Historically, If an Organization and Employee Do Not Have a Specific

question 12

Multiple Choice

Historically, if an organization and employee do not have a specific employment contract, the employer or employee may not require a specific time to end the employment relationship. This is referred to as the ________ doctrine.

• A) force majeure
• B) laissez-faire
• C) employment-at-will
• D) due process
• E) implied in fact

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Definitions:

Faithful Representation

A qualitative characteristic of financial information that ensures it accurately depicts the economic phenomena it represents.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's normal operating cycle.

Current Liabilities

Short-term financial obligations that are due within one year or within a normal operating cycle, including accounts payable and short-term loans.

Accounting Information

Data related to the financial transactions and status of an organization, used for analysis, reporting, and decision making.