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 benefits b. establishes the same accruing standards for vacation pay, holiday pay, and sick pay c. requires the use of current pay rates to accrue for compensated absences d. does not require the accrual of accumulated nonvested sick pay
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 benefits b. establishes the same accruing standards for vacation pay, holiday pay, and sick pay c. requires the use of current pay rates to accrue for compensated absences d. does not require the accrual of accumulated nonvested sick pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 benefits
b. establishes the same accruing standards for vacation pay, holiday pay, and sick pay
c. requires the use of current pay rates to accrue for compensated absences
d. does not require the accrual of accumulated nonvested sick pay
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