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Exam 17: Pensions and Other Postretirement Benefits

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Question 21

Multiple Choice

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The key elements of a defined benefit pension plan include all of the following except:

A) The pension expense.
B) The plan assets.
C) Amortized future benefits.
D) The employer's obligation.

E) A) and B)
F) B) and C)

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Question 22

Multiple Choice

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A gain from changing an estimate regarding the obligation for pension plans will:

A) Increase assets.
B) Increase liabilities.
C) Decrease shareholders' equity.
D) Increase shareholders' equity.

E) None of the above
F) B) and D)

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Question 23

Multiple Choice

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Gains and losses can occur with pension plans when:

Actuarial gains and losses are reported as OCI as they occur using:

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the most correct term.

Listed below are eight terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the most correct term.

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the most correct term.

Bernard Corporation has an unfunded postretirement health care benefit plan.Life insurance and medical care benefits are provided to employees who render 12 years of service and attain age 55 while in service to the company.At the end of 2016,Teri Clark is 35.She was hired by Bernard five years ago at age 30 and is expected to retire at the age of 62.The expected postretirement benefit obligation for Teri is $50,000 at the end of 2016 and $60,000 at the end of 2017. Required: Calculate the accumulated postretirement benefit obligation at the end of 2016 and 2017 and the service cost for 2016 and 2017 pertaining to Teri.

In a postretirement health care plan,prior service cost is attributed to the service of active employees from the date of the amendment to:

A company's total obligation for postretirement benefits is measured by the:

With respect to Ralph,what is the service cost to be included in Oregon's 2016 postretirement benefit expense,rounded to the nearest dollar?

Accumulated other comprehensive income:

Use the following to answer questions The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC) . -What was the balance of the net pension asset / liability reported in the balance sheet at the end of the previous year?

Fox Company received the following reports of its defined benefit pension plan for the current calendar year: The long-term expected rate of return on plan assets is 8%.Assuming no other data are relevant,what is the pension expense for the year?

If a pension plan is underfunded,the company has a net loss-OCI.

Amortizing a net loss for pensions will:

Data pertaining to the postretirement health care benefit plan of Danielson Delivery Service include the following for the current calendar year: Required: 1)Determine Danielson's postretirement benefit expense for the current year. 2)Prepare the journal entries to record the benefit expense and funding for the current year.

Differentiate between the projected benefit obligation,the accumulated benefit obligation,and the vested benefit obligation.

The net pension liability (PBO minus plan assets) is increased by:

Assume that at the beginning of the current year,a company has a net gain-AOCI of $25,000,000.At the same time,assume the PBO and the plan assets are $200,000,000 and $150,000,000,respectively.The average remaining service period for the employees expected to receive benefits is 10 years.What is the amount of amortization to pension expense for the year?