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.
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.
Chapter9: Payroll, Estimated Payments, And Retirement Plans
Section: Chapter Questions
Problem 1MCQ
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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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Publisher:
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