Answer:
Socialism involves an economic ideology in which the government or state plays a strong role in the economy and may own stakes in certain businesses
Explanation:
Socialism is an Economic system owned, managed & run by state (government). The central problems of economy : what, how, for whom to produce - are solved by state. State decisions are based on social welfare guidelines. Market forces are insignificant, private accumulation of property is not there.
However, in Capitalist system - resources are owned, managed, controlled by private sector. The central problems of economy are solved by private sector, as per market forces & profit maximisation guideline. Private accumulation of property is allowed. The system has two classes : Bourgeoisie (Capitalist wealthy entrepreneur class) & Proletariat (Labourers)
So, Socialism having everything under state control, has no classes -Bourgeoisie (entrepreneurs) & Proletariat (Labourers). Hence, it is a Classless Economic System
Answer:
$11 billion annually.
Explanation:
Firms carried out assessments based on their daily activities as well as employee assessment.
Employees in firms are assessed based on their productivity level, rate at which they are absent from work as well as their turnover rate in the firm.
Low productivity can be defined as a decrease in the production capacity of a firm due to the inefficiency of workers.
Absenteeism can be defined as when a person is not present at work. This may be due to genuine or deliberate reasons.
Employee turnover can be defined as the number of employees who leave a firm and are replaced with new employees.
Low productivity, consistent absenteeism and employee turnover rates are said to cause firms to lose a lot of money due to:
a. Payment of salary for absent workers
b. Having to find replacement for absent staffs.
c. Low productivity due to lack of or absent staffs.
It is estimated that firms lose $11 billion annually in productivity, absenteeism, and employee turnover due to caring for aging parents.
Answer: Debit Salaries and Wages Expense $117000
Credit Salaries and Wages Payable $117000
Explanation:
Based on the information given in the question, the required journal entry to accrue compensated absences will be as follows:
First, we need to know the amount of the compensated absence which will be:
= 65 employees × $900 × 2 Weeks vacation
= $117000
Therefore, the journal entry is:
Debit Salaries and Wages Expense $117000
Credit Salaries and Wages Payable $117000
