In the Absence of an Express or Implied Agreement to the Contrary

question 21

Multiple Choice

In the absence of an express or implied agreement to the contrary, the inventions of an employee belong to:

• A) the employer.
• B) the employee.
• C) the employer, if the time and the property of the employer is involved.
• D) none of the above.

Learn how to summarize data using charts and how to select an appropriate chart type.

Understand the importance of proper planning and requirements gathering before creating a worksheet.

Grasp the navigation within Excel and learn how to use keyboard shortcuts for efficiency.

Understand the purpose and structure of supplementary records in accounting.

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Definitions:

Capital Account

An account on a nation's balance of payments that records transactions involving the purchase and sale of assets, such as property and stocks.

Withdrawals

Withdrawals refer to the act of taking money out of a bank account, but in a business context, it often refers to the owner taking funds out of the business for personal use.

Income Summary

An account used in the closing process in accounting to gather all revenues and expenses for a period before transferring the net result to the capital account.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from revenue.