With relation to the acknowledgment of employee benefits, which statement is false? A. The payment due in return for services provided by workers during the period is the cost to be recognized in the period for post- employment benefits. B. Rather than when the benefit is paid or payable, the cost of providing employee benefits should be recognized in the period during which the benefit is received by the employee. C. In the case of short-term employee benefits, the undiscounted amount of the benefits anticipated to be paid in relation to the service provided by workers in a period should be recorded in that period. d. The business should acknowledge the estimated cost of service years. Of profit-sharing and incentive payments when, and only when, it has a legal or constructive responsibility to do so because of previous events and a trustworthy estimation of the probable cost can be formed.

With relation to the acknowledgment of employee benefits, which statement is false? A. The payment due in return for services provided by workers during the period is the cost to be recognized in the period for post- employment benefits. B. Rather than when the benefit is paid or payable, the cost of providing employee benefits should be recognized in the period during which the benefit is received by the employee. C. In the case of short-term employee benefits, the undiscounted amount of the benefits anticipated to be paid in relation to the service provided by workers in a period should be recorded in that period. d. The business should acknowledge the estimated cost of service years. Of profit-sharing and incentive payments when, and only when, it has a legal or constructive responsibility to do so because of previous events and a trustworthy estimation of the probable cost can be formed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

With relation to the acknowledgment of employee benefits, which
statement is false?
A. The payment due in return for services provided by workers during
the period is the cost to be recognized in the period for post-
employment benefits.
B. Rather than when the benefit is paid or payable, the cost of
providing employee benefits should be recognized in the period during
which the benefit is received by the employee.
C. In the case of short-term employee benefits, the undiscounted
amount of the benefits anticipated to be paid in relation to the service
provided by workers in a period should be recorded in that period.
d. The business should acknowledge the estimated cost of service
years. Of profit-sharing and incentive payments when, and only when,
it has a legal or constructive responsibility to do so because of previous
events and a trustworthy estimation of the probable cost can be
formed.

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