When the "Length of Service Principle" Is Used for Combining

question 58

True/False

When the "length of service principle" is used for combining the seniority lists of the merged companies, none of the employees lose their previously earned seniorities.

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Definitions:

Normal Balance

The side (debit or credit) on which increases to the account are recorded, depending on the type of account.

Financial Statement(s)

Formal records of the financial activities and position of a business, person, or other entity, presented in a structured manner.

Normal Balance

The side of an account (debit or credit) where increases in the account are recorded.

Financial Statement(s)

Documents that provide an overview of a business's financial condition, including balance sheet, income statement, and cash flow statement.