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- An employer's obligation for post-retirement benefits that are expected to be provided to an employee must be fully accrued by the date the a. Benefits are utilized b. Employee is fully eligible for benefits c. Employee retires d. Benefits are paidAccording to PAS 19, short-term employee benefits are recognized a. at each year-end b. at each month-end c. on a semi-monthly basis d. when an employee has rendered service in exchange for those benefits.Which of the following statements describe short-term employee benefits? They are measured at a discounted basis. They are payable no earlier that twelve months after yearend. Actuarial assumptions are reflected. Actuarial gains or losses are not recorded.
- An employer uses a career average formula to determine retirement payments to its employees. The annual retirement payout is 8 percent of the employees’ career average salary times the number of years of service. Calculate the annual benefit payment under the following scenarios. Years Worked Career Average Salary 27 $ 68,000 30 70,500 32 72,000Imagine you are an employer (an awesome one). When should you recognize short-term employee benefits? * A. Every 15th and 30th of the month. B. Every 1st day of the month C. Never! D. When the employees have rendered service in exchange for the employee benefits.How much is the employee benefit cost for sick leave and vacation leave for the year 2020? How much is the liability for compensated absences at December 31,2020?
- When determining the liability for compensated absences, the amount should be based on1. an average of the last three year's rates of pay when employees earn the right to the compensated absences.2. the current or future rates (if known) of pay expected to be paid when employees use compensated time.3. the PV (present value) of the amount expected to be paid in future periods.Under IAS 19 on Employee Benefits, which of the following terms best describes other long-term employee benefits a. Benefits not falling due wholly within twelve months of the end of the period in which the service is rendered. b. Benefits which are payable after completion of employment c. Benefits payable as a result of an entity's decision to end an employment before the normal retirement care. d. Benefits which fall due within twelve months of the end of the period in which the service is rendered.All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance
- If employee has 2500 in pensionable what is the employee EI Premium @ 1.58%?Determine the employee benefit expense for the current year, remeasurement related to the defined benefit plan and prepare journal entry to record the employee benefit expense.REQUIRED: Compute the employee benefit expense for the current year, net remeasurement loss for the current year, defined benefit cost and the amount of prepaid benefit cost that should be reported on December 31