When an organization recognizes a provision and associated expenditure for yearly leave as well as a provision for long-service leave for its workers, the risk to the employees of not being paid these amounts is virtually nil. Is this correct or incorrect? Why
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When an organization recognizes a provision and associated expenditure for yearly leave as well as a provision for long-service leave for its workers, the risk to the employees of not being paid these amounts is virtually nil. Is this correct or incorrect? Why?
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- Why should the employee’s supervisor not distribute paychecks?With relation to the acknowledgment of employee benefits, which statement is false? A. The payment due in return for services provided by workers during the period is the cost to be recognized in the period for post- employment benefits. B. Rather than when the benefit is paid or payable, the cost of providing employee benefits should be recognized in the period during which the benefit is received by the employee. C. In the case of short-term employee benefits, the undiscounted amount of the benefits anticipated to be paid in relation to the service provided by workers in a period should be recorded in that period. d. The business should acknowledge the estimated cost of service years. Of profit-sharing and incentive payments when, and only when, it has a legal or constructive responsibility to do so because of previous events and a trustworthy estimation of the probable cost can be formed.Some employers will pay out employees for any unused sick-leave entitlements if they leave the organisation, whereas in other organisations employees forfeit this entitlement when they leave. Explain how these different types of sick-leave entitlements are treated for accounting purposes.
- 1. Which of these is NOT a regulation set forth within ERISA? Answer: A. Employees must be provided with pertinent retirement plan information. B. Employers are required to offer retirement plans. C. Fiduciaries of the retirement plan may be held accountable for breaches of responsibility. D. There are specific timeframes over which retirement plan benefits become nonforfeitable. 2. Which statement is incorrect regarding wage garnishments? Answer: A. They are only ordered by a court or other legal proceeding. B. The amount of the garnishment is based on disposable earnings. C. The limit can be increased for child support. D. If multiple garnishments are in effect, they are satisfied in the order in which they were received. 3. Which statement about Social Security tax is accurate? Answer: A.…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…Which of the following is incorrect in relation to termination benefits? A benefit resulting from termination of employment at the request of an employee without an entity offer is not a termination benefit. A benefit that is in any way dependent on providing service in the future is a termination benefit. A benefit resulting from mandatory retirement is a postemployment benefit rather than a termination benefit. The event that gives rise to an obligation for termination benefits is the termination of employment.
- Which of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1. Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2. Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility. A. 1 only. B. 2 only. C. Both 1 and 2. D. Neither 1 nor 2.For termination benefits payable as a result of an entity’s decision to terminate an employee’s employment, the entity can no longer withdraw the offer when the entity has communicated to the affected employees a plan of termination, provided which of the following criteria All of the other three choices. Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made. Either one of the three choices. The plan identifies the number of employees whose employment is to be terminated, their job classifications or functions and their locations (but the plan need not identify each individual employee) and the expected completion date. The plan establishes the termination benefits that employees will receive in sufficient detail that employees can determine the type and amount of benefits they will receive when their employment is terminated.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.
- What are the repercussions of taking profit before the contracting company's obligations have completely ended?PAS 24 requires the disclosure of key management personnel compensation. Which of the following is not included in this disclosure? * termination benefits share-based payment reimbursements of officers’ out-of-pocket expenses short-term employee benefits36. In the following liabilities, the payee is known, however, the amount may have to be estimated. Which is the exception? a. provision for restructuring costs b. provision for decommissioning costs c. provision for staff bonus d. liability on customer loyalty credits