ACC 304 help A Guide to career/Snaptutorial ACC 304 help A Guide to career/Snaptutorial | Page 154

3. the present value of the amount expected to be paid in future
periods.
a. 1.
b. 2.
c. 3.
d. Either 1 or 2 is acceptable.
55.
What are compensated absences?
a. Unpaid time off.
b. A form of healthcare.
c. Payroll deductions.
d. Paid time off.
56. Which gives rise to the requirement to accrue a liability for
the cost of compensated absences?
a. Payment is probable.
b. Employee rights vest or accumulate.
c. Amount can be reasonably estimated.
d. All of the above.
57. Under what conditions is an employer required to accrue a
liability for sick pay?
a. Sick pay benefits can be reasonably estimated.