FAR 7_04

True / False: The pension plan trust and the sponsoring company are two separate legal entities.

True
What are the standard financial statements that must be presented by the pension plan?
- Statement of Net Assets Available for Benefits
- Statement of Changes in Net Assets Available for Benefits
- Statement of Accumulated Plan Benefits
- Statement of Changes in Accumulated Plan Benefits
What are the major categories of items presented on the Statement of Net Assets Available for Benefits?
- Assets
- Receivables
- Cash
- Liabilities
- … results in Net Assets Available for Benefits
What are the major categories of items presented on the Statement of Changes in Net Assets Available for Benefits? What is this statements purpose?
- This statement reconciles the beginning net assets balance to the ending balance
- Investment Income
- … interest & dividends
- Investment Expenses
- Employer Contributions
- Benefits Paid to Participants
- Administrative Deductions
- Net Change
What are the major categories of items presented on the Statement of Accumulated Plan Benefits?
- The actuarial PV of accumulated plan benefits
- … vested benefits
- … nonvested benefits
What are the major categories of items presented on the Statement of Changes in Accumulated Plan Benefits? What is this statements purpose?
- This statement reconciles the beginning plan benefits balance to the ending balance
- The increase (decrease) to actuarial PV of accumulated plan benefits

Author

BethM

338381

Card Set

FAR 7_04

Description

Becker Review 2018

Updated

2018-02-24T00:37:55Z

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