These entitlements to compensated or paid absences that are carried forward and can be used in future periods, but the employees are not entitled to a cash payment for unused entitlement upon leaving the entity-employer.*1 pointAccumulating and VestingAccumulating and Non-vestingNon-accumulating and VestingNon-accumulating and Non-vesting

If the payment of employees’ compensation for future absences is probable, the amount can be reasonably estimated and the obligation relates to rights that accumulate, the compensation should be:*1 pointAccrued if attributable to employees’ services already rendered.Accrued if attributable to employees’ service not yet rendered.Accrued if attributable to employees' service whether already rendered or not.Recognized only when actually paid.

What is vesting?Question 14Answera.It is the reduction of benefits by any amount paid under a spouse's plan.b.It is the exclusion of new employees from benefits coverage until some term of employment is completed.c.It is a general strategy used to control medical benefit costs by promoting preventive health programs.d.It is the employee's right to the employer-paid portion of pension benefits within a certain period of time even if he or she no longer works for the employer.e.It is the negotiation some employers have with employees about wage concessions to reduce employer contributions to selected benefits.

Some liabilities are not contractual obligations and may not be payable in cash.Group of answer choicesTrueFalse

These are all forms of consideration given by an entity in exchange for services rendered by employees.*1 pointEmployee benefitsEmployee salaries and wagesFringe benefitsCompensation

Which of the following statements is/are correct about employee benefits?*1 pointEmployee benefits are recognized as expense when employees have rendered services, except to the extent that the employee benefits form part of the cost of another asset.Any unpaid short-term benefits at the end of the reporting period shall be recognized as accrued expenseAny unpaid short-term benefits paid in advance shall be recognized as an asset to the extent, that it will lead to a reduction in future payments or a cash refundAll of these are correct