Determine if this shall result in recognition of liabilities 5. signing of employment contract by a new employee
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Determine if this shall result in recognition of liabilities
5. signing of employment contract by a new employee
a. yes
b. no
Step by step
Solved in 2 steps
- employee’s employment as a result of either: I. An entity’s decision to terminate an employee’s employment before the normal retirement date. II. An employee’s decision to accept an offer of benefits in exchange for the termination of employment. III. An employee’s decision to terminate an employee’s employment before the normal retirement date. IV. An entity’s decision to accept an offer of benefits in exchange for the termination of employment. III and IV I and III II and IV I and IIAccess the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required: Determine the specific citation for accounting for each of the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.3. Accounting for the revenue from separately priced extended warranty contracts.4. The criteria to determine if an employer must accrue a liability for vacation pay
- Which of the following criteria is not required for the recognition of a liability for compensated absences? The amount of the obligation must be estimable. Payment of the obligation will require the use of current assets. Payment of the obligation must be probable. The compensation either evsts with the employee ir can be carried forward to subsequent years.These are employee benefits (other than termination than termination benefits) which are payable after the completion of employment a. Short term b. Other long-term c. Share-based d. Post-employment6. A liability for compensated absences such as vacations, for which it is expected that employees will be paid, should a. be accrued during the period when the compensated time is expected to be used by employees. b. not be accrued unless a written contractual obligation exists. c. be accrued during the period when earned. d. be accrued during the period following vesting.
- Which of the following would not be reported on a plan's statement of fiduciary net position? A.) Obligations to retired employees that are past due B.) Plan investments at fair value C.) Actuarial accrued liabilities D.) Contributions receivable from employers1. SECA stands for _____. Answer: A. Self-Employment Contributions Act B. Self-Employment Control Act C. Self-Employment and Charities Act D. Self-Employment Care Act 2. When completing Form 1096 as a summary of all Form 1099-NECs that have been completed, the total number of Forms 1099-NEC is _____. Answer: A. entered within a box on the form B. entered within the form beside the type of 1099-NECs filed C. not entered within the form D. calculated within the form 3. Form _____ is provided to an independent contractor to advise them of their total annual earnings. Answer: A. W-9 B. 1099-NEC C. W-2-NEC D. 1040Which transaction affects the Other Adjustments Account on an S corporation's Schedule M-2? Taxable interest Unreasonable compensation Payroll penalty Life insurance proceeds (nontaxable to the recipient S corporation)
- 18) Which one of the following will not be recorded in profit and loss appropriation account? a. Commission to partner b. Interest on capital c. Salary to partner d. Interest paid to bankRequired: preparea. Revaluation account b. Goodwill account c. Retiring partner's (Inie) accountWhy must pay rate information be a part of an employee’s payroll file? A. As a means of tracking time worked for overtime compensation purposesB. To ensure that the employee receives all compensation earnedC. As a means of ensuring pay equality among employeesD. To document satisfaction of court-ordered obligations