In pension accounting, actuarial gains and losses are (a) Added to pension obligation directly (b) Always recognized immediately in profit or loss (c) Deferred indefinitely (d) Recognized in other comprehensive income

In pension accounting, actuarial gains and losses are (a) Added to pension obligation directly (b) Always recognized immediately in profit or loss (c) Deferred indefinitely (d) Recognized in other comprehensive income

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....

See similar textbooks

Related questions

Q: please give me correct answer general accounting

A: Step 1: Define Balance SheetA balance sheet records the company's total assets and total liabilities…

Q: General Accounting

A: Step 1: Define Contribution Margin per Machine HourContribution Margin per Machine Hour helps a…

Q: Provide answer general accounting

A: Explanation: Following data is given:Net sales = $800,000; Cost of goods sold = $520,000; Operating…

Q: None

A: Calculation of Total Dividends PaidTotal Dividend paid = Paid to Preference Stockholders + Paid to…

Q: What amount will be reported for accumulated depreciation?

A: Step 1: Definition of Contra-Asset AccountA contra-asset account is an account with a credit balance…

Q: Step by step answer to this accounting problem

A: Explanation of Owner's Equity:Owner's equity refers to the owner's financial interest in the…

Q: Kindly help me with accounting questions

A: Step 1: Definition of Recording a New AssetWhen an asset is exchanged with commercial substance, the…

Q: Electric Zero produces relay units for generators. Each relay has a standard cost of $67. Standards…

A: To calculate the Labor Efficiency Variance, we use the formula: Labor Efficiency Variance…

Q: Financial Accounting

A: Step 1: Define Raw Materials to be PurchasedThe raw materials to be purchased is the amount of raw…

Q: Please solve this question

A: We have to determine the gain or loss on the disposal of the equipment. First we need to calculate…

Q: None

A: Step 1: Define Net Operating IncomeA company's net operating income is its gross profit minus its…

Q: need this question answer general accounting

A: Here's how to calculate the cost of equity using the Capital Asset Pricing Model (CAPM):CAPM…

Q: Please solve this question general accounting

A: To calculate the Yield to Call (YTC) for Katy's bonds, let's break it down step by step. The YTC…

Q: The ending balance of the Goods in Process Inventory account for the Machining Department is:

A: Step 1: Formula for Ending InventoryThe formula for the ending balance of Goods in Process Inventory…

Q: Kindly help me with accounting questions

A: Step 1: Definition of the Accounting EquationThe Accounting Equation…

Q: What was his net income?

A: Step 1: Define Net IncomeIn finance and accounting, net income is the total income to an individual…

Q: A small retailer has the following transaction data: beginning inventory $8,400, purchases $64,000,…

A: Explanation of Cost of Goods Sold (COGS):COGS represents the total direct costs of goods that were…

Q: Tomy Toys is planning to sell 200 action figures and to produce 190 action figures in July. Each…

A: Step 1: Understand the ProblemTomy Toys plans to:Produce 190 action figures in July.Direct labor…

Q: Follow all and answer me. # general Account

A: Step 1: Identify the total units transferred out.Step 2: Calculate the equivalent units for ending…

Q: Total assets balance?

A: Step 1: Calculation of Average Total AssetsStep 2: Calculation of ending total assets

Q: A company has recently experienced a significant decline in sales due to a economic downturn.…

A: Impact on Financial StatementsIncome Statement:A decline in sales will directly reduce revenue,…

Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…

A: At the end of the accounting period, we need to close temporary accounts (revenue, expense, and…

Q: Provide cost account answer

A: The correct answer is:b. Property tax on the corporate headquarters. Explanation:Product…

Q: The following information relates to the manufacturing operations of the Abbra Publishing Company…

A: Step 1: Understand the FormulaTo calculate the amount of raw materials purchased, we use the…

Q: Compute the overhead cost

A: Detailed explanation:1. Predetermined Overhead Rate as a percent of direct labor :Predetermined…

Q: I need this question answer general Accounting

A: Step 1: Define Cash conversion CycleThe cash conversion cycle (CCC) is a metric that expresses the…

Q: Find @ answer @ general account

A: The Degree of Operating Leverage (DOL) measures how a percentage change in sales affects the…

Q: Tag. General Account

A: To calculate budgeted production in units for the third quarter, we need to consider sales, desired…

Q: What was kennedys net income for the year general accounting

A: Step 1: Identify revenuesStep 2: Identify expensesStep 3: Subtract expenses from revenuesStep 4:…

Q: Please provide answer this general accounting and step by step calculation

A: Step 1: Define Under-applied or Over-applied OverheadUnder-applied overhead occurs when the overhead…

Q: hello tutor give me a answer general accounting

A: Step 1:First calculate the change in working capital: Change in working capital = Working capital,…

Q: Consider the information below regarding the cost of goods sold for Company L. Calculate the amount…

A: To calculate the Ending Inventory for Company L, let us analyze the information systematically using…

Q: What entry will they report to record the supplies use for the year ?

A: Step 1: Define Adjusting EntriesIn accounting, the recognition of adjusting entries is necessary to…

Q: Solve this following requirements on these general accounting question

A: Part a: Break-even Sales in Units• Step 1: Use the Break-even sales in units Formula • Step 2:…

Q: Financial accounting

A: To solve for the expected return on the market (E(Rm)E(R_m)E(Rm)), we use the Capital Asset Pricing…

Q: Subject :- General Account

A: To calculate the net asset value (equity) of Middy Garden Services, we use the accounting equation:…

Q: What is the company's plantwide overhead rate?

A: Step 1: Definition of Plantwide Overhead RateThe plantwide overhead rate is used to apply…

Q: Do fast answer of this general accounting question

A: Step 1: Define Cost of Goods SoldThe cost of goods sold is the total of all the direct costs of the…

Q: MCQ

A: Step 1: The functional currecny is the currency of the primary economic environment in which the…

Q: provide correct answer general accenting

A: Step 1: Define Contribution Margin Per UnitContribution margin per unit is the amount of revenue…

Q: The increase in sales?

A: The actual example can be traced from the report that the Family Restaurant chain bought new ovens…

Q: General accounting question

A: Step 1: Define Budgeted OverheadThe overhead estimated to be incurred in the coming period for…

Q: Please solve this question

A: To calculate the total fixed cost, we use the contribution margin income statement formula:Operating…

Q: NO WRONG ANSWER

A: Concept of Raw Materials Inventory: Raw materials inventory refers to the basic materials that a…

Q: Select the correct equation format for the purchases budget. a. Beginning inventory + expected sales…

A: To calculates the purchases needed by accounting for the expected sales, the inventory you want to…

Q: What is the direct labor rate variance?

A: Explanation of Direct Labor Costs:Direct Labor Costs refer to the expenses incurred in paying…

Q: Sub: accounting

A: Explanation of Stockholders' Equity:Stockholders' equity represents the residual interest that the…

Q: What is the budgeted manufacturing overhead for July?

A: Step 1: Define Manufacturing OverheadManufacturing overhead is a component of the total…

Q: None

A: Step 1: Define Change In Operating Cash FlowA change in operating cash flow occurs in correspondence…

Q: None

A: Step 1: Definition of Return on Assets (ROA) and Return on Equity (ROE)Return on Assets (ROA): This…

Question

Accurate answer

In pension accounting, actuarial gains and losses are
(a) Added to pension obligation directly
(b) Always recognized immediately in profit or loss
(c) Deferred indefinitely
(d) Recognized in other comprehensive income

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Help
MCQ
1. When an entity amends a pension plan, past service cost should be Recorded in other comprehensive income. Expensed in the period the plan is amended. Amortized over the service period of the employees Treated as prior period error.
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.
Describe how pension expense is a composite of periodic changes that occur in both the pension obligation and the plan assets.
pension liability is reported when the projected benefit obligation exceeds the fair value of pension plan assets Ⓒthe accumulated benefit obligation is less than the fair value of pension plan assets. the pension expense reported for the period is greater than the funding amount for the same period accumulated other comprehensive income exceeds the fair value of pension plan assets
Describe the Components of Pension Expense.
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.
If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial statements? If the reverse occurs - that is, current funding by the employer exceeds the amount recognized as pension expense - what kind of account arises, and how should it be reported?
If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial statements? If the reverse occurs'that is, current funding by the employer exceeds the amount recognized as pension expense'what kind of account arises, and how should it be reported?
Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers
Which of the following is true about plan assets? Any excess return on plan assets are earned to the benefit of the company Includes qualifying insurance policies None of the statements are correct These are assets held for short-term purpose in the event of employee retirement during the year