GAAP Relating to Compensated Absences

question 71

Multiple Choice

GAAP relating to compensated absences

• A)applies to items such as vacation pay, severance pay, sick pay, and other long-term fringe benefits
• B)establishes the same accruing standards for vacation pay, holiday pay, and sick pay
• C)requires the use of current pay rates to accrue for compensated absences
• D)does not require the accrual of accumulated nonvested sick pay

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