Need for Reforming the Workplace Was Brought to National Attention

question 24

Multiple Choice

Need for reforming the workplace was brought to national attention in 1911 when a fire broke out at

• A)the Union Carbide refinery.
• B)the Triangle Shirtwaist factory.
• C)McCall's magazine publisher.
• D)the U.S.Capitol.
• E)U.S.Steel manufacturing.

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Definitions:

Income Summary

An account to which all income statement account balances are transferred at the end of an accounting period to determine the net profit or loss.

Net Loss

The amount by which total expenses exceed total revenues for a business, indicating a financial loss.

Income Summary Account

An account used in closing process to aggregate all income and expenses accounts before determining and transferring the net income or loss to the capital account.

Adjusting Entries

Entries recorded at the conclusion of an accounting period to adjust the balances of accounts prior to the compilation of financial statements.