Reference no: EM132759281

Problem 1: Under Australian awards, which statement relating to annual leave is correct?

Select one:

a. Employees are generally entitled to five weeks paid annual leave a year.

b. An employee is not entitled to annual leave until he/she has worked with the same employer for a minimum of twelve months.

c. Employees are entitled to be paid pro-rata for annual leave not taken if their employment terminates.

d. Annual leave is only recognised in the financial statements when it is actually paid to an employee.

Problem 2: Under IAS 18/AASB 118 interest income should be recognised:

Select one:

a. proportionately over time, as the interest is earneD.

b. at the date of agreement.

c. at the end of the loan perioD.

d. when the contract for the loan is signeD.