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Adjusting entries are journalized after the financial statements are prepared.
Perquisites
Additional benefits or privileges granted to employees on top of their regular salary, often to improve job satisfaction and loyalty.
Straight Salary Plan
A compensation method where employees are paid a fixed regular wage regardless of sales or performance.
Sales Incentive Plan
A reward program implemented by businesses to motivate sales personnel to achieve targeted sales goals and enhance performance.
Pay-for-performance
A compensation strategy where employees' pay is based on their performance, often measured against pre-defined targets or metrics.
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