Keith Is Paid for Assisting a Welder on a Construction

question 107

Multiple Choice

Keith is paid for assisting a welder on a construction site. He also is adding to his welding skills by attending a local trade school. When he finishes his training program and demonstrates he has mastered specific skills, he will become a journeyman welder. Which statement best identifies that Keith is in an apprenticeship program?

• A) It can't be an internship, because apprentices are paid, while interns are not.
• B) Apprentices, unlike interns, do not learn on the job.
• C) Apprentices have hands-on experience assisting a tradesperson.
• D) Unlike interns, apprentices do not attend educational institutions.
• E) Interns are more likely than apprentices to get admonished for their mistakes on the job.

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Definitions:

Restricted Fund Method

An accounting practice for nonprofit organizations, segregating funds according to restrictions imposed by donors.

Deferral Method

A method of accounting that allows for income or expenses to be recognized at a later date rather than when they are initially incurred.

Donated Land

This informs the recording of land gifted to an entity, valued at its fair market value at the time of donation as an asset on the balance sheet.

Donated Machinery

Assets received for free by an entity, where the fair market value of the machinery is recorded as both income and an asset on the balance sheet.