Question 10 Which of the following is not part of compensation income? Vacation and sick leave pay Fringe benefits not subject to fringe benefit tax Allowances subject to liquidation Honoraria O O M CU
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- Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees' compensation a. yes b. no7 S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices Both are true S1 is true S2 is true Both are falseAn increase in OCI related to plan assets occurs when: Select one: a. The accumulated benefit obligation is more than expected. b. The vested benefit obligation is less than expected. c. Retiree benefits paid out are less than expected. d. The return on plan assets is higher than expected. e. The employer contributes an amount greater than it was liable to do.
- 5. FASB Statement No. 43 on compensated absences a. applies to items such as vacation pay, severance pay, sick pay, and other long-term fringe benefitsb. establishes the same accruing standards for vacation pay, holiday pay, and sick payc. requires the use of current pay rates to accrue for compensated absencesd. does not require the accrual of accumulated nonvested sick payPAS 24 requires disclosure of compensation of key managementpersonnel. Which would not be considered “compensation” for thispurpose? A. Short-term benefitsB. Share-based paymentsC. Termination BenefitsD. Reimbursement of out-of-pocket expenses.E. none of the above36. Alternative methods exist for the measurement of the pension obligation (liability). Which measure requires the use of future salaries in its computation? Vested benefit obligation Projected benefit obligation Restructured benefit obligation Accumulated benefit obligation
- 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.S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject to FBT S2 – If fringe benefit is given to rank and file employees, fringe benefit is subject to withholding tax on compensation. Group of answer choices a. S2 is true b. S1 is true c. Both are false d. Both are true42. A pension asset is reported when the accumulated benefit obligation exceeds the fair value of pension plan assets, but a prior service cost exists. the accumulated benefit obligation exceeds the fair value of pension plan assets. pension plan assets at fair value exceed the projected benefit obligation. pension plan assets at fair value exceed the accumulated benefit obligation.
- 26. Which of the following differences would result in future taxable amounts? * a. Expenses and losses that are deductible after they are recognized in financial income. b. Revenues or gains that are taxable before they are recognized in financial income. c. Expenses or losses that are deductible before they are recognized in financial income. d. Revenues or gains that are recognized in financial income but are never included in taxable income.Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the profit or loss. recognized in full in other comprehensive income. amount falling outside the corridor is amortized over the remaining service life of employees and is taken to the other comprehensive income. recognized in full in profit or loss.