This Law Requires That the Wages of Laborers and Mechanics

question 21

Multiple Choice

This law requires that the wages of laborers and mechanics employed by the contractors of federally funded projects be paid at prevailing local wage rates.

• A)Davis-Bacon Act
• B)Sarbanes-Oxley Act
• C)Federal Wage and Hour Law
• D)IRS Act

Recognize the significance of the time period assumption in accounting.

Understand the treatment and impact of prepaid expenses and unearned revenue on financial statements.

Calculate financial statement impacts of adjustments, including depreciation and adjustments for prepaid and accrued items.

Prepare adjusting journal entries for a variety of transactions.

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Definitions:

FASB

Financial Accounting Standards Board, an organization responsible for setting accounting and financial reporting standards in the United States.

IFRS

International Financial Reporting Standards, a set of accounting standards that provide guidelines for financial reporting, aiming to make company accounts understandable and comparable across international boundaries.

GAAP

In any particular legal area, the Generally Accepted Accounting Principles are the recognized standard of guidelines for conducting financial accounting.

Probable

Probable refers to the likelihood that a future event will occur, often used in accounting to determine if a contingent event should be recorded.