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accounting > Ch 17 Pensions/Postretirement > Flashcards

Ch 17 Pensions/Postretirement Flashcards

1
Q

ABO (Accumulated Benefit Obligation)

A

uses current salary to determine pension amounts.

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2
Q

Vested Benefit obligation

A

subset of ABO, are those that employees have the right to receive even if their employment were to cease today.

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3
Q

PBO (projected benefit obligation) or pension obligation

A

estimates retirement benefits by applying the pension formula using projected future compensation levels.

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4
Q

Pension formula

A

Specified% X Service cost X Final yr’s salary

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5
Q

Find projected Benefit obligation (pension obligation)

A
  1. Pension Formula
  2. Find present value of retirement ben in future
  3. Find Present Vale of retirement benefits TODAY
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accounting (17 decks)

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