INTERMEDIATE ACCOUNTING
10th Edition
ISBN: 9781264046249
Author: SPICELAND
Publisher: MCG
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Question
Chapter 17, Problem 17.17E
To determine
Pension plan: This is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.
To pair: The phrases in List A with the terms in List B
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Question text
The computation of pension expense includes all the
following except
Select one:
13
a.
interest on plan assets
b.
all of these are included
C.
service cost component measured using current salary
levels.
d.
interest on defined benefit obligation.
Question 14
what give rises to the changes in PBO balance?
A- service cost and interest cost
B- prior service cost that is caused by a change in pension formula
C- changes in life expectancy estimates
D- all of the above
O A
O C
OD
Question 13
Pension expense is decreased by:
A- Amortization of prior service cost.
B- Amortization of net gain.
C- Benefits paid to retired employees.
D- Prior service cost.
O A
O B
O D
Chapter 17 Solutions
INTERMEDIATE ACCOUNTING
Ch. 17 - Prob. 17.1QCh. 17 - Prob. 17.2QCh. 17 - Prob. 17.3QCh. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5QCh. 17 - Prob. 17.6QCh. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8QCh. 17 - Prob. 17.9QCh. 17 - Prob. 17.10Q
Ch. 17 - The return on plan assets is the increase in plan...Ch. 17 - Define prior service cost. How is it reported in...Ch. 17 - Prob. 17.13QCh. 17 - Is a companys PBO reported in the balance sheet?...Ch. 17 - What two components of pension expense may be...Ch. 17 - Prob. 17.16QCh. 17 - Evaluate this statement: The excess of the actual...Ch. 17 - Prob. 17.18QCh. 17 - TFC Inc. revises its estimate of future salary...Ch. 17 - Prob. 17.20QCh. 17 - Prob. 17.21QCh. 17 - Prob. 17.22QCh. 17 - The components of postretirement benefit expense...Ch. 17 - The EPBO for Branch Industries at the end of 2018...Ch. 17 - Prob. 17.25QCh. 17 - Prob. 17.26QCh. 17 - Prob. 17.1BECh. 17 - Prob. 17.2BECh. 17 - Prob. 17.3BECh. 17 - Prob. 17.4BECh. 17 - Prob. 17.5BECh. 17 - Prob. 17.6BECh. 17 - Prob. 17.7BECh. 17 - Prob. 17.8BECh. 17 - Prob. 17.9BECh. 17 - Prob. 17.10BECh. 17 - Net gain LO176 The projected benefit obligation...Ch. 17 - Prob. 17.12BECh. 17 - Prob. 17.13BECh. 17 - Postretirement benefits; determine the APBO and...Ch. 17 - Prob. 17.1ECh. 17 - Prob. 17.3ECh. 17 - Prob. 17.4ECh. 17 - Prob. 17.5ECh. 17 - Prob. 17.6ECh. 17 - Prob. 17.7ECh. 17 - Prob. 17.8ECh. 17 - Prob. 17.9ECh. 17 - Prob. 17.14ECh. 17 - Prob. 17.17ECh. 17 - Prob. 17.23ECh. 17 - Prob. 17.32ECh. 17 - Prob. 17.33ECh. 17 - Prob. 17.1DMPCh. 17 - Prob. 17.2DMPCh. 17 - Prob. 17.3DMPCh. 17 - Prob. 17.5DMPCh. 17 - Prob. 17.6DMPCh. 17 - Prob. 17.8DMPCh. 17 - Prob. 17.9DMPCh. 17 - Prob. 17.11DMPCh. 17 - Prob. 1CCTCCh. 17 - Prob. 2CCTC
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Similar questions
- Question 17 S1: Employee-sponsored retirement plans can be categorized into two: current service cost and projected benefit obligation. S2: Liabilities pertains to the settlements which resulted in an outflow of resources embodying economic benefits. S3: PAS 19, provides that only the unvested past service costs shall be recognized as expense immediately. one statement is true two of the statements are true all statements are false all statements are truearrow_forwardGive typing answer with explanation and conclusion QUESTION 10 To assist pensioners with more than one source of income, legislation was introduced to make provision for SARS to determine a more accurate PAYE deduction amount, using the latest data available to SARS. Which of the following statements is incorrect? a. This only applies to pensioners. b. Pensioners have to apply to SARS for the PAYE deduction rate applying to them. c. The legislation came into effect on 1 March 2021. d. All of the above. e. None of the above.arrow_forwardWhich component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . Remeasurementsarrow_forward
- Question 19 Which of the following correctly describes defined benefit (DB) pension plans? A- A typical example of DB plan is 401(K) savings account B- Retirement benefits depend on how much money has accumulated in an individual's account. C- Employers never need to report a liability related to DB plans D- Retirement benefits are based on the plan benefit formula. O A O Barrow_forward1. What is the actual return on pension plan assets? 2. What is the amount of actuarial gain or loss that will be taken to other comprehensive income? if gain positive amount, if loss negative amount Example: gain --> 1,000 loss --> (1,000)arrow_forwardQUESTION 3 a) Explain the following terms as used in IAS 19 Employee Benefits: (i) The term 'defined benefit pension plan'. (ii) The basis to be adopted in measuring scheme assets. (iii) The basis to be adopted in measuring scheme liabilities.arrow_forward
- Benefits paid to members of a defined benefit p employment fund are based onil. investment returns generated by the fund.li. remuneration levels while err oyed.Ill. number of years of service.IV. the level of employer contributions made to the fund. Select one: a. Il and Ill only. b. I and I only. c. Il and IV only. • d. III and IV only.arrow_forwardQuestion 5 The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) of preretirement income for low-income retirees than for high-income retirees equal percentage O larger percentage smaller percentage equal amountarrow_forwardDefine defined contribution (DC) retirement planarrow_forward
- Mulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employersarrow_forwardHelp Save & Exit Submit Which of the following is a correct statement concerning the reporting of the pension plan on the face of the employer's balance sheet? Multiple Choice 22:26 Neither the PBO nor the plan assets is separately reported. Both the PBC and the plan assets are separately reported. Only the PBO is separately reported. Only the plan assets are separately reported. sraw Hill Show All no 15....pdf Question no....pages Question no....pages MacBook Air ... 桌据arrow_forwardWhat is the amount of actuarial gain or loss that will be taken to other comprehensive income? if gain positive amount, if loss negative amount Example: gain --> 1,000 loss --> (1,000) What is the actual return on pension plan assets?arrow_forward
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