When Withheld Union Dues Are Turned Over to the Union

question 74

True/False

When withheld union dues are turned over to the union by the employer, a journal entry is made debiting the liability account and crediting the cash account.

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Definitions:

Labor Productivity

A measure of economic performance calculated by dividing the total output by the number of labor hours used in the production process.

Capital To Labor Ratio

A measurement of the amount of capital employed per unit of labor, often used to understand the level of mechanization or technology used in production.

Capital Goods

Goods that are used in producing other goods, rather than being bought by consumers directly, such as machinery, tools, and buildings used in production.

Economic Growth

An increase in a nation's production of goods and services, measured by its gross domestic product (GDP) over time.