Select the Key Term That Relate to Accounting for Pension

question 52

Essay

Select the key term that relate to accounting for pension plans from the list that best matches with the following definition.
A. Agent multiple-employer pension plan
B. Cost-sharing multiple-employer pension plan
C. Covered payroll
D. Defined benefit plan
E. Defined contribution plan
F. Net pension liability
G. Service cost
H. Total pension liability
________ 1. A pension plan which specifies the amount or rate of contribution that the employer and employees must contribute to the members' accounts in the pension plan.
________ 2. The portion of the present value of projected benefit payments to be provided through the pension plan to current active and inactive employees that is attributed to those employees' past periods of service.
________ 3. The portion of the actuarial present value of projected benefit payments that is attributed to the current year, interest on the total pension liability, benefit payments, and other changes to the total pension liability.
________ 4. The pension obligations of many employers are pooled and plan assets can be used to pay the benefits of the employees of any employer that provides pensions through the pension plan.
________ 5. Plan assets of numerous employers are pooled for investment purposes but accounts are maintained for the individual employer participants.

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Definitions:

Lessee

A person or entity that leases or rents property or equipment from another, the lessor, under the terms of a lease agreement.

Lessee

An individual or entity that leases property or equipment from another party, the lessor.

Landlord-Tenant Relationship

The legal and personal relationship between a property owner and the person renting that property.

Fair Housing Act (FHA)

A law enacted in the United States in 1968 aimed at prohibiting discrimination concerning the sale, rental, and financing of housing based on race, religion, national origin, sex, (and as later amended) disability and family status.