What Is the Only State Where Employers Are Not Required

question 11

Multiple Choice

What is the only state where employers are not required to fund workers' compensation programs?

• A)Michigan
• B)New York
• C)Texas
• D)Oregon

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Definitions:

Equipment

Tangible property used in the operations of a business, not intended for sale, with a useful life extending beyond a year.

Asset Account

An account that records the value of economic resources owned by an entity, which are expected to provide future benefits.

Cash Account

A cash account is a financial account that records cash transactions, including cash receipts and payments, managing the flow of liquid assets.

Journal Entry

A record in accounting that represents a transaction and its effect on various accounts, ensuring the debits and credits balance.