Which of the following statements is/are correct about employee benefits?*1 pointEmployee benefits are recognized as expense when employees have rendered services, except to the extent that the employee benefits form part of the cost of another asset.Any unpaid short-term benefits at the end of the reporting period shall be recognized as accrued expenseAny unpaid short-term benefits paid in advance shall be recognized as an asset to the extent, that it will lead to a reduction in future payments or a cash refundAll of these are correct

These are all forms of consideration given by an entity in exchange for services rendered by employees.*1 pointEmployee benefitsEmployee salaries and wagesFringe benefitsCompensation

Which statement is incorrect concerning the recognition and measurement of defined benefit plan?*1 pointActuarial assumptions are required to measure the obligation and expense and there is possibility of actuarial gains and losses.The obligation is measured on a discounted basis.The expense recognized for defined benefit plan is not necessarily equal to the amount of contribution due the period.None of the foregoing

Question 2The following statement is true except:Answer :Profit sharing and bonus payable to employees are recognised as distribution of profits.    Accumulated short-term compensated leave is presented as current liabilities.    The amounts due and payable to employees for short term benefits should be recognised as accrued expenses.  Short-term employee benefits are generally employee benefits that are due to be settled 12 months after the end of the reporting period.

Adjusting entries for accrued expenses ensure that liabilities are reported for all amounts Blank______ at the end of the accounting period.Multiple choice question.paidthat represent probable future benefitsusedowed

Employee benefits do not include:A.paid time off for illness.B.retirement plans.C.mandatory tuition assistance.D.health insurance.SUBMITarrow_backPREVIOUS