Abbott Co Has 5 Employees Who Worked the Entire Year

question 79

Multiple Choice

Abbott Co. has 5 employees who worked the entire year. Each employee earns 6 paid vacation days annually. Vacation days may be taken during December of 2016 and all of 2017. All unused vacation days are paid when the employee leaves the company. The daily wage in 2016 per employee is $100. This is an example of

• A)a definite liability.
• B)a third party liability.
• C)a gain contingency.
• D)unearned revenue.

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Definitions:

OR

A logical operation that yields true if any of its operands are true, commonly used in programming and digital logic.

Text Messaging

The act of sending brief, electronic messages between two or more mobile devices.

SMS

Short Messaging Service, a text messaging service component of most telephone, internet, and mobile-device systems.

MMS

Multimedia Messaging Service, a standard way to send multimedia content via mobile phones.