Rick Is a Human Resource Manager at a Nonprofit

question 359

Multiple Choice

Rick is a human resource manager at a nonprofit. If Rick's organization is like most companies today, which of the following statements about his job is likely to be the most accurate?

• A) Most of Rick's time will be devoted to clerical duties such as processing payroll checks and keeping employee files updated.
• B) Rick's job will be simpler in the future than it was in the past, because the percentage of new workers entering the labor force who are poorly educated and unprepared for work is slowly but steadily declining.
• C) Government laws and regulations concerning hiring, worker safety, pay, and unionization will make Rick's work complex and challenging.
• D) Rick and his fellow human resource managers will be given complete responsibility for performing all human resource functions within the organization.

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Definitions:

GAAP

stands for Generally Accepted Accounting Principles, which are the standard framework of guidelines for financial accounting used in any given jurisdiction.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that guide how financial transactions and events should be reported.

Revaluation

An adjustment made to the book value of an asset to accurately reflect its current market value.

Prepaid Insurance

An asset account on the balance sheet representing insurance payments made in advance, which are expensed out over the period to which the insurance coverage relates.