Special Items,such as Gains or Losses Relating to Changes in the Value

question 181

True/False

Special items,such as gains or losses relating to changes in the value of certain balance sheet accounts,are reported below the net income line on the income statement.

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Definitions:

Payroll Taxes

Taxes imposed on employers and employees, used to fund social security, Medicare, and other government programs.

Age Discrimination in Employment Act

A U.S. federal law that prohibits employment discrimination against individuals 40 years of age or older.

Seniority System

An employment system where decisions about promotion, pay, layoffs, and other working conditions are based on the length of time an employee has worked for an employer.

Equal Pay

The legal or ethical principle requiring that employees be paid the same wage for similar work regardless of gender, age, ethnicity, or other non-performance related factors.