Which of the Following Is Correct with Regard to Compensation

question 82

Multiple Choice

Which of the following is correct with regard to compensation?

• A)The term "compensation" refers to several different elements,including base salary,incentives,bonuses,benefits,and other rewards that employees receive.
• B)There is a general consensus in society that top managers deserve the high compensation they receive because their jobs are very complex and demanding.
• C)The average hourly wage in manufacturing is lower than the average hourly wage in retailing.
• D)Job evaluation is a method for determining whether a worker in a given job should be paid a wage or a salary.
• E)All of these are correct.

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Definitions:

Cost Reconciliation

The process of analyzing and explaining the differences between the reported cost and the actual cost of manufacturing or production.

Work In Process

Stock comprising products that are currently being manufactured but are not yet finished.

FIFO Method

A method of inventory valuation where the first items produced or purchased are the first ones to be expended or sold.

Equivalent Units

Units of production expressed in terms of fully completed units; a concept used in manufacturing to measure output in a period that factors in incomplete units.