ADVANCED ACCOUNTING
13th Edition
ISBN: 9781264046263
Author: Hoyle
Publisher: MCG
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Chapter 17, Problem 11P
To determine
Identify the correct option out of the given statements.
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The City of Huble has a defined benefit pension plan for a number of its employees. Which of thefollowing is not included immediately in the determination of pension expense that this government should recognize in its government-wide financial statements?a. Service cost.b. Interest on total pension liability.c. Changes in pension liability as a result of a change in benefit terms.d. Changes in pension liability as a result of a change in economic or demographic assumptions.
What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?
Which of the following is not considered by an actuary when determining the annual contribution to a government pension plan?
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Chapter 17 Solutions
ADVANCED ACCOUNTING
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - A city agrees to allow the Jones Company to...Ch. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - On January 1, 2017, the City of Hastings created a...Ch. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - The County of Maxnell decides to create a...Ch. 17 - The following information pertains to the City of...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - For each of the following, indicate whether the...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 41PCh. 17 - Prob. 42PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 46PCh. 17 - Prob. 47PCh. 17 - Prob. 48PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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- In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to: Multiple Choice The employer's contribution. Annual required contribution. The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings. All of these are correct.arrow_forwardWhich of the following is not a regulatory responsibility of the Pension Benefit Guaranty Corporation? Select one: a. They oversee the termination of covered plans. b. They administer an insurance program for defined-benefit plans. c. They interpret legislation. d. They administer an insurance program for defined-contribution plans.arrow_forwardWhich of the following statements best describes a key issue in the finances of many state and local government pension programs? State and local governments improperly divert public revenues into pension funds to garner political support from government employees. Pension managers use an interest or discount rate that is too low when determining the amount of money to be set aside each year to cover future benefits. Many state and local governments make inadequate contributions into the pension funds to support promised future benefits. States assume the obligations of local pension programs.arrow_forward
- The City of Ronchester has a defined benefit pension plan for its firefighters. How is the amount of pension expense determined that the city should recognize the current year?arrow_forwardGive recommendations for fixing each of the following issues pertaining to a defined benefit pension plan. 1. The actual amounts contributed to the system by government employers have been much lower than the actuarially determined contribution amounts. 2. Pension benefits are not being funded adequately on an actuarial basis. 3. Increase in unpaid Contributions (The system did not collect contributions from the retirees/employees and the Government). 4. Mismanagement of investments which caused a great loss in investment income.arrow_forwardIn which of these areas does California not conform to federal law? a. Rules for who is an active participant in an employer retirement plan. b. Spousal IRAs. c. Modified AGI phaseout for Roth IRA contributions. d. The basis of deductible contributions to traditional IRAs in certain years.arrow_forward
- A Discuss the retirement benefits offered by government for employees in detail. Explain in which category of funds are these benefits accounted for and why?arrow_forwardCarson Company sponsors a single-employer defined benefit pension plan. The plan provides that pension benefits are determined by age, years of service, and compensation. Among the components that should be included in the calculation, net pension cost is service cost, the interest cost, and actual return on plan assets. What two accounting problems result from the nature of the defined benefit pension plan? Why do these problems arise?arrow_forwardThe Employee Retirement Income Security Act (ERISA) was established to provide: Question 16 options: a) funding for retirement plans. b) mandatory retirement plans for self-employed individuals. c) protection to employees participating in private employer retirement plans. d) individual trust funds for employees retiring from jobs in the federal government. e) the ability to retain the same retirement insurance when employees change employers.arrow_forward
- The City of Sweetwater maintains an Employees' Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city's General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees Retirement Fund as of July 1, 2019, is shown here: CITY OF SWEETWATER Employees' Retirement Fund Statement of Fiduciary Net Position As of July 1, 2019 Assets Cash Accrued Interest Receivable Investments, at Fair Value: Bonds Common Stocks Total Assets Liabilities Accounts Payable and Accrued Expenses Fiduciary Net Position Restricted for Pensions $ 133,000 55,500 4,500,000 1,301,000 5.989,500 160,000 35.629.500 During the year ended June 30, 2020, the following transactions occurred 1. The interest receivable on…arrow_forwardQuestion: Part A Discuss the retirement benefits offered by government for employees in detail. Explain in which category of funds are these benefits accounted for and why?arrow_forwardThe City of Sweetwater maintains an Employees’ Retirement Fund, a single-employer defined benefit plan that provides annuity and disability benefits. The fund is financed by actuarially determined contributions from the city’s General Fund and by contributions from employees. Administration of the retirement fund is handled by General Fund employees, and the retirement fund does not bear any administrative expenses. The Statement of Fiduciary Net Position for the Employees’ Retirement Fund as of July 1, 2019, is shown here: CITY OF SWEETWATER Employees’ Retirement Fund Statement of Fiduciary Net Position As of July 1, 2019 Assets Cash $ 137,000 Accrued Interest Receivable 57,800 Investments, at Fair Value: Bonds 4,506,000 Common Stocks 1,307,000 Total Assets 6,007,800 Liabilities Accounts Payable and Accrued Expenses 351,300 Fiduciary Net Position Restricted for Pensions $ 5,656,500 During the year ended…arrow_forward
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