. The following are key terms in Chapter 8 that relate to accounting for pension

Question

. The following are key terms in Chapter 8 that relate to accounting for pension plans. A. Actuarial accrued liability B. Actuarial present value of total projected benefits C. Actuarial value of assets D. Annual required contribution E. Net pension obligation F. Normal cost G. Unfunded actuarial liability For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition. _____ 1. The present value of projected benefits other than benefits earned from current and future employee services. _____ 2. An actuarially determined amount that the employer should contribute in the current year to ensure full actuarial funding of the plan. _____ 3. The actuarial present value of benefits allocated to the current year by the actuarial cost method being used. _____ 4. The sum of the transition pension liability (or asset) and the cumulative difference between annual pension cost and the employer

Explanation / Answer

E. B C D A

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