Steve Works in Purchasing for the Department of the Army

question 198

Multiple Choice

Steve works in purchasing for the Department of the Army on the east coast.He arrives at work at 6:00 A.m.and leaves by 3:00 p.m.He enjoys this schedule because he is an early riser.A disadvantage to the government in allowing Steve to use flextime is:

• A)morning workers are never as productive as afternoon workers.
• B)there is a 1 hour window of opportunity to talk with defense contractors on the west coast,who work 8:00 a.m.- 5:00 p.m.
• C)this system will increase absenteeism.
• D)the government is required to hire twice as many people and spend additional funds training these individuals.

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Definitions:

Unearned Gym Memberships

Income received by a gym or fitness center from memberships that have been paid for but not yet fully utilized, considered a liability until the services are rendered.

Gym Memberships Revenue

Income received from customers for granting access and use of a gym's facilities.

Adjusting Journal Entry

An entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.

Accounting Equation

The foundational equation in accounting represented as Assets = Liabilities + Equity, illustrating the structure of a balance sheet.