Reference no: EM132759272

Problem 1: Which statement relating to annual leave under Australian awards is incorrect?

Select one:

a. The entry to recognise annual leave each month is a debit to annual leave expense and a credit to bank.

b. Employees are normally entitled to four weeks paid annual leave per annum.

c. The entitlement to annual leave accrues to an employee on a day-to-day basis throughout the year.

d. Employees are entitled to be paid pro-rata for annual leave not taken on termination of employment.

Problem 2: The test to determine whether information which is otherwise relevant and faithfully represented, can be omitted, misstated or not disclosed separately without adversely affecting economic decision-making, is known as:

Select one:

a. materiality.

b. consistency.

c. comparability.

d. understandability.