305

"Pension Plans"Please respond to the following:

• Imagine you are an accounting manager and are in the process of implementing a pension plan for your organization. Prepare a brief report to management on the various types of pension plans. In your report, compare and contrast a contributory pension plan and a noncontributory pension plan, and discuss the theoretical justification for the accrual recognition of pension cost. Include one (1) recommendation to management on which type of pension plan would be most beneficial to the company.
• Discussthetypeofinformationthatmustbeincludedinnotestofinancialstatements,andexplainwhytheinformationisrelevanttofinancialstatementusers.Imagineyouareanemployeeofacompanyandwanttoknowifthepensionplanwillprovideyouwiththenecessarybenefitsuponretirement.Determinethetypeofinformationyouwouldlookforinthenotesonthepensionfunds,andascertainthewayinwhichtheinformationwillprovideassurancethatthecompanywillproperlyfundyourpension.
• please keep as short as possible.