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In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of...

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Accounting

In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $4,391 million and a periodic pension cost of $208 million.
Select the correct statement that reflects the meaning of the $4,391 million unfunded pension liability.
The $4,391 million unfunded pension cost is a measure of the amount of pension paid out the retirees during the year.
The obligation decreases yearly by the amount of the $4,391 million unfunded pension cost.
The $4,391 million unfunded pension liability is the approximate amount that the value of the net assets of the pension plan exceeds the pension obligation.
The $4,391 million unfunded pension liability is the approximate amount of the pension obligation that exceeds the value of the net assets of the pension plan.
The correct answer is:

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