Please solve this a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements byemployers for employee benefits. Identify the categories of employee benefits coveredby this standard.b. Discuss the accounting treatment for short-term employee benefit and give TWO (2)examples of the benefits.c. Differentiate 'Define Contribution Plan' and “Define Benefit Plan'.

“Since you have asked multiple questions, we will solve the first question for you. If you want any…

Answered: a. MFRS119 Employee Benefits prescribes…

a. MFRS119 Employee Benefits prescribes the accounting and disclosure requirements by employers for employee benefits. Identify the categories of employee benefits covered by this standard.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 16DQ

See similar textbooks

Similar questions

Which of the following does result in a change in the benefit plan assets? a.contributions from the employer. b.actual/expected return on plan assets. c.benefits paid to retirees. d. all of the above.
Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa. Salary Ob. Travel expense reimbursements from an accountable plan Oc. Commissions UE Od. Bonus Oe. All of these choices are subject to withholding.
Which of the following disclosures of post-employment benefits would NOT be required? O the assumptions and rates used in calculating the benefit obligation O the amount of the actuarial liability for short-term benefits such as paternity leave O a description of the accounting and funding policies followed O the cost of post-employment benefits during the period
Employer-sponsored Accident and Health Plans, Medical Reimbursement Pland, Long Term Care Insurance Plans and Cafeteria Plans are all: a. Types of expenses of employee. b. Taxes paid by employees. c.types Exclusions availble to Employees. d. types of Exclusions Available to Employers.
Which of the following is not a requirement for expense reimbursements to be an accountable plan? Select one: a. Excess amounts must be returned to the employer within a reasonable period of time b. The employee must provide adequate documentation within a reasonable period of time c. The expense is incurred for sales or marketing purposes d. The expense is incurred for business purposes
Record the employer's benefit expense.
Which of the following statements is true regarding postretirement health care benefit obligations and their accounting? a. The estimates involved in accounting for such benefits are generally less complex than those associated with accounting for pensions. b. Such benefits are usually provided as part of a defined contribution postretirement benefits plan. c. Employers usually offer multiple varying tiers of coverage based on beneficiaries’ length of service with the company. d. The gross cost of providing such coverage is commonly offset by government-provided health insurance.
An experience rating, or merit rating a. directly adjusts the benefit amount the unemployed individuals receive. b. adjusts the SUTA paid based on an individual's unemployment experience. c. adjusts an employer's SUTA contributions due to a favorable employment record. d. adjusts the FUTA contributions due to an unfavorable employment record.
The actuarial present value of all the benefits attributed by the pension benefit formula to employee service rendered before a specified date based on expected future compensation levels is the: a. projected benefit obligation b. prior service cost c. service cost d. accumulated benefit obligation
Sick pay benefits that are related to an employee's services already rendered, whose payment is probable and whose amount can reasonably be estimated, must be accrued and recognized as a current liability if the obligation relates to rights that Accumulate I. No II. No III. Yes IV. Yes Οιν Vest No Yes No Yes
Which of the following items on the statement of net assets available for benefits would indicate a plan failed nondiscrimination testing? Select one: a. Excess contributions refundable/payable b. Employee contributions receivable c. Adjustment from fair value to contract value d. Adjustment from contract value to fair value
Discuss the principles and methods of accounting for pensions and other post-employment benefits. Analyze the challenges involved in measuring and reporting these benefits and their impact on a company's financial statements.