Financial Information: On 1 April 2023, the opening balance of the provision for long service leave was $75,000. For the year ended 31 March 2024, Best Sanji Ltd recognised $300,000 for its long service leave expense in the Income Statement. On 31 March 2024, the Balance Sheet shows a liability "Provision for long service leave" with a closing balance of $200,000. Statement: Therefore, for the year ended 31 March 2024, $300,000 has been paid out for long service leave.

Answer rating: 100% (QA)

The statement is incorrect The payment of long service leave is not the same as the expense recogniz... View the full answer