1. GAAP require that certain actuarial information for pensions be reported as r
ID: 2511695 • Letter: 1
Question
1. GAAP require that certain actuarial information for pensions be reported as required supplementary information. Which of the following schedules is not an example of such actuarial information?
a. Schedule of employee contributions
b. Schedule of funding progress
c. Schedule of employer contributions
d. All of the above schedules are examples of required supplementary information
2. The net change amount is reduced by pension contributions due and payable on the operating statement of
a. Business-type.
b. Governmental activities.
c. Governmental funds.
d. Proprietary funds.
ANSWER BOTH
Explanation / Answer
1. Answer is A Schedule of employee contribution
Two schedules are presented as required supplementary information after notes to the financial statement. A. Schedule of funding progress B.Schedule of employer contribution. Note disclosure related to the required schedule include actual method and significant assumption.
2. Answer is C Governmental Funds
In governmental fund financial statement pension expenditures should be recognized.
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