Accounting Intermediate 2: Test 2
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What causes changes to the PBO?
- Service Cost+
- Prior Service Cost+
- Gains/Losses from changes in estimates +/-
- Payment of Benefits -
What do the Pension Plan Assets consist of?
- Return on plan assets+
- Cash contribution to the plan+
- Retiree benefits paid -
What are the components of Pension Expens?
- Service Cost +
- Interest Cost +
- Expected Return on Plan Assets +
- Amortization of Prior Service cost-AOCI +
- Amort of net Loss/Gain- AOCI +/-
Define the "funded status" and describe how its reported.
- The difference between the Obligation and the Plan Assets.
- It is reported in the balance sheet as a net pension liability or asset.
What are the journal entries to record Pension Expense?
- Pension Expense
- Plan Assets
- PBO (Srvc Cst+Int Cst)
- Amort of Prior Srvc cst-OCI
- Amort of Loss-OCI (Debit if Gain)
Look at penion spreadsheet!
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