The ____________ Requires Employers Who Have Contracts with the Federal

question 36

Multiple Choice

The ____________ requires employers who have contracts with the federal government of $2,500 per year or more,or who provide services to federal agencies as contractors or subcontractors,to pay prevailing wages and fringe benefits to their employees.

• A) Walsh-Healy Act of 1936
• B) The Davis-Bacon Act of 1931
• C) McNamara-O'Hara Service Contract Act
• D) Fair Labor Standards Act of 1938.

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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.