There Are Some Liabilities, Such as Income Tax Payable, for Which

question 155

Multiple Choice

There are some liabilities, such as income tax payable, for which the amounts must be estimated. Failure to estimate these amounts and record them would be a violation of the

• A) convention of conservation.
• B) concept of historical cost.
• C) practice of consistency.
• D) matching principle.

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Definitions:

NLRB Violations

Illegal actions or practices by employers or labor unions that infringe upon the rules and regulations set forth by the National Labor Relations Board.

Punitive Damages

Financial compensation awarded in lawsuits as a punishment to the defendant for egregious wrongdoing and to deter similar future actions.

Backpay

Compensation awarded to employees for wages they were denied due to unlawful employment practices.

NLRA Coverage

Refers to the scope of businesses and workers protected under the National Labor Relations Act, which governs labor relations in the United States, including rights to organize and collective bargaining.