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ACC 302
Exam 3- Matching
9
Accounting
Undergraduate 4
11/09/2015

Additional Accounting Flashcards

 


 

Cards

Term
Vested Benefit Obligation
Definition
Present value of the employee's benefits not contingent on remaining an employee
Term
Projected Benefit Obligation
Definition
Actuarial present value of all future pension benefits, earned to date, utilizing future compensation levels
Term
Prior Service Cost
Definition
This arises when a defined benefit plan is initiated and retroactive credit is given to employees for services provided before the plan began
Term
Funded Pension Plan
Definition
The employer sets funds aside for future pension benefits by making payments to an agency such as a financial institution
Term
Net Pension Cost
Definition
The amount reported as pension expense in the income statement
Term
Settlement Rate
Definition
The interest rate used by the actuary to adjust for the time value of money
Term
Actuarial Gains and Losses
Definition
Unexpected changes in the projected benefit obligation
Term
Return Component
Definition
The growth in plan assets over the accounting period period excluding contributions to the plan and pension distributions made to employees
Term
Service Cost
Definition
Cost of future pension benefits earned by employees during the current accounting period
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