Tag Archives: Wages

Explain personal income

Explain personal income The income received by a single individual Or An individual’s total earnings from wages, passive enterprises, and investment interest and dividends Source: http://www.investorwords.com/3685/personal_income.html#ixzz2Yx73riYd

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Define labor

Define labor Study of economic behavior of employers and employees in response to changing prices, profits, wages, and working conditions. Source: http://www.businessdictionary.com/definition/labor-economics.html#ixzz2YwwpPcdS Or The aggregate of all human physical and mental effort used in creation of goods and services. Labor is a primary factor of production. The size of a nation’s labor force is determined by the size of its …

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Bill of Exchange Important Question 7 for I.Com Part 1

Bill of Exchange Important Question 7 for I.Com Part 1 Adil sold goods to Karim for Rs. 10,000 and drew a bill upon him for 3 months. Karim returned the bill to Adil after accepting it and Adil discounted the bill with his bank at 9% p.a. On the due date the bill was dishonored. Required: Pass entries in the …

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Define accrued expenses

Define accrued expenses An expense incurred but not yet paid. A firm incurs certain expenses such as wages, interest, and taxes that are paid only periodically. From the time expenses are incurred until the date they are paid, expenses accrue in a firm’s balance sheet. Or An expense that has occurred but the transaction has not been entered in the …

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What is meant by internal equity?

What is meant by internal equity? Internal equity is a term related to various considerations about a worker’s view of the wages he or she receives in relation to ideas or observation of what wages he or she should. In other words, workers access their current work situation by evaluating how much they are paid by for their services relative …

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Define Liabilities

Define Liabilities A financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges. An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying the debt or settling a wrongful act they may have committed. For example, …

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