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question the following are key terms in chapter 8 that relate toaccounting for pensi 4290148

Question

The following are key terms in Chapter 8 that relate toaccounting for pension plans.

A. Agent multiple-employerpension plan

B. Cost-sharing multiple-employerpension plan

C. Covered payroll

D. Defined benefitplan

E. Defined contributionplan

F. Net pensionliability

G. Service cost

H. Total pensionliability

For each of the followingdefinitions, indicate the key term from the list above that bestmatches by placing the appropriate letter in the blank space nextto the definition.

_____ 1. A pension plan whichspecifies the amount or rate of contribution that the employer andemployees must contribute to the members’ accounts in the pensionplan.

_____ 2. The portion of thepresent value of projected benefit payments to be provided throughthe pension plan to current active and inactive employees that isattributed to those employees’ past periods of service.

_____ 3. The portion of theactuarial present value of projected benefit payments that isattributed to the current year, interest on the total pensionliability, benefit payments, and other changes to the total pensionliability.

_____ 4. The pension obligationsof many employers are pooled and plan assets can be used to pay thebenefits of the employees of any employer that provides pensionsthrough the pension plan.

_____ 5. Plan assets of numerousemployers are pooled for investment purposes but accounts aremaintained for the individual employer participants.

 

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