A Discuss the retirement benefits offered by government for employees in detail. Explain in which category of funds are these benefits accounted for and why?
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- Which of the following is not a component of pension expense? a. amount funded b. service cost c. expected return on plan assets d. interest costQuestion: Part A Discuss the retirement benefits offered by government for employees in detail. Explain in which category of funds are these benefits accounted for and why?What is the GASB standard for reporting expenditures from governmental funds for employee pension benefits and retiree health care benefits?
- retirement benefits offered by government for employees in detail.What does the Pension Benefit Guaranty Corporation provides?Mulitple choice question When are liabilities recognized for the federal Social Security program? Select one: a. When benefits are paid to the recipients b. When benefits are earned by the recipients c. When benefits are due and payable at the end of a reporting period d. When the social security trust fund receives cash from employees and employers
- What exactly does "previous service cost" mean? When is past service cost recognized as a pension expenditure and how is it calculated?Explain how to determine pension expense.The account Benefits Payable, is best defined as An asset account An account showing the benefits to be paid to the employee An account showing the benefits that are paid to a governmental entity An account showing the contributions owed for a benefit plan offered by the employer
- Which of the following is not considered by an actuary when determining the annual contribution to a government pension plan? A. Employee turnover B. Mortality rates C. Annual salary increase D. Increase to the federal deficitHow does accounting for postretirement benefits similar in most respects to accounting for pension benefits?In computing the interest component of pension expense, what interest rates may be used?