The term “pension plan” has been referred to as a formal arrangement for employee retirement

The term “pension plan” has been referred to as a formal arrangement for employee retirement benefits, whether established unilaterally or through negotiation, by which commitments, specific or implied, have been made that can be used as the basis for estimating costs. What is the preferable procedure for computing and accruing the costs under a pension plan? Explain.

(AICPA adapted)

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