Accounting Intermediate 2: Test 2

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Author:
Anonymous
ID:
149458
Filename:
Accounting Intermediate 2: Test 2
Updated:
2012-04-22 23:31:42
Tags:
Accounting nIntermediate nACCT nAccounting 3120
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Description:
A few flash cards over chapters 16, 17, 18; Spiceland
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  1. What causes changes to the PBO?
    • Service Cost+
    • Interest+
    • Prior Service Cost+
    • Gains/Losses from changes in estimates +/-
    • Payment of Benefits -
  2. What do the Pension Plan Assets consist of?
    • Return on plan assets+
    • Cash contribution to the plan+
    • Retiree benefits paid -
  3. 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 +/-
  4. 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.
  5. 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)
  6. Look at penion spreadsheet!

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