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17 Chapter Pensions and Other Postretirement Benefits
True/False
Questions
1. The amount of the vested benefit obligation is lower than the projected benefit obligation and greater than the accumulated benefit obligation. Answer: False
2. The projected benefit obligation may be less reliable than the accumulated benefit obligation. Answer: True
3. An upward revision of inflation and compensation trends would likely cause a gain in the pension benefit obligation. Answer: False Learning Objective: 3 Level of Learning: 2
4. Prior service cost is recognized as pension expense over a period of several years. Answer: True
5. Conceptually, the service method provides a better matching of costs and benefits in amortizing prior service cost than does the straight-line method. Answer: True
6. A net gain or net loss affects pension expense only if it exceeds ten percent of the pension benefit obligation or ten percent of plan assets, whichever is lower. Answer: False Learning Objective: 3 Level of Learning: 1
7. Pension expense and funding amounts are both accounting decisions. Answer: False Learning Objective: 5 Level of Learning: 1
8. The balance of prepaid or accrued pension cost expense is a combination of the funded status of the plan, the unamortized prior service cost, and the unamortized net gain or loss. Answer: True Learning Objective: 5 Level of Learning: 1
9. The minimum pension liability is the excess of the projected benefit obligation over the plan assets. Answer: False Learning Objective: 7 Level of Learning: 1
10. If a pension plan is underfunded, an additional liability must always be recorded. Answer: False Learning Objective: 6 Level of Learning: 2
11. Unlike pensions, there is almost always an accrued liability for postretirement benefit plans since very few are funded. Answer: True
12. The expected postretirement benefit obligation is the discounted present value of the total benefits expected to be paid by the employer to the plan participan
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