What Was the First Pension Accounting Standard

question 73

Multiple Choice

What was the first pension accounting standard?

• A)FASB Interpretation 3
• B)ARB 36
• C)SFAS No. 87
• D)ERISA

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Definitions:

Inventory

Goods held for sale or lease, or raw materials used or consumed in a business.

Graduated-Payment Mortgage

A mortgage that has a fixed interest rate during the life of the mortgage; however, the monthly payments made by the mortgagor increase over the term of the loan.

Variable Interest

An interest rate on a loan or security that can change over time based on the underlying benchmark interest rates.

Security Interest

A creditor’s right to use collateral to recover a debt.