List and Briefly Discuss the Three Basic Components of an Accounting

question 15

Essay

List and briefly discuss the three basic components of an accounting information system.

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Definitions:

Equitable Pay Structure

A compensation system designed to fairly reward employees based on job roles, experience, performance, and market rates, ensuring fairness and equality.

Wage Costs

The total expenditure incurred by an employer for the payment of wages to employees, including salaries, bonuses, and overtime pay.

Employee Performance

Employee performance refers to how well an employee fulfills their job duties and executes their tasks, often measured against pre-defined benchmarks or objectives.

Statistical/Policy Capturing

A method used to analyze the decision-making process by capturing the rules and models people use to make decisions.