Which required disclosures in notes to financial statements

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Reference no: EM132805769

Problem 1: What are the two required financial statements of a defined contribution retirement plan?

A. A statement of financial position and a statement of activities.

B. A statement of fiduciary net assets and a statement of changes in fiduciary net assets.

C. A statement of net assets available for benefits of the plan and a statement of changes in fiduciary net assets.

D. A statement of net assets available for benefits of the plan and a statement of changes in net assets available for benefits.

Problem 2: Which of the following are required disclosures in the notes to the financial statements for a company with a defined benefit pension plan under ASC 715?

A. A reconciliation of the vested and non-vested benefit obligation of its pension plan with the accumulated benefit obligation.

B. A reconciliation of the accrued or prepaid pension cost reported in its balance sheet with the pension expense reported in its income statement.

C. A reconciliation of the accumulated benefit obligation of its pension plan with its projected benefit obligation.

D. The funded status of its pension plan and the amounts recognized in the balance sheet showing separately the noncurrent assets, current liabilities, and noncurrent liabilities reported.

Reference no: EM132805769

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