Which of the following types of employee benefits are not covered by AASB 119/IAS 19?
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- WCB premiums are deducted from an employee's pay. Question 5 options: True FalseWhich 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.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 pay
- 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-employmentWhich of the following methods of payroll calculation offers minimum wage standards and overtime allowances for employees? O a. Differential pay O b. Variable Commission Scale O c. Hourly Rate of pay O d. Salary Plus Commission9. Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and the amount reasonably estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate Vest а. No No b. No Yes с. Yes No d. Yes Yes
- Indicate by letter whether each of the events listed below increase (l), decreases (D), or has no effect (N) on an employer’s projected benefit obligation. Events Interest cost. ________ Amortization of prior service cost. ________ A decrease in the average life expectancy of employees. ________ An increase in the average life expectancy of employees. ________ A plan amendment that increases benefits is made retroactive to prior years. ________ An increase in the actuary’s assumed discount rate. ________ Cash contributions to the pension fund by the employer.…5. The following are included in an employee benefits EXCEPT one. Vacation leave Sick leave Transportation allowance Shopping spreea. Into which type of account are employer's payroll contributions entered? i. Asset Expense Revenue Retained Earnings ii. iii. iv. b. What type of account is the Employee Advances account? i. Asset ii. iii. iv. c. What is the employer premium amount for Employment Insurance? i. 3.3 times the employee premium ii. iii. iv. Liability Equity Expense ii. iii. iv. d. What is the employer contribution amount for Canada Pension Plan (CPP)? The same as amount as the employee's premium i. The same amount as the employee premium 1.4 times the employee premium None of the above iii. iv. 3.3 times the employee's premium 1.2 times the employee's premium 1.6% of the employee's premium e. The payroll taxes are remitted to the i. ii. Ontario Revenue Agency Ministry of Finance Canada Revenue Agency Receiver General of Canada
- 1. Which statement is incorrect regarding recognition of employee benefits? a. For post-employment benefits, the cost to be recognized in the period is the contribution payable in exchange for service rendered by employees during the period. b. The cost of providing employee benefits should be recognized in the period in which the benefit is earned by the employee, rather than when it is paid or payable. c. For short-term employee benefits, the undiscounted amount of the benefits expected to be paid in respect of service rendered by employees in a period should be recognized in that period. d. The enterprise should recognize the expected cost years of service. of profit-sharing and bonus payments when, and only when, it has a legal or constructive obligation to make such payments as a result of past events and a reliable estimate of the expected cost can be made 2. A deferred tax liability uses a. Current tax laws, unless enacted future tax laws are different b. Expected future tax…63. Overtime wages, including overtime premium paid to direct laborer, if overtime was due to customer specifications, should be: a• Debited to WIP b• Debited to WIP and OH c• Debited to OH d• Expenses e• None of the aboveFIGURE 13-3 40. An employee earns a gross wage represented as W. The employee's payroll deductions are shown in Figure 13-4. What is the employee's net wage? Type of Deduction Amount of Deduction Federal Income Tax 0.22W Social Security 0.076W Health and Accident Insurance 0.065W Retirement 0.05W Miscellaneous 0.042W ⒸCengage Leaming 2013
