If a Conflict of Interest Exists

question 14

Multiple Choice

If a conflict of interest exists

• A)it will always have serious adverse consequences.
• B)it may not have a serious adverse consequences if the incentive to take advantage of the conflict is low.
• C)the government needs to step in to pass legislation to remove the conflict.
• D)there will not be serious adverse consequences,even if the incentive to take advantage of the conflict is low.

Identify laws protecting employees from workplace harassment and discrimination.

Understand the scope of employment contract law including aspects of the employment contract.

Recognize legal requirements and implications concerning notice of termination.

Know the enforceability conditions of employment contracts.

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Definitions:

Trial Balance

A ledger summary sheet where the sums of all accounts are organized into equal columns for both debits and credits.

Error

A mistake in recording financial data, which can be due to miscalculation, oversight, or misunderstanding of accounting principles.

Ledger

A book or other collection of financial accounts of a particular type or for a specific purpose in accounting.

Journal

A formal record where all financial transactions of a business are initially recorded, date-wise, before being posted to the general ledger.