Question: Define a private pension plan. How does a contributory pension plan differ from a noncontributory plan? Differentiate between accounting for the employer and accounting for

  • Define a private pension plan. How does a contributory pension plan differ from a noncontributory plan?
  • Differentiate between "accounting for the employer" and "accounting for the pension fund."
  • Explain the terms "funded" and "pension liability" as they relate to:
    • The pension fund
    • The employer
  • Discuss the theoretical justification for accrual recognition of pension costs.
  • Discuss the relative objectivity of the measurement process of accrual versus cash (pay-as-you-go) accounting for annual pension costs.
  • Distinguish among the following as they relate to pension plans.
    • Service cost
    • Prior service costs
    • Vested benefits

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