Answered: All of the following increase pension…

All of the following increase pension expense except: service cost. interest on the liability. amortization of prior service cost. contributions to the fund.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7MC: Which of the following is not a component of pension expense? a. amount funded b. service cost c....

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Question

All of the following increase pension expense except:

service cost.

interest on the liability.

amortization of prior service cost.

contributions to the fund.

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Similar questions

The return on plan assets is the increase in plan assets (at fair value), adjusted for contributions to the plan and benefits paid during the period. How is the return included in the calculation of the periodic pension expense?
The net pension liability (PBO minus plan assets) is increased by: A. Service cost. B. Expected return on plan assets. C. Amortization of prior service cost. D. Cash contributions to plan assets.
Any past service costs should be included in the a) pension expense of past periods. b) pension expense of the current period. c) pension expense of current and future periods. d) plan assets.
38. In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as as other comprehensive income (G/L). as accumulated other comprehensive income (PSC). pension asset/liability. an offset to the liability for prior service cost.
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.
What are the four basic components of pension expense? Select one: A. Service cost, benefits paid, expected return on plan assets, and amortization of deferred amounts B. Service cost, benefits paid, actual return on plan assets, and amortization of deferred amounts C. Service cost, interest cost, actual return on plan assets, and amortization of deferred amounts D. Service cost,interest cost, expected return on plan assets, and amortization of deferred amounts E. None of the above
33. In a defined-benefit plan, the process of funding refers to determining the projected benefit obligation. determining the amount that might be reported for pension expense. determining the accumulated benefit obligation. making the periodic contributions to a funding agency to ensure that funds are available to meet retirees' claims.
Help
Depending on when an unfunded pension liability is to be paid, it will be classified on the balance sheet as either a long-term or a current liability.
For a defined benefit pension plan, pension expense consists of five components, for which the formula is Service Cost – Interest Cost + Expected Return on Plan Assets – Amortization of Prior Service Cost +(–) Gain (Loss). Service Cost + Interest Cost – Expected Return on Plan Assets + Amortization of Prior Service Cost +(–) Gain (Loss). Service Cost + Interest Cost + Expected Return on Plan Assets – Amortization of Prior Service Cost +(–) Gain (Loss). Service Cost – Interest Cost + Expected Return on Plan Assets + Amortization of Prior Service Cost +(–) Gain (Loss).
Interest cost included in pension expense recognized for a period by an employer sponsoring a defined benefit pension plan represents the shortage between the expected and actual returns on plan assets. increase in the projected benefit obligation due to the passage of time increase in the fair value of plan assets due to the passage of time. amortization of the discount on accumulated OCI (PSC) 0
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