Which of the Following Roughly Approximates the Meaning of the Term

question 66

Multiple Choice

Which of the following roughly approximates the meaning of the term caveat emptor?

• A) voluntary assumption of risk
• B) let the buyer beware
• C) the thing speaks for itself
• D) haste makes waste

Know the optional nature of reversing entries in bookkeeping.

Recognize the role and content of worksheets in preparing financial statements.

Differentiate between long-term investments and property, plant, and equipment in the context of a balance sheet.

Identify the criteria and examples of current liabilities.

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Definitions:

Workers' Compensation Insurance

Insurance that provides medical benefits and wage replacement to employees injured on the job.

FUTA

This Act enforces a payroll tax on enterprises to finance state labor agencies, known as the Federal Unemployment Tax Act.

SUTA

State Unemployment Tax Act, which mandates unemployment insurance taxes that employers must pay.

Workers' Compensation

A type of insurance that offers medical benefits and replaces wages for workers hurt while performing their job duties.