Advanced Accounting (Looseleaf)
12th Edition
ISBN: 9780077632595
Author: Hoyle
Publisher: MCG
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Chapter 17, Problem 11P
To determine
Identify the correct option out of the given statements.
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The City of Huble has a defined benefit pension plan for a number of its employees. Which of the following is not included immediately in the determination of pension expense that this government should recognize in its government-wide financial statements?
Service cost.
Interest on total pension liability.
Changes in pension liability as a result of a change in benefit terms.
Changes in pension liability as a result of a change in economic or demographic assumptions.
Which of the following is not considered by an actuary when determining the annual contribution to a government pension plan?
A.
Employee turnover
B.
Mortality rates
C.
Annual salary increase
D.
Increase to the federal deficit
What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?
Chapter 17 Solutions
Advanced Accounting (Looseleaf)
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - A landfill is scheduled to be filled to capacity...Ch. 17 - The City of VanStone operates a solid waste...Ch. 17 - Prob. 7QCh. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 11QCh. 17 - Prob. 12QCh. 17 - Prob. 13QCh. 17 - What does a comprehensive annual financial report...Ch. 17 - Prob. 15QCh. 17 - Prob. 16QCh. 17 - What is the difference between a blended component...Ch. 17 - Prob. 18QCh. 17 - Prob. 19QCh. 17 - Prob. 20QCh. 17 - Prob. 21QCh. 17 - How are internal service funds reported on...Ch. 17 - Prob. 23QCh. 17 - A general purpose government takes over a special...Ch. 17 - Prob. 25QCh. 17 - Prob. 26QCh. 17 - Prob. 1PCh. 17 - Prob. 2PCh. 17 - Prob. 3PCh. 17 - Prob. 4PCh. 17 - Prob. 5PCh. 17 - A city creates a solid waste landfill. It assesses...Ch. 17 - Prob. 7PCh. 17 - If this landfill is judged to be a proprietary...Ch. 17 - If this landfill is judged to be a governmental...Ch. 17 - The City of Nomanchester has a defined benefit...Ch. 17 - Prob. 11PCh. 17 - Prob. 12PCh. 17 - Prob. 13PCh. 17 - Prob. 14PCh. 17 - A city builds sidewalks throughout its various...Ch. 17 - Prob. 16PCh. 17 - Prob. 17PCh. 17 - Prob. 18PCh. 17 - Prob. 19PCh. 17 - Prob. 20PCh. 17 - Prob. 21PCh. 17 - Prob. 22PCh. 17 - Prob. 23PCh. 17 - Prob. 24PCh. 17 - Prob. 25PCh. 17 - Prob. 26PCh. 17 - Prob. 27PCh. 17 - Prob. 28PCh. 17 - Prob. 29PCh. 17 - Prob. 30PCh. 17 - Prob. 31PCh. 17 - Prob. 32PCh. 17 - Prob. 33PCh. 17 - Prob. 34PCh. 17 - Prob. 35PCh. 17 - The City of Francois, Texas, has begun the process...Ch. 17 - Prob. 37PCh. 17 - Prob. 38PCh. 17 - Prob. 39PCh. 17 - Prob. 40PCh. 17 - Prob. 41PCh. 17 - 42. For each of the following, indicate whether...Ch. 17 - For problems 40 through 43, use the following...Ch. 17 - Prob. 44PCh. 17 - Prob. 45PCh. 17 - Prob. 46PCh. 17 - On the first day of the year, the City of Wolfe...Ch. 17 - Prob. 48PCh. 17 - A city has a solid waste landfill that was filled...Ch. 17 - Use the same information as in problem 44 except...Ch. 17 - Prob. 51PCh. 17 - Prob. 52PCh. 17 - Prob. 53PCh. 17 - Prob. 2DYSCh. 17 - Read the following journal article: 25 Years of...Ch. 17 - Prob. 4DYSCh. 17 - Prob. 5DYSCh. 17 - The City of Larissa recently opened a solid waste...
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- In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to: Multiple Choice The employer's contribution. Annual required contribution. The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings. All of these are correct.arrow_forwardIn which of these areas does California not conform to federal law? a. Rules for who is an active participant in an employer retirement plan. b. Spousal IRAs. c. Modified AGI phaseout for Roth IRA contributions. d. The basis of deductible contributions to traditional IRAs in certain years.arrow_forwardThe City of Ronchester has a defined benefit pension plan for its firefighters. How is the amount of pension expense determined that the city should recognize the current year?arrow_forward
- The City of Ronchester has a defined benefit pension plan for its firefighters. How is the amount of pension expense determined that should be recognized in the current year?arrow_forwardGive recommendations for fixing each of the following issues pertaining to a defined benefit pension plan. 1. The actual amounts contributed to the system by government employers have been much lower than the actuarially determined contribution amounts. 2. Pension benefits are not being funded adequately on an actuarial basis. 3. Increase in unpaid Contributions (The system did not collect contributions from the retirees/employees and the Government). 4. Mismanagement of investments which caused a great loss in investment income.arrow_forwardQuestion: Part A Discuss the retirement benefits offered by government for employees in detail. Explain in which category of funds are these benefits accounted for and why?arrow_forward
- The Employee Retirement Income Security Act (ERISA) was established to provide: Question 16 options: a) funding for retirement plans. b) mandatory retirement plans for self-employed individuals. c) protection to employees participating in private employer retirement plans. d) individual trust funds for employees retiring from jobs in the federal government. e) the ability to retain the same retirement insurance when employees change employers.arrow_forwardWhich of the following is not a characteristic of a defined-contribution pension plan? The employer's contribution each period is fixed. If the employer does not make contribution in full, then it reports a pension liability. If the employer contributes more than the required amount, then it reports a pension asset. An appropriate funding pattern must be established to ensure that the promised benefits at employees’ retirement will be met. The benefit of gain or the risk of loss from the assets contributed to the pension fund are borne by the employee.arrow_forwardA company currently offers it’s employees a defined benefit pension plan, but is looking into changing to a defined contribution plan for new employees, the company reports under IFRS. Within the notes, there is reference to the following: in relation to the pension extract (a)• Net pension liabilities/asset • Employee service cost • Net interest expense/income• Remeasurements Explain what the main features are of a defined benefit and defined contribution pension plan and how they are included in the financial statements. With reference to the pension notes, describe each item and how any movement in those items would be recorded in the financial statements.arrow_forward
- Please help me. Thankyou.arrow_forwardThe projected benefit obligation is the measure of pension obligation that __is not sanctioned under generally accepted accounting principles for reporting the service cost component of pension expense. __is required to be used for reporting the service cost component of pension expense. __requires pension expense to be determined solely on the basis of the plan formula applied to years of service to date and based on existing salary levels. __requires the longest possible period for funding to maximize the tax deduction.arrow_forwardAccording to PAS for Accounting and Reporting by Retirement Benefit Plans, which of the following may be disclosed in the financial report of a defined benefit plan but would not be shown in the financial report of a defined contribution plan? Actuarial present value of promised retirement benefits Employer contributions Government bonds held Employee contributionsarrow_forward
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