Which of the Following Professions Is Considered "Nonexempt" from Provisions

question 57

Multiple Choice

Which of the following professions is considered "nonexempt" from provisions of the Fair Labor Standards Act?

• A) attorney
• B) physician
• C) management trainee
• D) general manager

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Definitions:

Adjusting Entries

Accounting records finalized at the close of an accounting period to properly assign income and expenses to the period they truly belong to.

Annual Accounting Period

A 12-month time span used by businesses for financial reporting and accounting purposes.

Chart of Accounts

A systematic listing of all ledger account names and numbers used by a company, organized by the assets, liabilities, equity, revenue, and expenses.

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.