Last Year Adam Lost His Job as a Skilled Welder

question 38

True/False

Last year Adam lost his job as a skilled welder at an automobile assembly plant. After looking for work for several months, he finally accepted a job as an unskilled laborer at a local nursery. Although he is pleased to have work, Adam feels that his new job doesn't use his skills to their full potential. Adam is an example of an underemployed worker.

---

Definitions:

Asset Section

A part of a financial statement that lists all the assets owned by an individual or organization.

Services Revenue

Income generated from services provided by a company rather than from selling physical goods.

Going Concern Assumption

The accounting principle that assumes a company will continue to operate in the foreseeable future, and not liquidate its assets.

Accounting Information

Data related to financial transactions and status of a business, used for analysis, planning, and decision-making purposes.