A] Bonus B] Remuneration C] Fees a) The system should depend upon the nature of the worked and the efforts involved. * Wage payment system should help in maximizing workers' satisfaction and minimizing labor turnover. Managing Remuneration - MCQs with answers 1. 1) skill based pay. a. Payment of Wages Act – Part 2. Prior to 1936, there was no law regarding the regulation of payment to workmen. In this method, increase in efficiency is co-related with an increase in the wage rate. The workers will not find any difficulty in calculating the wages. Alternative approaches to compensation. View ASSIGNMENT 3 - ESSAY.docx from MBA 290 at Amity University Dubai. Under the Payment of Wages Act, 1936 the fine should not be imposed on any employee who is below the age of ..... years. The minimum wage should be raised to `200/- per day India spends a huge amount of money on national defense. Ans. It should be based upon scientific time and motion study to ensure a standard output to the employer and a fair amount of wages to the workers. ACCES-VR will pay 100% wage reimbursement to the business of gross weekly earnings for up to 26 weeks. The base rates of pay for wage employees may be increased by up to five percent effective no earlier than June 10, 2021. ACCES-VR may pay up to the business’s customary entry level wage for the job. Two workers A and B attend work for 28 and 16 days respectively. C) to check the internal control system in business D) to check the bank balance .8) The purpose of the audit of wage payment is to determine that _____. The wages rate should take into account the skill,effort and responsibility of the worker. Which of the following would be considered a ... desire backed by ability to pay for the commodity. Solutions for Chapter 5S11.3 Problem 51MCQ: The guidelines for designing an incentive compensation system that will help drive successful strategy execution includeA. * Wage payment system determines the level of satisfaction of the workers and affects the rate of labor turnover. * Wage payment system helps in recruiting skilled, experienced and trained workers. * Wage payment system helps to increase the productivity and goodwill of the organization. Employee turnover is relatively high ... To set minimum wages for workers whose bargaining position is weak c. To abolish malpractices and abuses in wage and salary payments Which of the following method of wage payment is most suitable where quality and accuracy of work of primary importance a) Piece rate system b) Time rate system c) Halsey plan 109. There are two methods you can use to calculate your hourly rate (based on a 40-hour workweek): Method 1: Take your monthly salary rate and divide by 174 (the average number of working hours in a month). -1 time pay adjustment or revalue job. Pay Increases. If the compensation policy of the organisation proves to be best then the organisation can get well motivated, loyal, efficient workforce. Here on MCQ.club we have prepared useful Multiple-Choice Questions (MCQs) on Accounting for labour that covers the labour costing, factory accounting, labour cost in cost accounting. 16. Below given is the MCQ in Compensation Management with Answers. Benefits Of Incentive Compensation. 1 Method # 1. Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. ... 2 Method # 2. Piece Rate System: Under this system of wage payment, the workers are paid the wages on the basis of quantity and quality of work performed by them. 3 Method # 3. ... -upward pay adjustments for additional skills, blue collar work. b) It should guarantee a minimum living wage to ensure a satisfactory standard of living. Common methods of measuring labour activity are at Production and Productivity level. Although many would argue that such payments should not be necessary because satisfactory attendance is usually a condition of the contract of employment, it can be a useful means of discouraging absenteeism. The cost of such increases for wage employees shall be borne by existing funds appropriated to each agency. This system does not consider the production of the employees during this time. Multiple choice questions. **REQUISITE OF A GOOD WAGE PAYMENT PLAN** Wage system should be simple and easy to understand. Differential piece wage system is the strongest motivator for a worker to reach standard perforhnance. The wages paid to a joiner who constructs a wooden mould for concrete laying on a building contract should be as: Direct labour cost of the contract. 4 b. Definitions Labour Cost – Payroll Department: Functions and Prevention of Payroll Fraud -these individuals are considered "outliers". 1. Difficult to Measure the Efficiency: Under this system of wage payment, it is very difficult to measure the efficiency of workers because all the workers of equal status are paid the wages at equal rate. Method # 2. Piece Rate System: If the worker is paid at the rate of Rs.20 per hour and he spends 50 hours during a week, the weekly payment is: Weekly wages = (Number of hours worked during the week) x (Rate per hours) = 50 x 20 = Rs.1000 per week. Below you can take Labour Costing multiple-choice questions quiz. For example, if your monthly salary is $3250.00 per month: $3250.00 ÷ 174 = $18.68 per hour. (A) Basic Wage (B) Dearness Allowance (C) Incentive (D) Gratuity 10. * Wage payment system should assure minimum guaranteed wages to all workers. MULTIPLE CHOICE QUESTIONS WITH ANSWERS (ACCOUNTING-I) PUNJAB COLLEGE OF COMMERCE An easy approach to pass 1. 5 c. 6 d. 7 ... based pay system work well? It should give a satisfactory standard of living to the workers. c) Payroll dept. Which one of the following Articles of the Advantages: a. Labor Cost MCQs 1-10 is a set of Multiple-Choice Questions and Answers. This method of wage payment does not give weight age to the quantity of goods produced by the workers. making the payoff for meeting or beating performance targets a major, not minor, piece of the total compensation package.B. 110. How many components are there in remuneration? Method # 1. Customer satisfaction survey questions are closed-ended or open-ended questions that allow you to evaluate customer sentiment at a micro or macro level. * Wage payment system should be fair and justifiable to the workers and organization. and Schwab's (1985) Pay Satisfaction Questionnaire (PSQ), the most frequently used measure of multidimensional pay satisfaction, in order to examine the relationship between pay level, pay raise, benefits, and pay administration and turnover intent. Factors Governing a Satisfactory system of Wage Payment The following factors should be considered while evolving a suitable and a successful system of wage payment. The system should be fair both to the employer and the employee. Indirect labor cost of the contract. Which of the following method of wage payment is most suitable where quality and accuracy of work of primary importance a) Piece rate system b) Time rate system c) Halsey plan 109. If You Need Most Importance MCQ PDF HUMAN RESOURCE MANAGEMENT Question Bank Than Pay Rs 100 Only Contact 8652719712 / 8779537141 M.Com Part 1 Other Subject MCQ This method of wage payment is very simple. A living wage is a socially acceptable level of income that provides adequate coverage for basic necessities such as adequate food, shelter, child services, and healthcare. The requirements of a sound wage incentive plan are: (a) It should be simple, easy to understand and to operate. 2) knowledge based pay. a) Valuation is a part of verification b) Verification is a part of valuation c) Valuation has nothing to do with verification d) Auditor is … It should involve least clerical work. 1) red circled jobs - person is paid above max range. Page-11 section-2 B) the workers are paid the correct amount of wages under proper authorization. Wage payments in kind 15. 95630 A] Maximum B] Minimum C] Poor 6] _____ is the price of compensation or consideration paid for labour and services offered by the workers. What factors affect compensation of employees in … The worker should be assured of a guaranteed minimum wage at satisfactory level irrespective of the work done by him. Time Wage System: Suitability, Advantages and Limitations! This is the oldest method of wage payment. “Time” is made a basis for determining wages of worker. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. A) the work is executed completely for which the workers are paid wages. The subsistence theory of wages, advanced by David Ricardo and other classical economists, was based on … The request should be accompanied by a full statement of the interested party's position and by any information (wage payment data, project description, area practice material, etc. ) examveda.com is a portal which provide MCQ Questions for all competitive examination such as GK mcq question, competitive english mcq question, arithmetic aptitude mcq question, Data Intpretation, C and Java programing, Reasoning aptitude questions and answers with easy explanations. In view of the dual nature of wages as cost to the employer and earnings of the employee, it may be necessary to evaluate wage payments in kind according to both of these concepts. In which of the following method of wage payment , wages on time basis are not guaranteed a) Halsey plan b) Rowan plan c) Taylors differential piece rate system 108. Attendance bonus a payment made to employees by their employer as part of their wage to reward satisfactory attendance at work. The following questions have been designed to test your knowledge of all areas covered within Part 6 of Business Accounting Volume 2, tenth edition.Once you have completed the test, click on 'Submit Answers for Grading' to get your results. State true or false. Mcq's i.com 01 accounting. It was as early as 1925 that a Private Bill called the “Weekly Payment Bill” was for the first time introduced in the Legislative Assembly. Payment for wages should be vouched with the help of a) Piece work statement b) Wage sheets c) Minute book d) Bank pass book 162. (A) 21 (B) 18 (C) 15 (D) 12 11. that the requestor considers relevant to the issue. 17. Costing MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam.

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