Adjusting entries are journal entries made at the end of an accounting period for the purpose of:
a. Updating liability and asset accounts to their proper balances.
b. Assigning revenues to the periods in which they are earned.
c. Assigning expenses to the periods in which they are incurred.
d. Assuring that financial statements reflect the revenues earned and the expenses incurred.
e. All of these.
Answer: e. All of these.
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A company that views employees as resources is most likely to use a ____ pay rate
Fill in the blank(s) with the appropriate word(s).
If financially troubled employers have NOT been able to maintain competitive market positions, the conventional response has been to _____.
a. increase the rate of reduction in average pay by controlling adjustments in base pay b. decrease employees' copays and deductibles for benefits c. increase base wages but not variable pay d. reduce employment