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 … 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. ) 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. Pay level refers to the individual's current direct wage or salary, while pay raises It should give a satisfactory standard of living to the workers. MCQ by Dr.S.R.Pagare, K.J.Somaiya College, Kopargaon 5] A sound wage system should ensure _____ guaranteed wages to each worker. The minimum wage should be raised to `200/- per day India spends a huge amount of money on national defense. If the decision of the Administrator is not favorable, an 4 of5 1/14/2019, 3:07 PM ACCES-VR will pay 100% wage reimbursement to the business of gross weekly earnings for up to 26 weeks. the definition of wages given under the Payment of Wages Act, 1936 ? 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). b) Personal dept. Which of the following would be considered a ... desire backed by ability to pay for the commodity. Wage theory, portion of economic theory that attempts to explain the determination of the payment of labour. Costing MCQ Questions and answers with easy and logical explanations. 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. Costing MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam. c) Payroll dept. State true or false. Multiple choice questions. A] Maximum B] Minimum C] Poor 6] _____ is the price of compensation or consideration paid for labour and services offered by the workers. Under the Federal Wage System (FWS), each grade of a regular wage schedule (WG) has five rates to which an employee may progress with satisfactory work performance. If the compensation policy of the organisation proves to be best then the organisation can get well motivated, loyal, efficient workforce. 1960 and 1120 for A and B respectively. ... under Taylor’s differential piece rate system, what will be amount of wages if a worker produces 95 units in a day? Fixed labor cost of the contract. Below given is the MCQ in Compensation Management with Answers. For example, a wage rate of Rs. Method # 1. If the length of the OJT must be extended past 26 weeks, the extension is approved at 50% wage reimbursement rate. Below you can take Labour Costing multiple-choice questions quiz. Page-11 section-2 -these individuals are considered "outliers". 17. Under the Payment of Wages Act, 1936 the fine should not be imposed on any employee who is below the age of ..... years. Prior to 1936, there was no law regarding the regulation of payment to workmen. Agencies using the PMIS Wage3 system should enter transaction PSW090 with reason code 215 to increase For example, if your monthly salary is $3250.00 per month: $3250.00 ÷ 174 = $18.68 per hour. The system should be fair both to the employer and the employee. 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. -upward pay adjustments for additional skills, blue collar work. 16. This system does not consider the production of the employees during this time. The wages rate should take into account the skill,effort and responsibility of the worker. Advantages: a. (A) 21 (B) 18 (C) 15 (D) 12 11. 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. 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 Accounting is called of business: a) Heart b) Eye c) Ear d) Tongue 2. The workers will not find any difficulty in calculating the wages. This method of wage payment is very simple. In principle, for earnings statistics, payment in kind should be measured on the basis Payment of Wages Act – Part 2. 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 Labour Cost – Payroll Department: Functions and Prevention of Payroll Fraud Please enter your email: 1. For full treatment, see wage and salary. It should be flexible. The requirements of a sound wage incentive plan are: (a) It should be simple, easy to understand and to operate. It should guarantee a minimum living wage. **REQUISITE OF A GOOD WAGE PAYMENT PLAN** Wage system should be simple and easy to understand. In this system of wage payment, the workers are paid the wages on the basis of time as, per hour, per day, per week, per fortnight or per month etc. MCQs 1-10 . The subsistence theory of wages, advanced by David Ricardo and other classical economists, was based on … Alternative approaches to compensation. A) the work is executed completely for which the workers are paid wages. This method of wage payment does not give weight age to the quantity of goods produced by the workers. Solutions for Chapter 5S11.3 Problem 51MCQ: The guidelines for designing an incentive compensation system that will help drive successful strategy execution includeA. The living wage … 1. Ans. 4 b. 5 c. 6 d. 7 ... based pay system work well? A] Bonus B] Remuneration C] Fees How many components are there in remuneration? a) The system should depend upon the nature of the worked and the efforts involved. B) the workers are paid the correct amount of wages under proper authorization. (A) Basic Wage (B) Dearness Allowance (C) Incentive (D) Gratuity 10. Pay Increases. The time worked by a worker is prepared by a) Time keeping dept. This includes customers’ general level of satisfaction with you product or service, their experiences with your customer service, their loyalty to your organization, and more. that the requestor considers relevant to the issue. 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. 70 per day is fixed in an industrial unit. ... under Taylor’s differential piece rate system, what will be amount of wages if a worker produces 95 units in a day? Common methods of measuring labour activity are at Production and Productivity level. Time Rate System: Under this method of wage payment, the workers are paid the wages on the basis of time. Compensation management is one of the major concern in HRM. According to Taylor’s Differential plan, the worker is paid according to his? a. Our designed MCQs are useful for Accounting and Finance srudents and competitive exams. 1. What factors affect compensation of employees in … 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. There should be uniformity. 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. 1. Attendance bonus a payment made to employees by their employer as part of their wage to reward satisfactory attendance at work. View ASSIGNMENT 3 - ESSAY.docx from MBA 290 at Amity University Dubai. 1) red circled jobs - person is paid above max range. 2) knowledge based pay. a. b) need for the commodity and willingness to pay for it. 95630 1) skill based pay. Differential piece wage system is the strongest motivator for a worker to reach standard perforhnance. Mcq's i.com 01 accounting. Accounting for Labour MCQs. In this method, increase in efficiency is co-related with an increase in the wage rate. The wages as per time wage system will be Rs. 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 _____. making the payoff for meeting or beating performance targets a major, not minor, piece of the total compensation package.B. 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. When a drawer discounts a bill, he debits: a) Bank account b) Cash account c) Drawee account d) B/R account 3. 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. It is a method of wage payment in which efficient and inefficient workers are paid at different rates. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Which of the following statements is correct? 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. * 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. Incentive compensation, also called ‘payment by result’, is … efficiency wages.-a firm can find it profitable to pay high wages because doing so increases the productivity of its workers. 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: