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Exam 11: Employee Benefits

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Question 1

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AASB 119 requires an entity to record a liability for long service leave:

A) once the employee becomes presently entitled to the leave
B) as the employee provides service to the entity
C) when the leave is taken by the employee
D) in a consistent manner from year to year

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Question 2

Multiple Choice

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Employee benefits can be allocated to assets:

A) only if it relates to the cost of an internally generated intangible
B) where the entity is certain the future economic benefits will flow to it
C) in accordance with the requirements of other accounting standards
D) where they meet the definition of an asset under the Conceptual Framework

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Question 3

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Salary sacrificing refers to:

The key steps involved in accounting by the employer for a defined benefit post-employment fund in accordance with AASB 119 include:

AASB 119 defines employee benefits as:

AASB 119 adopts which method to determining long service leave obligations?

Actuarial gains or losses can arise from: I $\quad$ employee service provided in the current period II $\quad$ the unwinding of the discount applied to the obligation III $\quad$ changes to actuarial assumptions IV $\quad$ experience adjustments

Which of the following types of employee benefits are required to be measured at their nominal value?

If the amount paid to the defined contribution fund by an entity during the year is less than the amount payable in relation to service provided by employees, the entity must recognise;

The nominal value of an accumulated benefit for long service leave is calculated as (Years of employment/Years required for LSL) x (weeks of paid leave/52) x ………..?

An entity is able to record a provision for termination benefits when it:

An increase in the present value of a defined benefit obligation resulting from employee service in the current period is referred to as:

Determining an entity's liability for long service leave requires estimation of:

Which of the following obligations do NOT arise from past services provided by an employee?

AASB 119 does NOT prescribe the accounting treatment for:

Which if the following is NOT an example of a short-term employee benefit?

Pirate Ltd employs 5 staff. Each staff member is entitled to 20 days annual leave per annum. Leave loading of 17.5% is paid when the leave is taken. At 1 July 2013 the balance in the provision for annual leave account was $20 303. Details of each employees leave entitlement at 30 June 2014 are as follows: $\begin{array}{|l|l|l|l|}\hline \text { Employee } & \text { Salary } & \begin{array}{l}\text { Days owing @ } \\1 / 7 / 13\end{array} & \begin{array}{l}\text { Days taken } \\\text { during year }\end{array} \\\hline \text { Jo Bird } & \$ 65000 & 17 & 22 \\\hline \text { Bill Brown } & \$ 70000 & 5 & 12 \\\hline \text { Ben Fit } & \$ 85000 & 24 & 18 \\\hline \text { Greg Horn } & \$ 62500 & 3 & 15 \\\hline \text { Lou Hamilton } & \$ 90000 & 9 & 26 \\\hline\end{array}$ There are 260 work days in a year. On 1 July each year all employees receive a 5% wage rise. There are no other wage rises given during the year. - Annual leave payments made during the year were debited against the provision account. The total debit against the annual leave account during the year in relation to leave taken was:

Benefits paid to members of a defined benefit post-employment fund are based on: I the level of employer contributions made to the fund II remuneration levels while employed III number of years service IV investment returns generated by the fund

AASB 119 requires short-term employee benefits to be measured at:

Benefits paid to members of a defined contribution post-employment fund are based on: I $\quad$ the level of contributions made to the fund II $\quad$ remuneration levels while employed III $\quad$ number of year's service IV $\quad$ investment returns generated by the fund