An Automatic Increase in a Wage Rate Found in Some

question 94

Multiple Choice

An automatic increase in a wage rate found in some contracts is known as a

• A) change of labor agreement.
• B) cost of labor arrangement.
• C) cost of living adjustment.
• D) charge for living amendment.

---

Definitions:

Notes Receivable

Claims against others for money, goods, or services evidenced by written promises to pay.

Bank Reconciliation

Bank reconciliation is a process of comparing a company's financial records with its bank statements to ensure consistency and accuracy.

Outstanding Checks

Checks that have been written and recorded in the cash account but have not yet cleared the bank.

Notes Receivable

A written promise to pay a specific sum of money, with interest, to the holder of the note at a future date.