Suppose That Under Its Collective Bargaining Agreement the XYZ Corp

question 217

Multiple Choice

Suppose that under its collective bargaining agreement the XYZ Corp. can hire nonunion workers, but these workers must join the union within 60 days. This agreement is an example of

• A) an open shop.
• B) a closed shop.
• C) a company union.
• D) a union shop.

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Definitions:

Outstanding Checks

Checks recorded in the checkbook register that have not yet been processed or debited by the banking institution.

Checks Cleared

The process by which banks verify and process the transfer of funds from the check writer's account to the recipient's account.

Bank Reconciliation

Bank reconciliation is the process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement.

Outstanding Checks

Refers to checks that have been written and recorded in the accounting records but have not yet cleared the bank.