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Test Bank Chapter 20 Accounting for Pensions and Postretirement Benefits.

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Test Bank Chapter 20 Accounting for Pensions and Postretirement Benefits.

CHAPTER 20

 

ACCOUNTING FOR PENSIONS

AND POSTRETIREMENT BENEFITS

 

IFRS questions are available at the end of this chapter.

 

TRUE-FALSE—Conceptual

                Description

                F              1.            Funded pension plan.

                T              2.            Qualified pension plans.

                F              3.            Defined-contribution plan liability.

                T              4.            Defined-benefit plans.

                T              5.            Vested benefit obligation.

                F              6.            Accumulated benefit obligation.

                F              7.            Definition of service cost.

                T              8.            Definition of interest cost.

                F              9.            Recognizing accumulated benefit obligation.

                T              10.          Pension Asset /Liability balance.

                F              11.          Plan amendment and projected benefit obligation increase.

                F              12.          Years-of-service amortization method.

                T              13.          Expected return and actual return.

                F              14.          Unexpected gains and losses.

                T              15.          Accumulated OCI (G/L) account and the corridor.

                F              16.          Amortization of net gains and losses.

                T              17.          Recording prior service cost.

                F              18.          Reporting accumulated OCI (PSC) on the balance sheet.

                F              19.          Other comprehensive income (PSC) and net income.

                T              20.          Reconciliation of PBO and fair value of plan assets.

 

MULTIPLE CHOICE—Conceptual

                Description

                d             21.          Factors considered by actuaries.

                c              22.          Process of funding a pension plan.

                d             23.          Accounting problems in pension plans.

                c              24.          Nature of a defined-contribution plan.

                b             25.          Nature of a defined-benefit plan.

                b             26.         Defined-contribution plan characteristics.

                a              27.          Accounting for a defined-benefit plan.

                c              28.          Pension obligation measurement using future salaries.

                a              29.          Definition of accumulated benefit obligation.

                a              30.          Projected benefit obligation as a measure of pension obligation.

                d             31.          Alternative measures of the pension obligation.

                d             32.          Characteristics of vested benefits.

                d             33.          Pension funding and pension expense recognition.

                a              34.          Components of pension expense.

                c              35.          Service cost calculated using future compensation levels.

                b             36.          Settlement interest rates.

 

MULTIPLE CHOICE—Conceptual  (cont.)

Description

                a              37.          Nature of plan assets.

                b             38.          Definition of actual return on plan assets.

                b             39.          Pension Asset / Liability.

                c              40.          Items included in pension expense.

                a              41.          Definition of pension expense.

                c              42.          Recognition of prior service costs.

                c              43.          Amortization of prior service costs.

                b             44.          Amortization methods for prior service costs.

                a              45.          Defined-benefit plan amendment.

                d             46.          Unexpected gains and losses.

                b             47.          Recording gains and losses.

                a              48.          Use of fair value of plan asset.

                a              49.          Gain or loss caused by a plant closing.

                a              50.          Reporting pension asset.

                d             51.          Intangible asset—deferred pension cost.

                a              52.          Identification of a balance sheet account.

                a              53.          Recognition of pension asset.

                b             54.          Disclosures of pension plan information.

                c              55.          Function of Pension Benefit Guaranty Corporation.

                c              *56.       Postretirement health care benefits.

                c              *57.       Disclosures of postretirement benefits.

                c              *58.       Postretirement asset.

                a              *59.       Postretirement benefits.

                c              *60.       Accrual period.

                b             *61.       Expected postretirement benefit obligation.

                d             *62.       Recognition of prior service cost.

                b             *63.       Item not recognized.

 

*This topic is dealt with in an Appendix to the chapter.

 

MULTIPLE CHOICE—Computational

Description

                d             64.          Calculate pension expense.

                c              65.          Calculate pension expense.

                a              66.          Calculate pension expense.

                b             67.          Calculate pension expense.

                a              68.          Determine pension expense.

                a              69.          Determine pension liability to be reported.

                b             70.          Determine amortization of gain / loss.

                d             71.          Calculate pension expense.

                d             72.          Calculate pension expense.

                b             73.          Calculate pension expense.

                b             74.          Calculate actual return on plan assets.

                a              75.          Calculate unexpected gain on plan assets.

                d             76.          Calculate net loss amortization.

 

MULTIPLE CHOICE—Computational

                Description

                b             77.          Calculate projected benefit obligation balance.

                c              78.          Calculate fair value of plan assets.

                b             79.          Calculate amortization of prior service cost.

                c              80.          Calculate interest cost.

                b             81.          Determine actual return on plan assets.

                c              82.          Calculate the unexpected gain on plan assets.

                b             83.          Determine the corridor.

                b             84.          Calculate amortization of net gain.

                a              85.          Calculate pension asset / liability recognized in the balance sheet.

                c              86.          Calculate pension liability.

                d             87.          Calculate pension liability.

                c              88.          Calculate pension liability.

                b             89.          Calculate amount of intangible asset.

                d             90.          Calculate pension liability.

                b             91.          Determine pension liability to be reported.

                d             92.          Determine pension asset / liability to be reported.

                d             93.          Determine balance of projected benefit obligation.

                c              94.          Determine fair value of plan assets.

                d             95.          Determine pension asset / liability to be reported.

                a              96.          Determine pension liability to be reported.

                b             *97.       Calculate postretirement expense.

                a              *98.       Calculate postretirement expense.

                b             *99.       Calculate postretirement expense.

 

MULTIPLE CHOICE—CPA Adapted

                Description

                d             100.        Determine the projected benefit obligation.

                b             101.        Nature of interest cost.

                c              102.        Determine pension asset / liability to be reported.

                d             103.        Determine pension asset / liability to be reported.

                a              104.        Calculate pension liability.

                b             105.        Calculate pension liability.

               

 

 

EXERCISES

                Item      Description

                E20-106                Pension accounting terminology.

                E20-107                Pension asset terminology.

                E20-108                Measuring and recording pension expense.

 

EXERCISES  (cont.)

                Item      Description

                E20-109                Measuring and recording pension expense.

                E20-110                Additional pension liability.

                E20-111                Pension reconciliation schedule.

                E20-112                Pension plan calculations.

                E20-113                Pension plan calculation and entries.

                E20-114                Corridor amortization.

                E20-115                Corridor approach (amortization of net gains and losses.)

                E20-116                Pension plan calculations and journal entry.

                *E20-117              Computing and recording postretirement expense.

                *E20-118              Computing postretirement expense and APBO.

 

PROBLEMS

                Item      Description

                P20-119                Measuring, recording, and reporting pension expense and liability.

                P20-120                Measuring and recording pension expense.

                P20-121                Preparing a pension work sheet.

                P20-122                Amortization of prior service cost.

 

 

CHAPTER LEARNING OBJECTIVES

 

                1.            Distinguish between accounting for the employer's pension plan and accounting for the pension fund.

 

                2.            Identify types of pension plans and their characteristics.

 

                3.            Explain alternative measures for valuing the pension obligation.

 

                4.            List the components of pension expense.

 

                5.            Use a worksheet for employer's pension plan entries.

 

                6.            Describe the amortization of prior service costs.

 

                7.            Explain the accounting for unexpected gains and losses.

 

                8.            Explain the corridor approach to amortizing gains and losses.

 

                9.            Describe the requirements for reporting pension plans in financial statements.

 

                *10.       Identify the differences between pensions and postretirement healthcare benefits.

 

                *11.       Contrast accounting for pensions to accounting for other postretirement benefits.

 

 

SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS

 

Item      Type      Item      Type      Item      Type      Item      Type      Item      Type      Item      Type      Item      Type

Learning Objective 1

1.            TF           2.            TF           21.          MC         22.          MC                                                                                        

Learning Objective 2

3.            TF           4.            TF           23.          MC         24.          MC         25.          MC         S26.        MC         S27.        MC

Learning Objective 3

5.            TF           28.          MC         30.          MC         32.          MC         117.        E                                                             

6.            TF           29.          MC         31.          MC         106.        E                                                                                             

Learning Objective 4

7.            TF           36.          MC         64.          MC         71.          MC         80.          MC         107.        E                             

8.            TF           37.          MC         65.          MC         72.          MC         81.          MC         108.        E                             

33.          MC         38.          MC         66.          MC         73.          MC         100.        E              109.        E                             

34.          MC         39.          MC         67.          MC         74.          MC         101.        E              116.        E                             

35.          MC         40.          MC         68.          MC         75.          MC         106.        E              120.        P                            

Learning Objective 5

9.            TF           10.          TF           41.          MC         77.          MC         78.          MC         121.        P                            

Learning Objective 6

11.          TF           42.          MC         44.          MC         79.          MC         109.        E              122.        P                            

12.          TF           43.          MC         45.          MC         108.        E              119.        P                                                            

Learning Objective 7

13.          TF           46.          MC         82.          MC         112.        E              120.        P                                                            

14.          TF           75.          MC         107.        E              119.        P             121.        P                                                            

Learning Objective 8

15.          TF&nb

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[Solved] Test Bank Chapter 20 Accounting for Pensions and Postretirement Benefits.

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Test Bank Chapter 20 Accounting for Pensions and Postretirement Benefits.Description F 1. Funded pension plan. T 2. Qualified pension plans. F 3. Defined-contribution plan liability. T 4. Defined-benefit plans. T 5. Vested benefit obligation. F 6. Accumulated benefit obligation. F 7. Definition of service cost. T 8. Definition of interest cost. F 9. Recognizing accumulated benefit obligation. T 10. Pension Asset /Liability balance....
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