NEW
Font size
WorksheetsCHAPTER 4: EMPLOYEE BENEFITS AND REPORTING BY RETIREMENT PLANS
Total questions: 10
Worksheet time: 6mins
Which of the following is not the identified standard of employee benefits?
Short-term employee benefits
post-employee benefits
other long-term employee benefits
termination benefits
Defined contribution plans/scheme and defined benefits plan/scheme are classified in ……….
short-term employee benefits
post-employment benefits
other long-term employee benefits
termination benefits
Under defined benefit plans, the entity’s obligation is to provide the agreed benefits to current and former employees.
TRUE
FALSE
The accounting treatment for defined contribution scheme is …….
Complex
Simple
A termination benefit liability is recognized at the earlier of the following dates:
When the employee accepts the offer
When the entity withdraw the offer of those benefits
When the entity recognizes a provision for restructuring costs
When a restriction on the entity’s ability to withdraw the offer takes effect
Defined benefit obligation (DBO)
DBO is measured at present value, and the changes between the opening balance and closing balance provided by the actuary is analyzed to determine the actuarial gain or loss.
DBO is a liability after deducting any amount already paid.
DBO are all other post-employment benefits plans that may be unfunded, or may be wholly or partly funded.
DBO are employee benefits that are payable after completion of employment retirement benefits, post-employment life insurance and medical care.
Past service costs arise because ..….
unemployment benefits
an improvement to the pension scheme (plan amendment) or curtailment
recognized immediately in profit or loss
a liability after deducting any amount already paid
Actuarial gains and losses resulting from remeasurement represent the change in Defined Benefit Obligation and Plan asset, based on actuary’s assumption. Such unrealized gains or losses should be recognized in the …….
Balance sheet
Cash Flow statements
Other Comprehensive Income
When the curtailments should be recognized in the financial statements?
When the settlements are made to or on behalf of plan participants
At the same time as restructuring
When the plan amendment curtailment occurs
When the entity recognizes related restructuring costs/termination benefits
Which of the following given is not categorized under Post-employment benefits
Life insurance
Bonus
Pensions
Medical care
