The Chart of Accounts

question 120

Multiple Choice

The chart of accounts:

• A) is a numbered list of all of the business's accounts.
• B) allows accounts to be located quickly.
• C) can be expanded as the business grows.
• D) All of the above are correct.

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Definitions:

Seniority-based Pay

A compensation strategy where employees' wages are determined by the length of their service or tenure in the company, rewarding loyalty and experience.

Righttosue Clause

A provision within a contract or law that grants an individual the authority to pursue legal action should their rights be violated.

Just Cause

A legal standard that employers must meet to justify disciplinary actions or termination, proving that actions taken were due to reasonable grounds.

Economic Reason

Refers to motivations or justifications based on economic factors, such as cost, efficiency, or profitability.