1. Which statement is incorrect regarding recognition of employee benefits? a. For post-employment benefits, the cost to be recognized in the period is the contribution payable in exchange for service rendered by employees during the period. b. The cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable. c. For short-term employee benefits, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period. d. The enterprise should recognize the expected cost years of service. of profit-sharing and bonus payments when, and only when, it has a legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the expected cost can be made 2. A deferred tax liability uses a. Current tax laws, unless enacted future tax laws are different b. Expected future tax law, regardless of whether those expected laws have been enacted c. The current tax laws, regardless of expected or enacted future tax laws d. Either current or expected future tax laws, regardless of whether those expected laws have been enacted. 3. The deferred tax consequence attributable to a deductible temporary difference and operating loss carry forward is known as a. Tax asset b. Current tax c. Tax liability d. Tax expense
1. Which statement is incorrect regarding recognition of employee benefits?
a. For post-employment benefits, the cost to be recognized in the period is the contribution payable in exchange for service rendered by employees during the period.
b. The cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable.
c. For short-term employee benefits, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period.
d. The enterprise should recognize the expected cost years of service. of profit-sharing and bonus payments when, and only when, it has a legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the expected cost can be made
2. A
a. Current tax laws, unless enacted future tax laws are different
b. Expected future tax law, regardless of whether those expected laws have been enacted
c. The current tax laws, regardless of expected or enacted future tax laws
d. Either current or expected future tax laws, regardless of whether those expected laws have been enacted.
3. The deferred tax consequence attributable to a deductible temporary difference and operating loss carry forward is known as
a. Tax asset
b. Current tax
c. Tax liability
d. Tax expense
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