What exactly does "previous service cost" mean? When is past service cost recognized as a pension expenditure and how is it calculated?

Q: A Discuss the retirement benefits offered by government for employees in detail. Explain in which…

A: The majority of the retirement benefits are made up of workers' leave encashment (employees can…

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: Which of the following factors is least likely to affect the amount of retirement benefits under a…

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

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: what is pension plan asset?

A: Definition : The term pension plan assets refer to the funds a corporation can use to satisfy its…

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: 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: 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: 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: 1 a. Briefly describe how are pension gains and losses recognized.    b.  Explain what are pension…

A: Pension gain and losses arise due to change in the underlying assumptions which affect the total…

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: look over the three most important components of the pension expense. The treatment of expected and…

A: Introduction  Companies account pension expense on accrual basis, accounting for pension plan…

Q: What two components of pension expense may be negative (i.e., reduce pension expense)?

A:

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

A:

Q: Do post-retirement benefits have a comparable accounting process to pension benefits?

A: The answer:…

Q: Define prior service cost. How is it reported in the financial statements? How is it included in…

A: Pension:  A pension is a type of retirement plan in which an employer makes a contribution to a pool…

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: Define Contribution Pension Plans.

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

Q: What is the 2021 pension expense?

A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…

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: If an employer has a defined benefit pension plan, what components would make up its net periodic…

A: Defined benefit pension plans have a specific and a determinable benefit, which can take the form of…

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

A: The Answer

Q: What is an actuary? What is the actuary’s role in pension administration

A: Actuaries are highly experienced specialists who handle issues such as determining premium pricing…

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: How is the pension expense influenced by changes in the pension liability and plan assets?

A: Pension Expense: These are the costs that are associated with the pension plans and these expenses…

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: 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: 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: 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: 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: In what ways are pension plans and other post-retirement benefit programs different, and why

A: This question explains about  pension plans and other post-retirement benefit programs different,…