Answered: These are employee benefits (other than…

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-employment

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 10MC

See similar textbooks

Related questions

Q: A new employer will be assigned a SUTA contribution rate: a. will be different for all new…

A: The correct answer is Option (d).

Q: If an employee's income is reported based on the total amount received in a year, what basis is the…

A: Cash basis of accounting :- It is an accounting method in which record of revenues / expenditures…

Q: Where a post-employment benefit plan contains characteristics of both defined contribution and…

A: The employer needs to pay post employment benefits in addition to salary. The post employee benefits…

Q: How is total compensation calculated? O a. salary + bonus - fringe benefits O b. salary Oc. salary +…

A: We are supposed to be answered only one question in case of multiple questions. Compensation is the…

Q: The wage base for unemployment compensation taxes are: a. all wages paid but not including those…

A: The correct answer is Option (a).

Q: How should an employer's commitment for employee benefits be calculated, according to AASB 119

A: Definition: In the context of employee benefits, this refers to all types of consideration offered…

Q: Moyment Condition An employee taking annual Does it meet the award or National Employment Standard's…

A: National Employment Standard Minimum requirements: This is the system of employment standard minimum…

Q: Why

Q: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in…

Q: An option that makes your claim to retirement benefits contingent on how long you have worked for…

A: There are various types of retirement benefits such as pension, gratuity, or leave encashment. These…

Q: Which of the following is incorrect in relation to termination benefits? A benefit resulting from…

A: Solution: Following are correct statement in relation to termination benefits: A benefit resulting…

Q: Should employee vacation pay be recorded in the period during which the vacation privilege is earned…

A: Vacation is the period provided to the employee by the company. And the associated privileges are…

Q: a defined contribution plan, as long as the employer makes a definite contribution to the plan, the…

A: Defined contribution plan is a plan opted for providing employee benefits at the end of retirement…

Q: Statement 1: For a rank and file employee, excess de minimis benefits shall form part of his taxable…

A: As per Bartleby guidelines, since you have asked 2 independent questions, only the first question…

Q: A. Find the employer's FICA deductions for each of the following employ B. Find the amounts of the…

A: This question is based on the real time interest rate for social security, Medicare and FUTA. Total…

Q: A liability for compensated absences such as vacations, for which it is expected that employees will…

A: The compensation expense is the expense for which liability is recorded on the basis of future…

Q: An experience rating, or merit rating a. directly adjusts the benefit amount the unemployed…

A: The correct answer is option (c).

Q: Which of the following statements describe short-term employee benefits? They are measured at a…

A: Short-term benefits are those benefits which are payable within twelve (12) months after the end of…

Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…

A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…

Q: These are compensated or paid absences that are carried forward and can be used in future periods…

A: Compensated absences are the leaves and absents of the employees that are being compensated or paid…

Q: According to AASB 119, how should an employer's obligation for employee benefits be measured?

A: Employee benefits refer to the consideration of all forms that are given by an entity to its…

Q: Employee benefits are all forms of monetary consideration given by an entity in exchange for…

A: IAS 19 Employee benefits relates to accounting of all the employee payments apart from share based…

Q: A record of employment must be issued when an employee with a regular work schedule is expecled to…

A: In the Given case scenario, This statement is false: A record of employment must be issued when an…

Q: Under IAS 19 on Employee Benefits, which of the following terms best describes other long-term…

A: Explanation : The Long-term employee benefits, which are the employee benefits (other than the post…

Q: How is total compensation calculated? O a. salary + bonus - fringe benefits Ob. salary OC. salary+…

A: Compensation: Compensation of workers is defined as the entire amount of payment, whether in cash or…

Q: a. What amount of income should be reported for the current year if the percentage of completion…

A: Formula: Revenue Recognized= Cost Incurred to DateEstimated Total Cost×Contract Price-Revenue…

Q: In a defined contribution plan, as long as the employer makes a definite contribution to the plan,…

A: Defined-contribution plans are funded primarily by the employee. But many employers make…

Q: Which of the following compensation will be subject to graduated rates?

A: Answer : b) Basic salary only if the employee is not a minimum wage earner.

Q: Which of the following is a payroll liability? Question 43 options: a) The net pay…

A: SOLUTION- PAYROLL LIABILITIES ARE ANY TYPE OF PAYMENT RELATED TO PAYROLL THAT A BUSINESS OWES BUT…

Q: Net pay is: Select one: a. the amount received by the employee b. the amount received by the…

A: Introduction:- Net pay means the amount employees earn after all payroll deductions. Net pay means…

Q: 5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave…

A: One of the most important economic activities is employment. Employees are compensated by their…

Q: Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset…

A: The financial statements of the business include the income statement and balance sheet of the firm.

Q: mployee benefits are all forms of monetary consideration given by an entity in exchange for services…

A: Employee benefits are non-monetary compensation granted to employees as a condition of employment.…

Q: Explain with examples the following: (a) Residence rule (b) Source rule (c) Relief for medical…

A: (a) Residence rule Post-marital residence rules specify where a person resides after marriage and,…

Q: Which of the following characteristics is typical of group insurance? A.Each employee receives an…

A: Following are the characteristics of group insurance 1. It is a group contract that covers all the…

Q: Vested benefits a. Usually require a certain minimum number of years of service b. Are those that…

A: As per IAS 19 Vested benefits are those benefits provided to employment if they work for certain…

Q: ll require the use of current assets. Payment of the obligation must be probable. The compensation…

A: The correct option is given as,

Q: Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa.…

A: Given : Multiple options a) Salary b) Travel expense reimbursements from an accountable plan c)…

Q: If an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the…

A: Generally the contribution made by the employer to the Health Savings Account (HSA) of an employee…

Q: To match revenues and expenses properly, should the expense for employee vacation pay be recorded in…

Q: Which of the following is an indicator that an employee benefit is provided in exchange for…

A: The question is related Employee benefits. As per employee benefits It requires recognition of the…

Q: All of the following income items are includible in an employee's gross income except: a, Severance…

A: Gross income Individuals' entire earnings before taxes or other deductions are referred to as their…

Q: Which of the following characteristics is/are indicative of a post-employment defined contribution…

A: A defined contribution plan is a post-employment benefit plan in which an employer makes fixed…

Q: When it comes to employee wages, gross pay refers to the whole amount earned before deductions.…

A: Gross salary is defined as: A payment paid to an employee for completing tasks assigned by the…

Q: An employer's obligation for post-retirement benefits that are expected to be provided to an…

A: Post-retirement healthcare benefits often are provided in terms of percentage oftotal coverage. For…

Question

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-employment

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following characteristics is/are indicative of a post-employment defined contribution plan? If actuarial or investment experience are worse than expected, the entity’s obligation may be increased. The amount to be received by the employee is determined by the amount of contributions paid by an entity to the plan, with investment returns arising from the contributions. The entity’s obligation is to provide the agreed benefits to current and former employees. The entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Group of answer choices Only statements 1 and 2. Only statements 2 and 3. Only statements 2 and 4. Only statements 3 and 4.
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 paid
Which of the following is a characteristic of the accumulated benefit obligation measurement? Group of answer choices It considers only vested employees. It considers only current employees. It does not use projected future salary levels. It is required by GAAP for measurement of the pension obligation.
All of the following income items are includible in an employee's gross income except: a, Severance pay for cancellation of employment b, Unemployment compensation c, Payments from employer while sick or injured d, Medical insurance premium paid by employer for employee and spouse e, Moving expense reimbursement
A new employer will be assigned a SUTA contribution rate: a. will be different for all new employers in the same state. b. at the discretion of the employees' union. c. that is 'reasonable' – and once it is assigned it cannot be changed. d. that is 'reasonable' – and then it will be adjusted in the future as an employment record is developed.
Define Other post-employment benefi ts
An experience rating, or merit rating a. directly adjusts the benefit amount the unemployed individuals receive. b. adjusts the SUTA paid based on an individual's unemployment experience. c. adjusts an employer's SUTA contributions due to a favorable employment record. d. adjusts the FUTA contributions due to an unfavorable employment record.
Which of the following is an indicator that an employee benefit is provided in exchange for services? the benefit is provided in accordance with the terms of an employee benefit plan the benefit is conditional on future service being provided either of the choices both of the choices
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 II
The wage base for unemployment compensation taxes are: a. all wages paid but not including those that have been set aside for the employee to draw upon at his/her discretion. b. all wages actually paid or constructively paid. c. all wages paid or payable for the period. d. all wages that are considered to be constructively paid plus wages payable.
Which ia a type of employees as to taxabilitya. minimum wage earnersb. regular employeesc. corporate earner employeesd. both a and b
All of the following factors are considered by the CRA in determining if an employment relationship was under employee or self-employed arrangement except: Question 13 options: a) Ownership of tools b) Ability to hire others c) Opportunity for profit d) How much the employer can pay