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Flashcards: Current Liabilities and Payroll Accounting

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

The obligation relates to rights that vest or accumulate

The employer's obligation is related to employee's rights to receive compensation for future absences is attributable to the employee's services already rendered

The employer's obligation is related to employee's rights to receive compensation for previous absences is attributable to the employee's services already rendered

Payment of the compensation is probable

Report an Error Copyright Notice

Flashcards: Current Liabilities and Payroll Accounting

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

Your answer:

The obligation relates to rights that vest or accumulate

Your answer:

The employer's obligation is related to employee's rights to receive compensation for future absences is attributable to the employee's services already rendered

Your answer:

Payment of the compensation is probable

Correct answer:

The employer's obligation is related to employee's rights to receive compensation for previous absences is attributable to the employee's services already rendered

Explanation:

In relation to compensated absences, the knowledge of the conditions that must be met in order to accrue loss contingency is helpful in accounting for compensated absences such as vacation, sick pay, and leave. In order for an employer to accrue liability for employee's compensation for future absences, several conditions must be met. These conditions include the following: the employer's obligation is related to employee's rights to receive compensation for future absences is attributable to the employee's services already rendered; the obligation relates to rights that vest or accumulate; payment of the compensation is probable; and the amount can be reasonably estimated.

Flashcards: Current Liabilities and Payroll Accounting

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

The obligation relates to rights that vest or accumulate

The employer's obligation is related to employee's rights to receive compensation for future absences is attributable to the employee's services already rendered

Payment of the compensation is probable

The employer's obligation is related to employee's rights to receive compensation for previous absences is attributable to the employee's services already rendered

Report an Error Copyright Notice

Flashcards: Current Liabilities and Payroll Accounting

All of the following conditions except which of the following must be met in order for an employer to accrue liability for employee compensation for future absences?

Your answer:

The obligation relates to rights that vest or accumulate

Your answer:

The employer's obligation is related to employee's rights to receive compensation for future absences is attributable to the employee's services already rendered

Your answer:

Payment of the compensation is probable

Correct answer:

The employer's obligation is related to employee's rights to receive compensation for previous absences is attributable to the employee's services already rendered

Explanation:

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Peter
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All Accounting Resources

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Email address:
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HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Create an account to track your scores and create your own practice tests:

All Accounting Resources

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Flashcards: Current Liabilities and Payroll Accounting

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

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