Webster Industries Has a Unionized Workforce

question 79

Multiple Choice

Webster Industries has a unionized workforce. Fredrick's job of operating a stamping machine has been eliminated by technological advances, but the union is requiring Webster to pay Fredrick for the work he would have performed had the machine still been in operation. This requirement is a violation of:

• A) the Norris-LaGuardia Act.
• B) the Labor-Management Relations Act.
• C) the National Labor Relations Act.
• D) no labor law; it is just a result of lawful, effective union negotiation.

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Definitions:

Debits and Credits

Accounting terms used to record changes in accounts, where debits are entries on the left side of an account and credits are entries on the right.

Adjusting Entries

Journal entries made at the end of an accounting period to update accounts for accuracies in preparation for financial reporting.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent ones.

End-Of-Period Spreadsheet

A document used in accounting to compile all balance sheet and income statement accounts at the end of a reporting period.