Jamie Earned a Raise in Pay When He Finished the Training

question 17

Multiple Choice

Jamie earned a raise in pay when he finished the training for the Technician 2 position.He will receive another raise when he finishes the training for the Technician 3 position.The company is probably using which type of model?

• A)stair-step
• B)skill blocks
• C)job-point accrual
• D)cross-departmental

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Definitions:

Owner's Capital

The amount of equity a business owner has in the firm, representing the owner's personal investment plus any profits retained in the business.

Internal Control

Practices and procedures deployed by a company to verify the honesty of its financial and accounting figures, enhance responsibility, and eliminate swindling.

Inventoriable Costs

Direct costs associated with the acquisition or production of goods that are held for sale in the ordinary course of business.

Closing Entries

Closing entries are journaled at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby resetting the temporary accounts for the next period.