Paybles Accrued Liabilities

Question 1

What date are dividends payable recorded?

Answer 1

Declaration date

Question 2

What are the 4 criteria necessary for accrual of an employee’s compensation for future absences?

Answer 2

1. Rights to compensation vest or accumulate
2. Payment of compensation is probable
3. Amount of payment can be reasonably estimated
4. Compensation is attributable to services already rendered