x
Info
x
Warning
x
Danger
 / 
 / 
 / 
  6. AASB 119 requires short-term employee benefits to be measured

Question :   6. AASB 119 requires short-term employee benefits to be measured : 2102196

 

6. AASB 119 requires short-term employee benefits to be measured at:

a. future value

b. nominal value

c. present value

d. fair value

7. An entity is required to recognise a liability for short-term compensated absences that are:

a. accumulating and vesting

b. non-accumulating and vesting

c. non-accumulating and non-vesting

d. all of the above

8. Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303.

Details of each employees leave entitlement at 30 June 2014 are as follows:

 

Employee

Salary

Days owing @ 1/7/13

Days taken during year

Jo Bird

$65 000

17

22

Bill Brown

$70 000

5

12

Ben Fit

$85 000

24

18

Greg Horn

$62 500

3

15

Lou Hamilton

$90 000

9

26

 

There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year.

The closing balance in the provision for annual leave account at 30 June 2014 is:

a. $18 712

b. $19 647

c. $23 086

d. $27 221

9. Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303.

Details of each employees leave entitlement at 30 June 2014 are as follows:

 

Employee

Salary

Days owing @ 1/7/13

Days taken during year

Jo Bird

$65 000

17

22

Bill Brown

$70 000

5

12

Ben Fit

$85 000

24

18

Greg Horn

$62 500

3

15

Lou Hamilton

$90 000

9

26

 

There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year.

Annual leave payments made during the year were debited against the provision account. The total debit against the annual leave account during the year in relation to leave taken was:

a. $27 221

b. $28 654

c. $33 585

d. $33 668

10. AASB 119 does NOT prescribe the accounting treatment for:

a. contributions to defined contribution post-employment benefit funds

b. contributions received by a defined contribution post-employment benefit fund

c. assets arising from defined benefit post-employment benefit plans from the perspective of the employer

d. liabilities arising from defined benefit post-employment benefit plans from the perspective of the employer

 

Solution
5 (1 Ratings )

Solved
Accounting 1 Year Ago 104 Views
This Question has Been Answered!

Related Answers
Unlimited Access Free
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
150417 Accounting Questions Answered!
Post a Question