Intermediate Accounting III - Accounting for Pensions
Intermediate Accounting III - Accounting for Pensions ACCT 4310
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This 2 page Class Notes was uploaded by Merritt Notetaker on Sunday October 16, 2016. The Class Notes belongs to ACCT 4310 at University of North Georgia taught by Dr. Sangshin Pae in Fall 2016. Since its upload, it has received 4 views. For similar materials see Intermediate Accounting III in Accounting (ACCT) at University of North Georgia.
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Date Created: 10/16/16
Inter Acct III 10-10 Journal Entries PA 90 Pension Expense 80 Other Comprehensive Income Gain/Loss 10 PA xxx Cash xxx PBO xxx Other Comprehensive Income Gain/Loss xxx Other Comprehensive Income Gain/Loss xxx PBO xxx Types of Pension Plans Non-Contributory – only the firm contributes to the pension plan Contributory – both the firm and the employee contribute to the pension plan Qualified – contributions qualify for tax deduction Non-Qualified – contribution do not qualify for tax deduction Actuaries Actuaries are crucial to the process since they provide the estimates of benefits to be provided by the company. Discount rate and settlement are used interchangeably. When PBO is > PA, the pension is underfunded. The Accrued/Prepaid account will have a credit balance. When PBO is < PA, the pension is overfunded. The Accrued/Prepaid account will have a debit balance. Memorize Formulas for Pension section 2
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