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

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

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 1MC: The actuarial present value of all the benefits attributed by the pension benefit formula to...

See similar textbooks

Related questions

Q: How to determine the estimated net cost of benefits to the employer?

A: In an organizational setting, when business activities are carried out it results in some benefits…

Q: The employer has an obligation to provide future benefits for: A. Defined benefit pension…

A: Defined benefit and defined contribution are the retirement pension plan

Q: The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit…

A: The post-retirement benefits will be benefits, other than annuity disseminations, paid to…

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: increases the Employee Benefit Expense?

A: Employee benefit expense means Benefits/Compensation provided to the employee other than by way of…

Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

Q: Which of the following factors is least likely to affect the amount of retirement benefits under a…

A: Defined benefit pension plans are the retirement designs that include providing a fixed and…

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: The components of postretirement benefit expense are similar to the components of pension expense.…

A: Other postretirement benefits: The postretirement benefits which are provided by employers, other…

Q: 4.. A. What are the main differences in the management of a defined benefit pension plan, compared…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: es a SIMPLE IRA have a matching contribution from the employer to the employee? Yes or No.

A: Simple IRA refers to the savings incentive match plan for the employees of the company which is a…

Q: Sick pay benefits that are related to an employee's services already rendered, whose payment is…

A: Accumulate rights: Accumulate rights refer to those rights which can be carried forward to future…

Q: , is best defined as An asset account An account showing the benefits to be paid to the employee An…

A: Benefits payable refer to the additional perks that are paid to employees, in addition to their…

Q: Which of the following is not an approach to financing employee benefits? Select one: a.…

A: Employee benefits refer to the benefits that are provided to the employees over or above the…

Q: Alternative methods exist for the measurement of the pension obligation (liability). Which measure…

A: Answer: The pension obligation is liability and it is to be paid once the employees retire.

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: 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: Carson Company sponsors a single-employer defined benefit pension plan. The plan provides that…

A: Answer 1: Two accounting challenges are as followes: Cash payments: The payments under these plans…

Q: If a pension plan is both contributory and qualified, it is

A: First let us understand the key terms in the question. Pension plan- A Pension plan is an…

Q: A Defined Benefit Plan defines the following: O A. Your (employee) contributions to the plan O B.…

A: The employees work for an employer in exchange for a fixed salary per month, but the government has…

Q: Write the definition, recognition, measurement, important key points and disclosure if any provided…

A: Accounting standards are the regulations and rules provided to the business for preparing and…

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

A: The correct answer is option (c).

Q: hange in the benefit plan assets? a.contributions from the employer. b.actual/expected return on…

A: Employees with defined benefit plans receive a fixed, predetermined benefit when they retire. The…

Q: Under a noncontributory plan, only the employee makes contributions to the retirement benefit plan.…

A: Introduction:- Non contributory plan is a pension. Noncontributory plans are greater beneficial for…

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: With respect to qualified retirement plans, nondiscrimination rules prohibit employers from giving…

A: Non discriminatory rules prohibit a Company to give preferential treatment to some of its key…

Q: Which of the following statements is not correct? Relatively small meal allowances paid to rank and…

A: Solution: Which of the following statements is not correct? Relatively small meal allowances paid to…

Q: Distinguish between defined contribution and defined benefit pension plans. Justify the employer's…

A: The Answer :

Q: S1: Under a defined contribution plan, the amount of a participant’s future benefits is determined…

A: As per IAS 26 Accounting and Reporting by Retirement Benefit Plan the two given statements are of…

Q: In a defined contribution plan, a formula is used that: O Requires an employer to contribute a…

A: Defined contribution plans are funded by the employees and the amount if collected for their…

Q: Under PAS 19, which of the following statement is true? I. Current service cost is the increase in…

A: The PAS 19 is related to pension defined benefit obligation plan, when an employee provides the…

Q: The cost of educational assistance extended by an employer to the dependents of an employee shall be…

A: Tax is financial charge or levy imposed by the government of the country to make government…

Q: A defined-contribution plan specifies the benefits the employee will receive at the normal…

A: Defined Contribution Employer Contributes specific periodic amounts of contribution to the plan…

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: 11.If an employee is reimbursed through an accountable plan which of the following is true? A.All…

A: Income- Net income is the balance left over after deducting a company's cost of goods sold and…

Q: The Following fringe benefits shall not be subject to basic tax or fringe benefit, except: a)…

A: Fringe Benefit Tax Fringe Benefit Taxes which are taken from the employee of the business entity to…

Q: Which of the following does not describe a defined contribution plan? The employer bears the risk…

A: The question is related to Employee benefits. Define Contribution plan is plan where the employee…

Q: a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following types of pension plan will provide benefits that are dependent on the return…

A: Defined Contribution Plan Defined contribution plan which allows the employees and the employer to…

Q: It means a person for whom an individual performs or performed any services of whatever nature, as…

A: Employee is the person who would be performing services in return of receiving salary each month.…

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: It is a type of retirement plan where the benefit to be received by the employee is dependent on the…

A: Retirement plans are those in which amounts are invested periodically which accumulate until the age…

Q: QUESTION 5 a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by…

A: The objective of MFRS 119 is to prescribe the accounting and disclosure for employee benefits. The…

Q: 2. Please give two examples of withholdings from employees' pay and explain whether your selected

A: Withholdings from employees' pay is the deduction made by employer from the…

Q: What is an ‘employee benefit’ and what are the various forms that these benefits can take?

A: Such benefits which are given either in monetary forms or non-monetary forms to the employee in…

Q: Social Security System (SSS) contributions are required from the individuals who are employed in the…

A: Social Security System(SSS) provides death, funeral, maternity leave, permanent disability,…

Q: Under PAS 19, employee benefits are alloforms of consideration given by an entity in exchange for…

A: The question is based on the concept of Accounting Standard on Employee Benefits.

Question

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

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 1Basic Information

VIEW

Step 2 Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The actuarial present value of all the benefits attributed by the pension benefit formula to employee service rendered before a specified date based on expected future compensation levels is the: a. projected benefit obligation b. prior service cost c. service cost d. accumulated benefit obligation
What is the maximum contribution that an employer can make to an employees SIMPLE account?
Which of the following is not an approach to financing employee benefits? Select one: a. Noncontributory b. Employee-financed c. Contributory d. Voluntary
When the employee bears the entire costs of discretionary benefits it is referred to as which type of financing? Select one: a. Contributory b. Noncontributory c. Employee-focused d. Employee-financed
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.
In a defined contribution plan, as long as the employer makes a definite contribution to the plan, the investment risk is carried by the employee. In a defined contribution plan, as long as the employer makes a definite contribution to the plan, the investment risk is carried by the employee. True or false?
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.