Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and the amount reasonably estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate Vest a. No b. No No Yes с. Yes No d. Yes Yes
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- Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and whose amount can reasonably be estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate I. No II. No III. Yes IV. Yes Οιν Vest No Yes No YesUnder IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.
- Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the periodWhich of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.Nonqualified deferred compensation plan benefits constitute income when: Select one: a. The company acquires a life insurance policy on the employee. b. The company funds the benefits through allocation of its assets. c. The allocated assets are available to the employee with substantial limitations, conditions and risk of forfeiture. d. The allocated assets are available to the employee without substantial limitations, conditions and risk of forfeiture.
- Which of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choicesThe following information pertains to X's defined benefit pension plan: Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets P2,000 19,000 38,000 22,000 52,000 40,000 Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,0001. 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…
- WCB premiums are deducted from an employee's pay. Question 5 options: True False6. It is basically the amount of an employee's SSS contribution. ЕЕ ER ЕС EEEIn computing the ending balance of defined benefit obligation, which of the following is deducted from the beginning balance? (1) Current service cost (2) Actuarial loss (3) Actuarial gain (4) Benefits paid 1 and 4 O 3 and 4 O 1 and 3 2 and 3