Managers

question 57

Multiple Choice

Managers:

• A)tend to be highly informed about the compensation system
• B)usually receive intensive training on base pay rates
• C)have more information about benefits than about other aspects of compensation
• D)often participate in the design of compensation practices
• E)all of the above are true

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Definitions:

GAAP

Set of accounting standards and principles designed to ensure consistency, fairness, and transparency in financial reporting.

IFRS

International Financial Reporting Standards, a set of accounting principles for reporting financial information used globally.

Time Period Assumption

An accounting principle that states a business operation can be divided into discrete time periods, such as months, quarters, or years for reporting purposes.

GAAP

Generally Accepted Accounting Principles, which are a set of rules and guidelines that companies must follow when preparing their financial statements in the U.S.