Question: Refer to the FASB Codification for Accounting Indicate precisely the sections of the Codification that provide the information for your response to the question. That

Refer to the FASB Codification for Accounting

Indicate precisely the sections of the Codification that provide the information for your response to the question. That is, enter the code in the format: _ _ _ - _ _ - _ _ - _ _. Write the code for each paragraph of the Codification used to respond.

Answer the following questions primarily in your own words. You may quote from the Codification if needed but be sure to indicate that you are presenting a quotation. Your responses should be concise and pertinent.

XYZ Company started business in 2022. At the end of the year fiscal year in March 2023, XYZs auditors informed the controller that the company will need to accrue for compensated absences of its employees. The controller is uncertain about this requirement.

a) What is included in compensated absences?

b) How would the controller know how much to accrue for compensated absences?

c) How could the controller adjust the employment contract to avoid having to accrue for compensated absences?

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