Describe the Settlement or Curtailment of Pension Plans.

Q: What is the difference between insurance companies and pension funds?

A: Insurance and pensions funds are two quite different types of institutions.

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: 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: 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: Differentiate between a defined contribution pensionplan and a defined benefit pension plan. Explain…

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

Q: What are the major differences between postretirementhealthcare benefits and pension benefits?

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

Q: Describe the Components of Pension Expense.

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

Q: Describe the funded status of pension plans and how that amount is reported.

A: Pension:   It refers to the fund into which a sum is added during the course of employment years.…

Q: Describe the nature of postretirement benefit plans other than pensions and identify the…

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

Q: Explain how a defined contribution pension plan and how a defined benefit plan work. Which pension…

A: A defined contribution plan is a type of corporate retirement plan in which an employee contributes…

Q: Describe how a company's pension plans are reported when there are many plans, some of which are…

A: Organizations establish a single pension plan for its employees. However, some organizations have…

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

A:

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: Define the interest 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: and discuss the key accounting issues in determining the method of accounting for defined benefit…

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

Q: pension fund

A: A retirement fund is a product that invests your savings in retirement. Tax cuts and  employer…

Q: What is a private pension plan? How does a contributorypension plan differ from a noncontributory…

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

Q: Explain how to determine pension expense.

A:

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: What factors go into determining if a pension plan is adequately funded or not?

A: This question is about what factors go into determining if a pension plan is adequately funded or…

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 other types of pension plans exist, and how do they compare to Defined Contribution Pension…

A: The Answer

Q: What is a defined Contribution Pension Plan?

A: A defined contribution pension plan It is an arrangement where  there is a contribution by employer…

Q: In what ways are pension plans and other post-retirement benefit plans different, if at all

A: Here is the Answer for In what ways are pension plans and other post-retirement benefit plans…

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: what is the difference between Accumulated Benefit Obligation and Projected Benefit Obligation? How…

A: Difference between Accumulated Benefit obligation and projected benefit obligation: Accumulated…

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 determines whether a pension plan is underfunded or overfunded?

A: An overfunded pension plan is a plan which possess more assets as compared to the liabilities. An…

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: Explain Pension Benefit Guarantee Corporation

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

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: Define underfunded pension plan

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

Q: What is a pension plan?

A:

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: Name three approaches to measuring benefit obligationsfrom a pension plan and explain how they…

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

Q: What method should be used to account for profits or losses associated with pension plan assets?…

A: The Answer

Q: Explain Valuation of Pension Obligations.

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

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.