The Worker Adjustment and Retraining Notification Act Requires an Employer

question 68

Multiple Choice

The Worker Adjustment and Retraining Notification Act requires an employer to provide how much advance notice of a plant closing or mass layoff?

• A) Two weeks
• B) Thirty days
• C) Sixty days
• D) Ninety days

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Definitions:

Expense Accounts

Accounts used to record expenses in the general ledger, capturing costs associated with operating the business.

Salaries and Wages Payable

Liabilities owed to employees for work performed that have not yet been paid.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred, ensuring the financial statements are in compliance with the accrual basis of accounting.

Payroll

Refers to the total amount of wages, salaries, bonuses, and other compensation paid to employees by a company during a specific period.