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.

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

Question 8The following employee benefits are classified as short-term employee benefits except for:Answer :Social security organisation  Sick leave   Sabbatical leave   Medical benefits

The benefits, other than termination benefits, which are payable within twelve months period from the end of the year in which the employee has provided the services are termed as:*1 pointShort-term employee benefitsTermination benefitsPost-employment benefitsOther long-term employee benefi

There are _______ views on the issue of giving bonus to the employees.a) Independentb) Divergentc) Modestd) Adverse

Question 9The following employee benefits fall under MFRS 119 except forAnswer :Short term employee benefits  Post employement benefits   Equity compensation benefits  Termination benefit