The Following Journal Entry Shows

question 41

Multiple Choice

The following journal entry shows:

• A) An (some) employee(s) may have taken long-service leave.
• B) An (some) employee(s) may have been paid out their long-service leave entitlement upon resignation.
• C) An employer is building up a provision account for long-service to enable it to account for leave taken in the future.
• D) An (some) employee(s) may have taken long-service leave and an (some) employee(s) may have been paid out their long-service leave entitlement upon resignation
• E) An (some) employee(s) may have taken long-service leave and an employer is building up a provision account for long-service to enable it to account for leave taken in the future.

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Definitions:

Demand Curve For Labor

A graphical representation showing the relationship between the quantity of labor demanded by employers and the wage rate.

Price Of Sewing Machines

The amount of money required to purchase a sewing machine, which may vary based on features, brand, and market demand.

Wage Rate

The amount of payment that a worker receives per unit of time or per unit of output, often expressed as an hourly or piece-rate wage.

Substitution Effect

The economic theory that as prices rise, or income decreases, consumers will replace more expensive items with less costly alternatives.