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Identify each of the following items with its appropriate financial statement, using the following abbreviations: Income Statement (IS), Statement of Retained Earnings (RE), Balance Sheet (BS), and Statement of Cash Flows (CF). Some items may appear on more than one financial statement.
Wrongful Acts
Actions or behaviors that are illegal or morally incorrect.
Employer
An individual or organization that hires and pays for the services of workers or employees.
Employee
An employee is an individual who has entered into or works under the terms of a contract of employment, whether implied or explicit, providing work or services in exchange for compensation.
Collective Agreement
A contract in written form agreed upon between a union that represents workers and an employer, detailing the conditions of employment.
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