According to PAS 19, how are other long-term benefits accounted for?Select the correct response:similar to defined benefit plans.similar to short-term employee benefits except that the cash flows are discountedsimilar to defined benefit plans except that all the components of the defined benefit cost is recognized in othercomprehensive incomesimilar to defined benefit plans except that all the components of the defined benefit cost is recognized in profit or loss

Philippine Accounting Standards (PAS) are the set of accounting standards based on the International…

Answered: According to PAS 19, how are other…

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According to PAS 19, how are other long-term benefits accounted for?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 2DQ

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Which of the following is true of defined benefit plans? Select one: a. Contributions are not attributed to specified employees. b. Plan costs are predictable. c. They cannot provide benefits for past service. d. Employees assume the risks of preretirement inflation and investment performance.
A Defined Benefit Plan defines the following: O A. Your (employee) contributions to the plan B. The rate of return on assets (stocks, bonds, etc.) in the plan C. In most cases, is funded almost entirely by the employer D. Both A & C E. None of the above
S1: Under a defined contribution plan, the amount of a participant’s future benefits is determined by the contributions paid by the employer, the participant, or both, and the operating efficiency and investment earnings of the fund. S2: Under a defined benefit plan, the payment of promised retirement benefits depends on the financial position of the plan and the ability of contributors to make future contributions to the plan as well as the investment performance and operating efficiency of the plan. Only S1 is true None is true Only S2 is true Both are true
1. Which is incorrect concerning the recognition and measurement of a defined contribution plan?I. An entity shall not disclose the amount recognized as expense for a defined contribution plan.II. Any unpaid contribution at the end of the period shall be recognized as accrued liability. 2. Which is incorrect concerning the recognition and measurement of a defined benefit plan?I. The defined benefit plan must be fully funded.II. The obligation is measured on a discounted basis
TRUE OR FALSE? In computing for the comprehensive income, the net remeasurement gain on defined benefit plan will be deducted from the net income.
An increase in OCI related to plan assets occurs when: Select one: a. The accumulated benefit obligation is more than expected. b. The vested benefit obligation is less than expected. c. Retiree benefits paid out are less than expected. d. The return on plan assets is higher than expected. e. The employer contributes an amount greater than it was liable to do.
In case of Contributory Pension plans: (a) employer bears the entire cost. (b) employees voluntarily make payments to increase their benefits. (c) offer tax benefits. (d) All above 1. Cost of purchase does not include: (a) The purchase price. (b) Import duties. (c) The selling price. (d) Transportation costs. 2. Departure from lower- of -cost -or net realizable value (LCNRV) rule may be justified in situations when: (a) cost is difficult to determine. (b) items are readily marketable at quoted market prices. (c) units of product are interchangeable. (d) All above. 3. Premium on 6-month insurance policy during construction should be classified as the cost of: (a) Building. (b) Land. (c) Insurance premium (Expenses). (d) Land Improvement. 4. Computation of the depletion base involves: (a) Development costs. (b) Post-exploratory costs. (c) Acquisition cost. (d) Revaluation cost. 5. In case of Contributory Pension plans: (a) employer bears the entire cost. (b) employees voluntarily make…
Which of the following types of pension plan will provide benefits that are dependent on the return on the investment of contributions? Defined benefit plan. Defined contribution plan. Undefined benefit plan. All of these choices.
The two main types of pension plans are defined benefit plans and defined contribution plans. Explain the difference between the two. How does the accounting for each differ? With defined benefit plans, there are several levels of benefit obligations for the company. List these and describe what each represents. Which does GAAP require with recognition and why?
Which 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.
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