intermediate-acct-test-bankch20

CHAPTER20ACCOUNTINGFORPENSIONSANDPOSTRETIREMENTBENEFITSIFRSquestionsareavailableattheendofthischapter.TRUE-FALSE—ConceptualAnswerNo.DescriptionF1.Fundedpensionplan.T2.Qualifiedpensionplans.F3.Defined-contributionplanliability.T4.Defined-benefitplans.T5.Vestedbenefitobligation.F6.Accumulatedbenefitobligation.F7.Definitionofservicecost.T8.Definitionofinterestcost.F9.Recognizingaccumulatedbenefitobligation.T10.PensionAsset/Liabilitybalance.F11.Planamendmentandprojectedbenefitobligationincrease.F12.Years-of-serviceamortizationmethod.T13.Expectedreturnandactualreturn.F14.Unexpectedgainsandlosses.T15.AccumulatedOCI(G/L)accountandthecorridor.F16.Amortizationofnetgainsandlosses.T17.Recordingpriorservicecost.F18.ReportingaccumulatedOCI(PSC)onthebalancesheet.F19.Othercomprehensiveincome(PSC)andnetincome.T20.ReconciliationofPBOandfairvalueofplanassets.MULTIPLECHOICE—ConceptualAnswerNo.Descriptiond21.Factorsconsideredbyactuaries.c22.Processoffundingapensionplan.d23.Accountingproblemsinpensionplans.c24.Natureofadefined-contributionplan.b25.Natureofadefined-benefitplan.b26.Defined-contributionplancharacteristics.a27.Accountingforadefined-benefitplan.c28.Pensionobligationmeasurementusingfuturesalaries.a29.Definitionofaccumulatedbenefitobligation.a30.Projectedbenefitobligationasameasureofpensionobligation.d31.Alternativemeasuresofthepensionobligation.d32.Characteristicsofvestedbenefits.d33.Pensionfundingandpensionexpenserecognition.a34.Componentsofpensionexpense.c35.Servicecostcalculatedusingfuturecompensationlevels.b36.Settlementinterestrates.TestBankforIntermediateAccounting,FourteenthEdition20-2MULTIPLECHOICE—Conceptual(cont.)AnswerNo.Descriptiona37.Natureofplanassets.b38.Definitionofactualreturnonplanassets.b39.PensionAsset/Liability.c40.Itemsincludedinpensionexpense.a41.Definitionofpensionexpense.c42.Recognitionofpriorservicecosts.c43.Amortizationofpriorservicecosts.b44.Amortizationmethodsforpriorservicecosts.a45.Defined-benefitplanamendment.d46.Unexpectedgainsandlosses.b47.Recordinggainsandlosses.a48.Useoffairvalueofplanasset.a49.Gainorlosscausedbyaplantclosing.a50.Reportingpensionasset.d51.Intangibleasset—deferredpensioncost.a52.Identificationofabalancesheetaccount.a53.Recognitionofpensionasset.b54.Disclosuresofpensionplaninformation.c55.FunctionofPensionBenefitGuarantyCorporation.c*56.Postretirementhealthcarebenefits.c*57.Disclosuresofpostretirementbenefits.c*58.Postretirementasset.a*59.Postretirementbenefits.c*60.Accrualperiod.b*61.Expectedpostretirementbenefitobligation.d*62.Recognitionofpriorservicecost.b*63.Itemnotrecognized.*ThistopicisdealtwithinanAppendixtothechapter.MULTIPLECHOICE—ComputationalAnswerNo.Descriptiond64.Calculatepensionexpense.c65.Calculatepensionexpense.a66.Calculatepensionexpense.b67.Calculatepensionexpense.a68.Determinepensionexpense.a69.Determinepensionliabilitytobereported.b70.Determineamortizationofgain/loss.d71.Calculatepensionexpense.d72.Calculatepensionexpense.b73.Calculatepensionexpense.b74.Calculateactualreturnonplanassets.a75.Calculateunexpectedgainonplanassets.d76.Calculatenetlossamortization.AccountingforPensionsandPostretirementBenefits20-3MULTIPLECHOICE—ComputationalAnswerNo.Descriptionb77.Calculateprojectedbenefitobligationbalance.c78.Calculatefairvalueofplanassets.b79.Calculateamortizationofpriorservicecost.c80.Calculateinterestcost.b81.Determineactualreturnonplanassets.c82.Calculatetheunexpectedgainonplanassets.b83.Determinethecorridor.b84.Calculateamortizationofnetgain.a85.Calculatepensionasset/liabilityrecognizedinthebalancesheet.c86.Calculatepensionliability.d87.Calculatepensionliability.c88.Calculatepensionliability.b89.Calculateamountofintangibleasset.d90.Calculatepensionliability.b91.Determinepensionliabilitytobereported.d92.Determinepensionasset/liabilitytobereported.d93.Determinebalanceofprojectedbenefitobligation.c94.Determinefairvalueofplanassets.d95.Determinepensionasset/liabilitytobereported.a96.Determinepensionliabilitytobereported.b*97.Calculatepostretirementexpense.a*98.Calculatepostretirementexpense.b*99.Calculatepostretirementexpense.MULTIPLECHOICE—CPAAdaptedAnswerNo.Descriptiond100.Determinetheprojectedbenefitobligation.b101.Natureofinterestcost.c102.Determinepensionasset/liabilitytobereported.d103.Determinepensionasset/liabilitytobereported.a104.Calculatepensionliability.b105.Calculatepensionliability.EXERCISESItemDescriptionE20-106Pensionaccountingterminology.E20-107Pensionassetterminology.E20-108Measuringandrecordingpensionexpense.TestBankforIntermediateAccounting,FourteenthEdition20-4EXERCISES(cont.)ItemDescriptionE20-109Measuringandrecordingpensionexpense.E20-110Additionalpensionliability.E20-111Pensionreconciliationschedule.E20-112Pensionplancalculations.E20-113Pensionplancalculationandentries.E20-114Corridoramortization.E20-115Corridorapproach(amortizationofnetgainsandlosses.)E20-116Pensionplancalculationsandjournalentry.*E20-117Computingandrecordingpostretirementexpense.*E20-118ComputingpostretirementexpenseandAPBO.PROBLEMSItemDescriptionP20-119Meas