ACC2363_Assignment 8_Q #10 Pension Expense in Excess of Amount Funded

Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust funds

please help with this question

Under IFRS, any difference between the pension expense and the payments into the pension fund plan assets should be reflected in   Select one: a. a contra account to the net defined benefit liability/asset. b. an accrued actuarial liability. c. the net pension liability/asset. d. a note to the financial statements only. e. None of the above.

look over the three most important components of the pension expense. The treatment of expected and actual return on plan assets, particularly when the actual return is greater than the expected, the amortization of prior service cost and the unexpected gain/ loss. Discuss the accounting treatment of these items with suitable examples.

Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.

Which of the following journal entries would be recorded when an entity contributes cash to its defined benefit pension plan? Select one: а. DR Cash; CR Net defined benefit liability O b. DR Pension assets; CR Cash Ос. DR Cash in trust; CR Cash O d. DR Net defined benefit liability; CR Cash

Explain how cash-basis accounting for pension plans differsfrom accrual-basis accounting for pension plans.Why is cash-basis accounting generally considered unacceptablefor pension plan accounting?

Qualified plan assets are placed into and held by a trust.  What can the trust distribute to the employer? Select one: a. Nothing b. Special distributions and dividends c. Excess contributions d. Annual forfeitures

Gains and losses can occur with pension plans when:           A) Either the PBO or the return on plan assets turns out to be different than expected.       B) Either the ABO or the return on plan assets turns out to be different than expected.         C) Either the PBO, the ABO, or the return on plan assets turns out to be different than expected.         D) Either the PBO or the ABO turns out to be different than expected.

which of the following are non financial claims?   pension obligations taxes payable both pension obligations and taxes payable  notes payable