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Answer the following questions in the Discussion Board: Define a private pension plan. How does a contributory pension plan differ from a noncontributory plan? Differentiate

Answer the following questions in the Discussion Board:

Define a private pension plan. How does a contributory pension plan differ from a noncontributory plan?

Differentiate between accounting for the employer and accounting for the pension fund.

Explain the terms funded and pension liability as they relate to:

The pension fund.

The employer.

Discuss the theoretical justification for accrual recognition of pension costs.

Discuss the relative objectivity of the measurement process of accrual versus cash (pay-as-you-go) accounting for annual pension costs.

Distinguish among the following as they relate to pension plans.

Service cost.

Prior service costs.

Vested benefits.

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