The Institute for Performance and Learning Has Developed a Set

question 30

True/False

The Institute for Performance and Learning has developed a set of competencies for learning professionals that is based on the Association for Talent Development competency model.

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Definitions:

Vacation Pay Payable

A liability account that records the amount of vacation pay owed to employees but not yet paid.

Current Liability

Financial obligations a company is required to pay within a year.

Product Warranty Expense

Costs associated with repairing or replacing defective products under warranty.

Replacement Warranty

A guarantee provided to a purchaser of a product that a defective item will be replaced within a specified period of time.