Sick Leave Programs Are Employer-Sponsored Benefits Plans That Often Provide

question 37

True/False

Sick leave programs are employer-sponsored benefits plans that often provide full salary replacement for a limited period of time and which may be based on length of service.

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Definitions:

Credits

Accounting entries that increase liabilities or equity accounts, or decrease asset accounts.

Personal Equipment

Tangible items owned by an individual for personal use, not for business or commercial purposes.

Cash

Currency and other liquid instruments such as checks and bank deposits that are readily available for use in transactions and other immediate needs.

Normal Credit Balance

The expected balance type for certain accounts in the general ledger, such as liabilities, equity, and revenue accounts.