To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the

Question:

To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken? Discuss.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial And Managerial Accounting

ISBN: 9781337119207

14th Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

See More Books

Question Posted: Sep 05, 2011 07:24 AM

See More Questions

During 2014, Jolleff Network,Inc., which designs network servers, earned revenues of $860 million. Expenses totaled $610 million. Jolleff collected all but $25 million of the revenues and paid...
Should there be an accountant-client privilege in every state? Discuss the pros and cons.
Discuss your views about whether discretionary employee benefits should be an entitlement or something earned based on performance.
Example Problem for Declining Balance Depreciation Methods Historical cost of equipment A: $120,000, purchased on January 1, 2014. Estimated salvage value: $20,000; Estimated useful life: 5 years....
Explain the difference between a stratified sample and a cluster sample?
If $100,000 will purchase a 20-year annuity paging $632.65 at each month's end, what monthly compounded nominal rate and effective rate of interest are earned by the funds?
Howmight technology influence the potential failure of a project? AppendixLO1
Delille Company manufactures both traditional toothpaste and gel toothpaste, with each type of toothpaste produced in separate departments. Three support departments support the production...
Laura Sells is unable to reconcile the bank balance at January 31. Laura's reconciliation is shown here. Cash balance per bank $3,732.20 Add: NSF check 485.00 43.50 Less: Bank service charge Adjusted...
Locate the Case 1-3: Comparative Analysis, Credit and Equity on page 61 of your text. Be sure to submit thoughtful and substantial answers to the questions following the case regarding the two...
In a payroll system, what types of input data are referred to as (a) Constants (b) Variables?
General Motors Corporation reported $10.1 billion of product warranties in the Current Liabilities section of a recent balance sheet. How would costs of repairing a defective product be recorded?
Discuss five exceptions to foreign sovereign immunity pursuant to the Foreign Sovereign Immunities Act.
Q.9 Prepare a cash flow statement using the indirect method based on the following information: - Net Income: $150,000 - Depreciation Expense: $20,000 - Increase in Accounts Receivable: $10,000...
3.11 (a) Find the order of the elements 2, 7, 10 and 12 in F17. (b) Find the order of the elements a, a, a + 1 and a3 + 1 in F16, where a is a root of 1+x+x4.
You have been recently hired to lead a Project to relocate your main Distribution Centre (DC) from Calgary, Alberta to St. John's, Newfoundland. As the Project Manager, try to complete a project plan...
Males Mean: 69.6 Standard Deviation: 11.3 For males, find P90, which is the pulse rate separating the bottom 90% from the top 10%.
Statistics Assignments Using Excel Assignment #4: Measures of Variability Part I Below are ACT composite scores from 20 randomly selected college students. 15 33 20 25 21 24 17 16 20 25 26 21 21 17...
Revenue Variances Which of the following are not examples of revenue variances (you may select more than one)? a. Sales price variance b. Spending variance c. Materials price variance d. Sales volume...
Why do CPA firms sometimes use a combination of positive and negative confirmations on the same audit?
Insulators (nonmetals) have a higher BE than metals, and it is more difficult for photons to eject electrons from insulators. Discuss how this relates to the free charges in metals that make them...
A company reports the following income statement and balance sheet information for the current year: Net income ....... $ 410,000 Interest expense ..... 90,000 Average total assets .. 5,000,000...
Revenue and expense data for Soldner Inc. are as follows: a. Prepare an income statement in comparative form, stating each item for both 2014 and 2013 as a percent of sales. Round to one decimal...
The following comparative income statement (in thousands of dollars) for the two recent fiscal years was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several...
ABC Insurance Company reported the following information on its accounting statements last year: What was ABC 's expense ratio last year
Calculate the current ratio and the quick ratio for the following partial financial statement for Tootsie Roll Note: Round your answers to the nearest hundredth
Required information Skip to question [ The following information applies to the questions displayed below. ] Golden Corporation's current year income statement, comparative balance sheets, and...

To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the

Question:

Step by Step Answer:

The expense for the vacation pay should be expe...View the full answer

Financial And Managerial Accounting

Students also viewed these Accounting questions