Under AASB 119, leave entitlements that may be carried forward to a future financial period if unused are referred to as: Select one: O a non-accumulating unpaid absences O b. accumulating unpaid absences Oc accumulating paid absences d. non-accumulating paid absences

Under AASB 119, leave entitlements that may be carried forward to a future financial period if unused are referred to as: Select one: O a non-accumulating unpaid absences O b. accumulating unpaid absences Oc accumulating paid absences d. non-accumulating paid absences

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 7DQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Under AASB 119, leave entitlements that may be carried forward to a future financial period if unused are
referred to as
Select one:
O a non-accumulating unpaid absences
O b. accumulating unpaid absences
Oc accumulating paid absences
O d. non-accumulating paid absences

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6. 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.
a. What amount should be reported as interest expense for 2021? b. If no correction is made, by what amount would interest expense for 2021 be understated?
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In computing the ending balance of defined benefit obligation, which of the following is deducted from the beginning balance? (1) Current service cost (2) Actuarial loss (3) Actuarial gain (4) Benefits paid 1 and 4 O 3 and 4 O 1 and 3 2 and 3
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.
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Statement1:An entity recognizes no liability or expense for non-accumulating compensated absences until the time of the absence, because employee service does not increase the amount of the benefit.Statement 2: An entity shall measure the expected cost of accumulating compensated absences as the additional amount that the entity expects to pay as a result of the used entitlement that has accumulated at the end of the reporting period.Statement 3: An obligation arises as the employees render service that increases their entitlement to future compensated absences. The obligation exists, and is recognized, even if the accumulating compensated absences are vesting. Only two of the statements are correct All statements are incorrect All statements are correct Only one of the statements is correct
income recieved but service not rendered, Please suggest the JE !!
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