Permanent Accounts

question 234

Multiple Choice

Permanent accounts:

• A) are not permitted under GAAP .
• B) have their balances zeroed-out at the end of each accounting year.
• C) do not have their year-end balance carried into the next year.
• D) are Balance Sheet accounts.

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Definitions:

Labor Market Shelters

Describes economic sectors or employment practices that protect workers from the harshness of the market, often through regulation or unionization.

Senior Personnel

Individuals who hold high-ranking positions within an organization, typically involved in decision-making processes and strategic planning.

Codetermination

A German system of worker participation that allows workers to help formulate overall business strategy. German workers’ councils review and influence management policies on a wide range of issues, including when and where new plants should be built and how capital should be invested in technological innovation.

Workers' Councils

Bodies formed by workers in various sectors to represent their interests, often in the context of self-management or industrial democracy.