Your Employer Has Assigned You to the Company Bargaining Team

question 31

Essay

Your employer has assigned you to the company bargaining team and you will be meeting with the union negotiating team shortly. You have been asked about the duty to bargain in good faith. Explain this duty and make four recommendations to ensure that the employer meets its obligation to bargain in good faith.

Calculate and understand the significance of gross profit in business operations.

Grasp the process of closing entries and how it differs between merchandising and service businesses.

Identify and classify inventory on the balance sheet.

Understand the importance and calculation of the asset turnover ratio.

---

Definitions:

Accounting Equation

The foundational principle of accounting that maintains that assets equal the sum of liabilities and owner's equity.

Equity

Ownership interest in a company, representing the amount of assets that would be returned to shareholders if all debts were paid.

Balance Sheets

Financial statements that show the assets, liabilities, and equity of a company at a specific point in time, providing a snapshot of its financial position.

Transactions

Economic events that affect the financial position of a company, involving the transfer of value between two or more entities.