business notes5

business notes5 - 21/11/2006 09:30:00 Types of Compensation...

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Unformatted text preview: 21/11/2006 09:30:00 Types of Compensation Hourly wages Salaries Piecework & commission Accelerated commission schedule Bonus Profit Sharing Fringe benefits Promotion- an upward move to a position with more authority, responsibility, and pay Transfer- a horizontal move to a position with about the same salary and organizational level Demotion- the downgrading or reassignment of an employee to a position with less responsibility Layoff- temporary separation of an employee arranged by the employer Termination- permanent separation of an employee arranged by the employer Resignation- permanent separation of an employee arranged by employee Retirement- Separation of an employee at the end of his or her career Chapter 14 21/11/2006 09:30:00 Accounting: the process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities Managerial Accounting: Accounting that provides financial information that managers inside the organization can use to evaluate and make decisions Primary Financial Statements...
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business notes5 - 21/11/2006 09:30:00 Types of Compensation...

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