Which Act Established the Minimum Wage and Mandated Overtime Payable

question 64

Multiple Choice

Which Act established the minimum wage and mandated overtime payable to employees who work more than 40 hours per week?

• A) ERISA
• B) Wagner Act
• C) Fair Labor Standards Act
• D) Taft-Hartley Act
• E) Civil Rights Act of 1964

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Definitions:

Depreciation

Depreciation is an accounting method of allocating the cost of a tangible asset over its useful life, reflecting the reduction in value over time.

Useful Life

The estimated period over which an asset is expected to be usable by the entity owning it, affecting depreciation calculations.

Adjusting Entries

At the end of an accounting interval, journal entries are made for the allocation of profits and expenses to the time frame in which they were genuinely incurred.

Prepaid Expenses

Payments made in advance for goods or services that will be used in the future, recorded as assets on the balance sheet until they are consumed.