensions and healthcare as…

A: This question tells about  the FASB's prior pension accounting guidelines not encompass both…

Q: Understand the interrelationships among the elements that constitute a definedbenefit pension plan

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

Q: The components of postretirement benefit expense are similar to the components of pension expense.…

A: Other postretirement benefits: The postretirement benefits which are provided by employers, other…

Q: What are two ways to measure the obligation for postretirement benefits other than pensions? Define…

A: Post-retirement benefit obligation refers to the present value of benefits that are expected to be…

Q: What is the role of an actuary relative to pension plans?What are actuarial assumptions?

A: An actuarial valuation is a kind of evaluation and appraisal of the assets and liabilities of…

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: Distinguish fundamentally between a defined contribution and a defined benefit pension plan.

A: Given : This question tells about Distinguish between a defined contribution pension plan and a…

Q: Type of long-term care policies Triggers to become eligible for benefits Exclusions

A: Point to be Noted:- Since you have asked questions with multiple sub parts. I will be answering…

Q: Explain how cash-basis accounting for pension plans differsfrom accrual-basis accounting for pension…

A: Under cash basis of accounting pension cost are recognised on the basis of cash paid by the employer…

Q: Differentiate between employer-sponsored pension plans and self-directed retirement plans

A: Both employer-sponsored pension plans and self-directed retirement plans have some underlying…

Q: Discuss how income smoothing can be achieved as it relates to the recording of pensions.

A: Earnings Earnings refer to the profit after tax of the corporations. Earnings are the main element…

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

A:

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

A:

Q: Accounting theory and standards faced with many problems in measurement, recognition's and disclose…

A: Accounting Standards:- These are the principles set for the framing of the financial reports of a…

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: What are some other pensions plans, and how do they differ from the Defined Contribution Pension…

A: A retirement plan that would earn the investments return in addition to the savings of each…

Q: The calculation used by social security to calculate retirement benefits is meant to replace a(n

A: Social Security: The social security benefits mean those payments that are made to the retirees…

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

A:

Q: Do the GSIS and SSS have common functions in terms of retirement programs? Enumerate and explain…

A: Retirement programs are made by the government of the countries for public and private sectors…

Q: What are postretirement benefits other than pensions?

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

Q: The two main types of pension plans are defined benefit plans and defined contribution plans.…

A: Pension plan is a plan under which either the employer or the employee contributes small amount of…

Q: components of pension expense

A: Pension expense is the cost incurred by employer towards employee's pension plans.

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: Why didn't the FASB cover both types of postretirement benefits'pensions and healthcare'in the…

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

Q: What are the major differences between post-retirement healthcare benefits and pension benefits?

A: For the benefits of pension, it is fixed with the contract terms and only the term is not known. And…

Q: Which of the following types of pension plan will provide benefits that are dependent on the return…

A: Defined Contribution Plan Defined contribution plan which allows the employees and the employer to…

Q: How does accounting for postretirement benefits similar in most respects to accounting for pension…

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

Q: When it comes to pension plans and other postretirement benefit schemes, what assumptions are made…

A: The answer

Q: Based upon this information, how would I make the following journal entries? Record annual pension…

A: Record of above journal entry with all necessary workings are as follows.

Q: Describe the requirements for reporting pension plans in financial statements.

A: A retirement plan under which the employer contributes to a particular fund that is kept for the…

Q: Which of the following items is required by the Life Insurance and Annuity Replacement Rule? A. A…

A: The answer is stated below:

Q: How are the costs of providing postretirement benefits other than pensions expensed?

A: Definition:   Post-retirement benefit expense: This is an expense to the employer-paid as…

Q: Describe the obligations of pension.

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

Q: Identify the differences between pensions and postretirement healthcare benefits.

A: Both pension funds and post retirement healthcare benefits accrue to an employee after his/her…