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

Explanation of Actuarial Gains and Losses:Actuarial gains and losses are changes in the present…

Answered: In pension accounting, actuarial gains…

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 12GI

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Similar questions

Which of the following is not a component of pension expense? a. amount funded b. service cost c. expected return on plan assets d. interest cost
The actuarial present value of all the benefits attributed by the pension benefit formula to employee service rendered before a specified date based on expected future compensation levels is the: a. projected benefit obligation b. prior service cost c. service cost d. accumulated benefit obligation
Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and C
Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes
What is a fund? Distinguish between a fund and an appropriation of retained earnings.

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