F7- M4 - Financial Statements of Employee Benefit Plans

Question 1

A ______ and the _________ are two separate legal entities

Answer 1

pension plan; sponsoring company

Question 2

Pension plan accounting for the sponsoring company focuses on calculating ____________ using actuarial outputs and reporting the funded status of the plan on the sponsor’s balance sheet.

Answer 2

calculating net periodic pension cos

Question 3

In addition to the accounting and reporting done by the sponsor company, U.S. GAAP requires that financial statements be presented by the _________

Answer 3

pension plan itself.

Question 4

GAAP requires the financial statements of a defined benefit plan to include the following (4)

Answer 4

Statement of Net Assets Available for Benefits; Statement of Changes in Net Assets Available for Benefits; Statement of Accumulated Plan Benefits:; Statement of Change in Accumulated Plan Benefits

Question 5

For Defined Benefit Pension Plans - _________ A statement that includes information regarding the net assets available for benefits at the end of the plan year.

Answer 5

Statement of Net Assets Available for Benefits:

Question 6

For Defined Benefit Pension Plans -_________ is a A statement that includes information regarding the changes during the year in the net assets available for benefits.

Answer 6

Statement of Changes in Net Assets Available for Benefits

Question 7

For Defined Benefit Pension Plans ______ is Information regarding the actuarial present value of accumulated plan benefits as of either the beginning or end of the plan year.

Answer 7

Statement of Accumulated Plan Benefits:

Question 8

For Defined Benefit Pension Plans _____ is Information regarding the significant effects of certain factors affecting the year-to-year change in the actuarial present value of accumulated plan benefits.

Answer 8

Statement of Change in Accumulated Plan Benefits:

Question 9

For Defined Benefit Pension Plans - A statement of ____________ is not required, but may be presented if it provides relevant information about the ability of the plan to meet future obligations.

Answer 9

cash flows

Question 10

GAAP requires the financial statements of a defined contribution pension plan to include the following (2)

Answer 10

Statement of Net Assets Available for Benefits; Statement of Changes in Net Assets Available for Benefits

Question 11

Defined Contribution Pension Plans - ______ is a statement that includes information regarding net assets available for benefits at the end of the plan year, with separate amounts for investments carried at fair value and investments carried at contract value.

Answer 11

Statement of Net Assets Available for Benefits:

Question 12

Defined Contribution Pension Plans - ______ is a A statement that includes information regarding the changes during the year in the net assets available for benefits.

Answer 12

Statement of Changes in Net Assets Available for Benefits:

Question 13

For Defined Contribution Pension Plans - A statement of _________ is not required, but may be presented if it provides relevant information about the ability of the plan to meet future obligations.

Answer 13

statement of cash flows