How should an employer's commitment for employee benefits be calculated, according to AASB 119

Q: Under a defined contribution pension plan _________________ bear the investment risk, while under a…

A: Lets understand the meaning of defined benefit plans and defined contribution plan. Defined benefit…

Q: 2-Under the FLSA , what information concerning employees ' wages earned must be maintained by the…

A: Payroll Register: Payroll register is a schedule maintained by the company to record the earnings,…

Q: What is an employer’s unemployment merit rating? How are these ratings assigned to employers?

A: Human resource management is a concept to help the organization to evaluate the performance of each…

Q: Under what conditions must an employer accrue a liabilityfor the cost of compensated absences?

A:

Q: Explain the following terms as used in IAS 19 Employee Benefits: (1) The term 'defined benefit…

A: Defined Benefit Plan Defined benefit plan which is described as the long term employees compensation…

Q: Regarding TSAS and 457(b) deferred compensation plans, both plans require contracts between an…

A: Deferred Compensation Plan : It refers to that plan under which employees defer Compensation earned…

Q: Compensation income is income that is typically derived from self-employment.    True or False

A: Declaimer: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: a defined contribution plan, as long as the employer makes a definite contribution to the plan, the…

A: Defined contribution plan is a plan opted for providing employee benefits at the end of retirement…

Q: Which type of pension plan would you prefer to be covered under (i.e., defined benefit, defined…

A: In this there are many types of pension plans available and each have own characteristics.

Q: If a pension plan is both contributory and qualified, it is

A: First let us understand the key terms in the question. Pension plan- A Pension plan is an…

Q: Differentiate between “accounting for the employer” and “accounting for the pension fund.”

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: ERISA serves to protect retirement benefits of which employees? Select one: a. Private sector, but…

A: Retirement benefits refer to the benefits that are payable as a pension scheme to the members at…

Q: PAS 19

A: Objective of IAS 19 (2011) The objective of IAS 19 is to prescribe the accounting and disclosure for…

Q: Write the definition, recognition, measurement, important key points and disclosure if any provided…

A: Accounting standards are the regulations and rules provided to the business for preparing and…

Q: at is the proper way to record an advance to an employee as well as

A: A salary advance is nothing more than a loan that you can give to an employee. The advance is…

Q: Define Employee Retirement Income Security Act (ERISA)

A: The 1974 Employee Retirement Income Security Act secures American pension resources by enforcing…

Q: What purpose does the individual employee earnings record serve?

A:

Q: How is the unemployment merit rating assigned to employers?

A: Unemployment refers to the situation when a person is eligible for employment but he fails to get…

Q: Generally, all deductions made from an employee's gross pay are required by law. True False

A: Gross pay or salary refers to the total amount which is mentioned in the employment contract…

Q: According to AASB 119, how should an employer's obligation for employee benefits be measured?

A: Employee benefits refer to the consideration of all forms that are given by an entity to its…

Q: Pension benefits contributed by the employer affects both the projected benefit obligation and…

A: A projected benefit obligation (PBO) is an actuarial measurement of what a company will need at…

Q: Explain Employee benefit plans.

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

Q: Which department authorizes changes in employee pay rates?

A: Employee Pay Rate:  Employee pay rate is the amount which is given to the employee against the work…

Q: Employee benefits are all forms of monetary consideration given by an entity in exchange for…

A: IAS 19 Employee benefits relates to accounting of all the employee payments apart from share based…

Q: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: What is an employer’s unemployment merit rating

A: Merit rating is a rating or a score given to the employer on the basis of the stability in…

Q: The vested benefits are employee benefits that are not conditional on future employment. benefits…

A: Solution: The vested benefits are "employee benefits that are not conditional on future employment."…

Q: Determine the total employee withholdings

A:

Q: What are the benefits provided by Employee Retirement Income Security Act?

A: The Employee Retirement Income Security Act is an organizational law that recognizes the minimum…

Q: Distinguish between defined contribution and defined benefit pension plans. Justify the employer's…

A: The Answer :

Q: Prepare journal entry to recognize the transitional effect of adopting revised PAS 19, determine the…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: FRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for…

A: IFRS:   IFRS stands for International Financial Reporting Standards. These accounting standards are…

Q: Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset…

A: The financial statements of the business include the income statement and balance sheet of the firm.

Q: employees as to taxability

A: Correct Answer is :- C Corporate earner Employees.

Q: 11.If an employee is reimbursed through an accountable plan which of the following is true? A.All…

A: Income- Net income is the balance left over after deducting a company's cost of goods sold and…

Q: liability for employees' compensation for future

A: A liability shall be accrued if it is to be settled in the near future.

Q: a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Are bonuses to employees subject to Income Tax? Discuss the tax implications to the taxable income…

A: Income tax An income tax is considered an important direct tax. It is an important source of revenue…

Q: QUESTION 5 a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by…

A: The objective of MFRS 119 is to prescribe the accounting and disclosure for employee benefits. The…

Q: Under what circumstances should an employer accumulate a cost and the associated obligation for an…

A: Introduction: Accrued Liabilities: These are expenses that have been incurred but not yet paid.

Q: What is an ‘employee benefit’ and what are the various forms that these benefits can take?

A: Such benefits which are given either in monetary forms or non-monetary forms to the employee in…

Q: If pension expense recognized in a period exceeds the current amount funded by the employer, what…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Under PAS 19, employee benefits are alloforms of consideration given by an entity in exchange for…

A: The question is based on the concept of Accounting Standard on Employee Benefits.