To stay current in their profession,accountants have to take a minimum number of continuing education courses annually.Accountants in the firm of Dunkirk and Wood who take additional classes are rewarded with ____.
A) gain-sharing
B) profit-sharing
C) a lump-sum bonus
D) profit-for-work
E) a merit pay plan

Question

Quizplus · Accepted Answer

The best choice is a merit pay plan. A merit pay plan rewards employees for their individual performance and incentivizes them to improve their skills and knowledge to meet the changing demands of their profession. This is particularly relevant for accountants who need to stay current in their profession through continuing education courses. A merit pay plan provides a flexible and objective way of rewarding employees for their efforts and contributions to the firm. Gain-sharing, profit-sharing, lump-sum bonuses and profit-for-work may also be used in some firms, but these are not specifically designed to reward individual performance or ongoing development, which makes a merit pay plan a better choice in this case.

To Stay Current in Their Profession,accountants Have to Take a Minimum