Which of the Following Statements Is True About a Piecework

question 105

Multiple Choice

Which of the following statements is true about a piecework rate plan?

• A) It can be used for all types of jobs and in all types of industries.
• B) It is best suited for complex jobs and tasks.
• C) It can be used to encourage team work and collaboration.
• D) It has a direct link between the work done by the employee and the amount earned.
• E) It encourages the employee's peers to perform as well and reduces conflicts.

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Definitions:

Miscellaneous Expense

Expenses that do not fit into any specific category of the business's financial statements, often small or infrequent costs.

Accounts Payable

Accounts payable represent short-term liabilities or money owed by a business to its creditors or suppliers for goods and services purchased on credit.

Journal Entry

A record of a financial transaction in the accounting books of a business, showing the accounts affected and the amounts.

Invoice

A document issued by a seller to a buyer that lists goods or services provided, prices, and payment terms.