The primary difference between a layoff and a discharge is:
A) a layoff is an involuntary separation and a discharge is a voluntary separation.
B) a layoff is a voluntary separation and a discharge is an involuntary separation.
C) a discharge occurs when the company's strategy forces it to reduce its workforce and a layoff occurs when there is a poor fit between the employee and the organization.
D) a layoff occurs when the company's strategy forces it to reduce its workforce and a discharge occurs when there is a poor fit between the employee and the organization.
Answer: D
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The _____ is a federal law that requires employers to permit employees or their dependents to extend their health insurance coverage at group rates for up to 36 months following a qualifying event, such as a layoff, reduction in hours, or the employee's death.
A. Family and Medical Leave Act (FMLA) B. Employee Retirement Income Security Act (ERISA) C. Social Security Act D. Consolidated Omnibus Budget Reconciliation Act (COBRA) E. Sarbanes-Oxley Act
The ending Merchandise Inventory for the current accounting period is understated by $2,700. What effect will this error have on Cost of Goods Sold and Net Income for the current accounting period?
A) Cost of Goods Sold Net Income Understated Understated B) Cost of Goods Sold Net Income Overstated Overstated C) Cost of Goods Sold Net Income Understated Overstated D) Cost of Goods Sold Net Income Overstated Understated