As of 2012, Retired Workers Between the Ages of 62

question 31

True/False

As of 2012, retired workers between the ages of 62 and their normal retirement age were subject to an "earnings test" that reduced their pension by $1 for each $2 of earnings after a certain minimum level of earnings.

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Definitions:

Journal Entries

The written records of financial transactions in the accounting system, indicating the accounts and amounts debited and credited.

Journal Entries

Journal entries are the initial records of financial transactions in the accounting system, documenting the details of each transaction in chronological order.

Bank Reconciliation

The procedure of ensuring the balances of a cash account in a firm's accounting books match the corresponding figures on a bank statement.

Cash Account

An account used to record cash transactions in a company's financial statements, including inflows and outflows of cash.