When a Paycheck Is Calculated from the Number of Hours

question 121

Multiple Choice

When a paycheck is calculated from the number of hours worked during the week times the hourly rate,what type of system is being used to pay employees?

• A) Gainsharing
• B) Salary
• C) Profit sharing
• D) Wage
• E) Incentive

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Definitions:

Gain

An increase in equity from incidental transactions and other events affecting the entity during a period, except those that result from revenues or investments by owners.

Loss

Refers to when a company's expenditures exceed its revenues during a specific period of time, resulting in a negative profit.

Revenue Expenditures

Operating expenses that are fully expensed in the accounting period when incurred and primarily related to the maintenance and repair of assets.

Balance Sheet Expenditures

Expenses that are reflected in the balance sheet, usually through an adjustment of assets or liabilities.