Which of the following is true regarding pension and other employee benefit trust funds?

Question

Quizplus · Accepted Answer

Liabilities consist principally of pension benefits currently due to retired employees. The statement does not report a liability for unfunded pension obligations. On the Statement of Changes in Fiduciary Net Position, the terms additions and deductions are used rather than revenues and expenses. Additions and deductions are measured on the accrual basis.

Which of the Following Is True Regarding Pension and Other