A Major Advantage of a Piecework Pay System Is That

question 392

Multiple Choice

A major advantage of a piecework pay system is that it

• A) creates a powerful incentive to work efficiently.
• B) requires a minimum of paperwork and record keeping.
• C) encourages cooperation and teamwork among employees.
• D) is a system that is strongly supported by both unions and management.

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Definitions:

Mortgage Payable

A liability account on a company's balance sheet that represents funds borrowed, secured by property, to be paid back with interest.

Balance Sheet

An economic report that presents the value of a corporation’s assets, liabilities, and equity held by shareholders on a given date.

Periodic Inventory Method

An inventory accounting system where updates to the inventory accounts are made on a periodic basis, typically at the end of an accounting period.

Financial Statement(s)

Reports that summarize the financial performance and position of a business or entity.