AASB 119 Requires an Entity to Record a Liability for Long

question 17

Multiple Choice

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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Definitions:

Economy Moves

Economic activities or shifts that influence the overall growth, stability, or direction of an economy.

Supply

The total amount of a specific good or service that is available to consumers at a given price and time.

Quantity Supplied

The amount of a good or service that producers are willing to offer for sale at a particular price over a given period of time.

Economy Moves

The dynamic changes and shifts in economic activity and trends over time, including growth, recession, and recovery phases.