FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
True or falss
- Gross earning is sometimes greater than net income.
- Net earning can be greater than gross earning.
- The total deduction is always equal to the net earning.
- Gross + Net earning is equal to the net earning.
- If the Deduction is 0, then Gross Earnings = Net Earnings.
- Overtime pay is the part of the deduction.
- Taxes are added in the deduction.
- Other benefits and Payment of Loans are deducted from the Gross.
- If the deduction is more than the net earning, then the net earning is more than half of the gross earning.
- If the total earning is thrice that of the deduction, then the net pay is twice that if the deduction.
- If the total earning is thrice that of the deduction, then the net pay is twice that of the deduction
- The sum of the deduction and the net pay is sometimes equal to the total earning.
- All wage earner can avail benefits of any wage earner.
- 13th month pay is equivalent to annual salary of any employee.
- Total Earning of any employee is not always equal to the basic pay.
- An employer can give 14th month pay to all of his employees that is equivalent to the 13th month pay.
- Living allowance is a must benefit given to all employees.
- A pregnant employee may not have a maternity leave benefit.
- Retirement Benefit can only be availed if the age of the employee is more than or equal to 60 years old.
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