Question 16 0.75 points The pension liability (or asset) that companies must record on their balance sheets under GAAP for deferred benefit pension plans is The full projected benefit obligation. Companies are not allowed to net the value of assets in the pension plan against this obligation. The full vested benefit obligation. Companies are not allowed to net the value of assets in the pension plan against this obligation. The difference between the present discounted value of the projected benefit obligation for work done to date and the value of assets in the pension plan. The difference between the present discounted value of the vested benefit obligation for work done to date and the value of assets in the pension plan.