Match the Term and the Definition

question 118

Multiple Choice

Match the term and the definition.There are more definitions than terms.

-1 Contra-account

• A)When revenue minus expenses is a negative number.
• B)Adds new values into the balance sheet and income statement accounts.
• C)Also known as transportation and storage expense.
• D)An income account that is only open long enough to record one transaction.
• E)The level of profit before considering income tax.
• F)A journal entry that eliminates an account from the chart of accounts.
• G)Lists the balances of all accounts to check that revenues equal expenses.
• H)The amount at which an asset or liability is reported in the financial statements.
• I)An account that is paired with another account whose book value it reduces.
• J)Lists the balances of all accounts to check that debits equal credits.
• K)The number of years that a company has to pay back its loans and other financing.
• L)A journal entry that transfers net income or loss to the retained earnings account.
• M)Converts some of an asset's or liability's book value into an expense or revenue.
• N)When a company lowers the price of a product.
• O)An account that must have a zero balance after closing entries have been made.
• P)The level of revenue a company has before it pays administrative expenses.

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Definitions:

Labor-Management Relations Act

A law designed to regulate the interaction between labor unions and employers to ensure fair practices in collective bargaining and labor relations.

Collective Bargaining

The process by which workers, through their unions, negotiate contracts with their employers to determine their terms of employment.

Unions

Organizations formed by workers to represent their interests, typically in negotiations with employers over wages, benefits, and working conditions.

Management

The act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively.