The Code of the Canadian Franchise Association Gives Franchisees

question 11

Multiple Choice

The code of the Canadian Franchise Association gives franchisees:

• A) freedom to form and join associations.
• B) the right to see the financial statements of the franchisor.
• C) the right to a full refund if dissatisfied.
• D) all of the above.

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Definitions:

Accrued Wages

Wages that have been earned by employees but have not yet been paid by the end of the accounting period.

Wages Payable

Liabilities representing the amounts owed to employees for work performed but not yet paid.

Post-Closing Trial Balance

A list of all accounts remaining after closing entries have been made, showing the balances ready for the next accounting period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.