Describe the major difference and the major similarity between the vested benefit obligation and the defined benefit obligation.

Q: what is the major difference and the major similarity between the vested benefit obligation and the…

A: Explain the similarities and the differences between Projected Benefit Obligation and Accumulated…

Q: Determine when a liability can be classified as a noncurrent obligation.

A: Liabilities are obligations arising from past transactions and payable in assets or services in…

Q: explain how accounting profit and taxable profit differ.

A: Accounting profit and taxable profit are two separate methods of calculating a company's profit that…

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: (Pension Expense, Journal Entries) The following information is available for the pension plan of…

A: Pension plan: This is the plan devised by corporations to pay the employees an income after their…

Q: Differentiate Ordinary Deduction and Special Deduction

A: A deduction can be defined as an expense that can be deducted (as the name suggests) / subtracted…

Q: Compensation income may be in the form of monetary or in-kind benefit. a.true b.false

A:

Q: increases the Employee Benefit Expense?

A: Employee benefit expense means Benefits/Compensation provided to the employee other than by way of…

Q: Describe the Rights of the Surety.

A: A surety is a person or entity that takes on the risk of another party defaulting on their debts or…

Q: The components of postretirement benefit expense are similar to the components of pension expense.…

A: Other postretirement benefits: The postretirement benefits which are provided by employers, other…

Q: Under what conditions should a contingent liability berecorded?

A:

Q: Explain using practical example how a discount on a debenture is treated ?

A: Let us take an example Divya Ltd. issues Rs. 1, 00,000 debentures on Jan. 1, 2021, at 10 per cent…

Q: Contrast the constructive receipt doctrine with the claim of right doctrine.

A: As per the constructive receipt doctrine, a tax payer is required to pay taxes on income even if the…

Q: In computing the ending balance of defined benefit obligation, which of the following is deducted…

A: Defined benefit obligation is the present value of future pension liabilities of a company which it…

Q: Define Miscellaneous expense.

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: Deduction allowed is a kind of deduction from?

A: An "authorised discount" is a price cut on goods or services that a seller permits a customer to…

Q: What is meant by “right of return”? “Bill and hold”?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Briefly explain the conditions when a contract modification shall be accounted for as a separate…

A:

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: Distinguish among the vested benefit obligation, the accumulated benefit obligation, and the…

A: Vested benefit obligation (VBO) VBO is obtained as the present value of the benefit obligation which…

Q: Define the contract liabilities.

A: Liability: Liabilities include the claims of the creditors on the assets of the business. The…

Q: What is a contingent liability?

A: Liabilities are legitimately restricting commitments that are payable to someone else. In accounting…

Q: To be recorded as a liability, does the obligation have to be absolute?

A: Accounts payable, short-term loans, interest payments, bank overdrafts, and other similar short-term…

Q: According to PAS 26, a hybrid plan is accounted for as a. defined benefit plan b. defined…

A: Ans. PAS 26 talks about various retirement benefit plans. It consists both defined benefit plan and…

Q: What are the categories of liability? Explain them.

A: Liabilities:   A liability is a sum of money owed by the company towards external entities like a…

Q: Define contract laibilities.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.