In the Context of the Types of Benefits Offered by Employers

question 82

Multiple Choice

In the context of the types of benefits offered by employers, which of the following is a voluntary benefit?

• A) Social Security
• B) Wellness programs
• C) Medical plans
• D) Workers' compensation

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Definitions:

Cash Equivalents

Short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value.

Bank Reconciliation

The process of matching the balances in an entity's accounting records for a cash account to the corresponding information on a bank statement.

Non-current Liability

A Non-current Liability is a financial obligation that a company does not expect to settle within the next twelve months from the reporting date.

Credit Balance

A situation where the total credits in an account exceed the total debits; it's common in liability, revenue, and equity accounts.