FASB Statement No

question 51

Multiple Choice

FASB Statement No. 132R requires that the notes accompanying the financial statements include a schedule reconciling the

• A) funded status of the plan with amounts reported in the balance sheet.
• B) current period employer contributions with pension expense reported in the income statement.
• C) projected benefit obligation and the accumulated benefit obligation.
• D) actual return on plan assets with the expected return.

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Definitions:

Open System

An entity or process that interacts with its environment by exchanging information, material, or energy.

Outputs

The ultimate outputs, whether products, services or outcomes, produced by a system, process, or organization.

Supplies

Materials, equipment, or other items required for the operation of a business or the completion of a task.

Closed Systems

Systems that do not interact with the environment outside of themselves, limiting the exchange of matter or energy.