Define the Following Four References and Name a Country That

question 45

Essay

Define the following four references and name a country that you argue would fall into each category.
(a) First World
(b) Second World
(c) Third World
(d) Fourth World

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Definitions:

Profit Sharing

A compensation scheme where employees receive a portion of the company's profit, in addition to their regular salary.

Capital Balance

The amount of money an owner has invested in a business plus any retained earnings or minus any losses.

Capital Balance

The amount of money that a partner in a business has contributed to the business minus any withdrawals or distributions.

Bonus Method

The bonus method is an accounting approach used in partnership transactions to reflect changes in the capital accounts of the partners when no actual cash is paid out or received.