If an Employee Leaves the Bargaining Unit and Later Returns

question 101

True/False

If an employee leaves the bargaining unit and later returns to the bargaining unit two years later, the first period of time in the bargaining unit is not counted towards seniority.

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Definitions:

Closing Entry

An accounting action that transfers the balances from temporary accounts to permanent ones at the end of an accounting period.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities; represents the owner's claims against the company's assets.

Income Summary

An account to which the revenues and expenses are transferred in order to calculate the net income for the period, ultimately transferring to retained earnings.

Accounting Cycle

The series of steps followed by an entity to collect, process, and report financial information, culminating in the preparation of financial statements for a specific period.