Employees Who Are Employed on a Part-Time and Temporary Basis

question 118

Multiple Choice

Employees who are employed on a part-time and temporary basis to supplement a permanent workforce are called __________.

• A)Foreign workers.
• B)Contingency workers.
• C)Unreliable workers.
• D)Entrepreneurs.
• E)Technical workers.

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Definitions:

Time Period Assumption

An accounting principle that allows businesses to divide their activities into specific time periods for reporting, such as months, quarters, or years.

Operating Cycle

The operating cycle is the average period of time required for a business to convert its inventory into cash through sales processes.

Post-closing Trial Balance

A listing of all company account balances after closing entries are made, ensuring the ledger is balanced before starting the new accounting period.

Temporary Accounts

Accounts in financial accounting that are closed at the end of each accounting period, including income, expense, and withdrawal accounts. They are used to track transactions within a specific period and are reset to zero at the start of a new period to begin tracking new transactions.