David Has Worked as a CPA for Accountants R Us

question 38

Multiple Choice

David has worked as a CPA for Accountants R Us for about eight months. When his wife had a baby, he requested to take some time off. He believes he is allowed to do so pursuant to the Family and Medical Leave Act.
-Does the Family and Medical Leave Act apply to professionals like CPAs?

• A) Yes, if they work for a company with at least 50 workers.
• B) Yes, but only if they are paid on an hourly basis.
• C) No.
• D) No, unless the employer specifically provides coverage.

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Definitions:

Cost Of Goods Sold

The direct monetary charges for materials and labor involved in the creation of goods a business sells.

Credit Terms

The conditions under which credit is extended by a lender to a borrower, including the repayment schedule, interest rate, and due date.

Invoice Price

The price indicated on an invoice, representing the amount to be paid by the buyer to the seller.

Perpetual Inventory System

A perpetual inventory system is a method of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.