Which Type of Occupation Earned the Highest Average Wage in 2016

question 52

Multiple Choice

Which type of occupation earned the highest average wage in 2016?

• A)management
• B)legal
• C)business and finance
• D)sales
• E)food preparation and serving

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Definitions:

GAAP

Generally Accepted Accounting Principles, the standard framework of guidelines for financial accounting used in any given jurisdiction, primarily in the United States.

Expense Recognition

The accounting principle that dictates the timing of reporting an expense in the financial statements, ensuring expenses are recorded when incurred.

Revenue Recognition

The accounting principle that dictates the conditions under which revenue is recognized and recorded, often requiring that revenue is earned and measurable.

Implicit Rate

An interest rate that is indirectly indicated but not explicitly defined, often used in lease agreements to represent the lessor’s return.