Which of the Following Statements Is True About the Fair

question 74

Multiple Choice

Which of the following statements is true about the Fair Labor Standards Act (FLSA) ?

• A)The current minimum wage set by the FLSA is $5.25 per hour.
• B)It states that employees cannot be made to work overtime.
• C)Exempt employees are eligible for overtime pay.
• D)It exempts executive,professional,and administrative occupations from FLSA coverage.
• E)Under FLSA,exempt status is independent of job responsibilities and salary.

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Definitions:

Correcting Entry

An entry made in the accounting records to correct an error found in previously recorded transactions.

Accounts Payable

Liabilities owed by a business to its suppliers or vendors for goods or services received that have not yet been paid for.

Service Revenue

Income earned by a company for the provision of services, distinguished from revenue generated from the sale of goods.

Adjusting Entries

Records made in the journal at the period's end to correctly allocate income and expenditure to the period of their occurrence.