Employee Disciplinary Actions & Relations

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Questions and Answers

What is one of the common grounds for employee discipline or dismissal?

Refusal to work or take direction (correct)

Exceeding performance targets

Volunteering for extra shifts

Excessive overtime

How many weeks notice must an employee receive prior to dismissal?

1 week

3 weeks

1 month

2 weeks (correct)

Which type of disciplinary action comes first in the progressive discipline system?

Suspension without Pay

Verbal Warning and Counseling (correct)

Formal Written Warning

Final Written Warning

What is likely to occur if disciplinary actions are delayed unduly?

Indecisiveness perceived by employees Signup and view all the answers

What should be the nature of disciplinary actions according to HR guidelines?

Prompt and commensurate with the violation Signup and view all the answers

What is one of the types of improving employee relations?

Quick Recognition Signup and view all the answers

Why should employers focus on signs of employee discontent?

To increase the chances of early detection of issues Signup and view all the answers

What is a potential outcome of employees not having a means to air complaints?

Counterproductive measures that are difficult to recognize Signup and view all the answers

Which of the following items is classified as a current asset?

Accounts receivable Signup and view all the answers

Which of the following is NOT a type of current asset?

Equipment Signup and view all the answers

What does prepaid expenses refer to in the context of current assets?

Expenses paid in advance that will be consumed in the future Signup and view all the answers

Which of the following items listed is considered a long-term asset?

Building Signup and view all the answers

Which of the following best describes equipment in the context of assets?

Tangible assets that are essential for business operations Signup and view all the answers

What type of asset is merchandise inventory categorized as?

Current asset Signup and view all the answers

Which of the following represents a collectible from clients who issue promissory notes?

Notes receivable Signup and view all the answers

Which item listed below would be classified as a liability?

Debts owed to creditors Signup and view all the answers

What is the main purpose of upward feedback in performance appraisal?

To evaluate the superior's performance by subordinates Signup and view all the answers

Which appraisal method allows employees to set their own performance goals?

Management By Objectives (MBO) Signup and view all the answers

In the 360° feedback method, who provides feedback on the employee's performance?

A combination of self, peers, superiors, and external sources Signup and view all the answers

What key element differentiates the ranking method of appraisal?

It ranks employees based on their performance relative to one another Signup and view all the answers

Which of the following is NOT a characteristic of self appraisal?

Involves evaluations from peers and superiors Signup and view all the answers

What does the critical independent appraisal method primarily focus on?

Detailed incidents highlighting performance behaviors Signup and view all the answers

Which appraisal method is designed to combat the feeling of unfair judgment among employees?

Management By Objectives (MBO) Signup and view all the answers

What is the primary focus of using a graphic scale in performance appraisals?

To measure the quality of work with specific ratings Signup and view all the answers

What is the definition of owner's equity?

The net worth of the business calculated by subtracting liabilities from assets. Signup and view all the answers

Which of the following is classified as an intangible asset?

Patent Signup and view all the answers

Which category does 'accounts payable' fall under?

Current liabilities Signup and view all the answers

What does rent income represent for a business?

Rental earned on properties owned by the business. Signup and view all the answers

Which of the following can be classified as a revenue from fees?

Payments received for professional services rendered. Signup and view all the answers

What type of expense do 'traveling expenses' fall under?

Expenses Signup and view all the answers

Which of these represents a component of revenues for a business?

Service income Signup and view all the answers

Which of the following statements about depreciation is accurate?

Plant assets, except land, are subject to depreciation. Signup and view all the answers

What is the primary function of the journal in accounting?

It records transactions in chronological order. Signup and view all the answers

How is information in the ledger organized compared to the journal?

By account. Signup and view all the answers

What are the primary components of the simplest form of an account?

Account name, debit side, credit side. Signup and view all the answers

What is another name for the income statement?

Profit and loss statement. Signup and view all the answers

Which statement best describes the relationship between the journal and ledger?

The ledger is a detailed version of the journal. Signup and view all the answers

When is the income statement typically developed?

At the end of the fiscal year. Signup and view all the answers

What does the debit side of an account indicate?

Increase in assets and expenses. Signup and view all the answers

What is the purpose of folio columns or post-reference columns in accounting records?

To cross-reference the journal and ledger. Signup and view all the answers

Study Notes

Disciplinary Actions and Dismissal

Disciplinary actions should be prompt, commensurate with the violation, and clearly explained to all affected.
Examples of grounds for discipline or dismissal include refusal to work or take direction, disorderly conduct, tardiness and absenteeism, poor treatment of customers, stealing, destruction of pharmacy property, violation of safety practices, alcohol or drug abuse, and gambling while on the job.
A progressive discipline system should be implemented, starting with verbal warnings and counseling, and escalating to formal written warnings, suspension without pay, and ultimately termination/dismissal.

Improving Employee Relations

Early recognition of employee discontent is crucial, and signs to watch for include slowdowns, tardiness, accidents, and excessive waste.
Providing employees with an outlet for airing complaints is essential to maintain a healthy employer-employee relationship.
Traditional appraisal methods often use a graphic scale to measure employee performance, while critical independent appraisals provide detailed descriptions of both positive and negative behaviors.
Management by Objectives (MBO) allows employees to set their own realistic performance goals, fostering a sense of ownership and reducing feelings of being unfairly judged.
The ranking method involves comparing employees' work performance to one another.

Rating Scale

Used to measure employee abilities with accuracy and uniformity.
Provides an objective assessment of an employee's skill in their current job.

Accounting Elements

Assets: Property or rights on property owned by the business.
Liabilities: Debts owed by the business.
Owner's Equity: The excess of assets over liabilities, representing the owner's claim on the business.
Revenues/Income: Inflow of cash or other assets from clients or customers.

Categories of Assets

Current Assets: Items easily converted to cash within a year, such as cash, accounts receivable, notes receivable, interest receivable, merchandise inventory, prepaid expenses, and trading securities.
Fixed Assets/Plant Assets: Long-term assets like land, buildings, equipment, furniture and fixtures, and intangible assets.

Categories of Liabilities

Current Liabilities: Short-term debts due within a year, including accounts payable, notes payable, and accrued expenses.
Long-Term Liabilities: Obligations due in more than a year, such as mortgages and bonds payable.

Categories of Revenues/Income

Sales/Merchandise Sales: Total sales price of merchandise sold.
Revenue from Fees: Amounts earned for professional services rendered.
Rent Income: Rental earned on the business's properties.
Service Income: Income earned from providing services instead of merchandise.
Interest Income: Amount earned for lending money.

Categories of Expenses

Salaries Expenses: Wages paid to employees.
Commission Expenses: Compensation granted to employees.
Travelling Expenses: Allowances given for travel expenses.

Relationship Between Journal and Ledger

Information recorded in the ledger is derived from the journal.
The journal groups information by transaction, while the ledger organizes it by account.
The journal is considered the book of original entries, while the ledger is the book of final entries.
Both records are cross-referenced using folio columns or post-reference columns.

T-Account

A simple form of account with three parts: the name of the account, the debit side (left), and the credit side (right).
Debit side increases assets and expenses, decreases liabilities and owner's equity.
Credit side increases liabilities and owner's equity, decreases assets and expenses.

Financial Statements

Income Statement (Profit and Loss Statement): Reports on business transactions in financial terms over a defined period, providing information about the result of operations.
Accounting Period: A period, usually 12 months, during which business transactions are recorded.

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Description

This quiz covers key aspects of disciplinary actions and improving employee relations within the workplace. Learn about grounds for discipline, the importance of a progressive discipline system, and the role of recognizing employee discontent in fostering a positive work environment.