Philosophy homework help
Philosophy homework help. Costs are recorded as financial entries in the accounting period to which they relate. An accrual is an accounting entry to record costs in a companys books.For example, after services have been performed, an invoice may not arrive from the supplier in the correct period, as it may be delayed in the post, and therefore no physical payment will have been made; but – the costs would still be accrued in the appropriate accounting period.Employees at Company A are entitled to 24days holiday per annum, they accumulate evenly over the calendar year, and may be taken at any time. If an employee leaves employment during the calendar year he or she may have taken more or less holiday than they have actually accumulated and therefore an adjustment is made to their final salary. This means there is a relevant cost or benefit in a period which has not been seen yet.Therefore, every quarter (accounting period) Company A will make an accrual to take account of holidays accumulated but not taken, or holidays taken but not accumulated – as either may be the case.At Company A, the opening balance of the holiday accrual (ie the amount accrued for holiday accumulated but not taken last quarter) is 228days and the closing accrual for the quarter is 200days. Company A has 172employees and there are no leavers or joiners for the purposes of this question.How many days have been taken as holiday in the current quarter ie the quarter we are accruing 200 days at the end of?Number of holidays each employee is entitled in a year = 24 daysNumber of holidays each employee is entitled in a quarter = 24 days/4 = 6 daysTotal number of employee during the quarter = 172…
