MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Classifying Items of Financial Statements

In a wage sys...

Question

In a wage system where an employee is paid a fixed amount irrespective of output is called ______.

A

time rate system

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

piece rate system

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

time cum bonus system

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

piece cum bonus rate system

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A time rate system
This can be explained with an example, if you get a monthly salary of Rs. 20,000, the salary will not change depending on the output you produce it depends on time the person involves.
It will remain even if you produce 10 units or even 20 units.

Suggest Corrections

thumbs-up

0

Similar questions

Q. In a wage system where an employee is paid according to output is called ________.

Q. The term 'remuneration' means compensation or pay, but it has a broader meaning than pay because it can include not just basic salary or bonuses but commissions and other payments or benefits paid under the terms of an employment contract as well. It is the reward for employment in the form of pay, salary, or wage, including allowances, benefits (such as company car, medical plan, and pension plan), bonuses, cash incentives, and monetary value of the non-cash incentives.

Which of the following are the correct methods of remuneration in the factories?

(i) Time-rate system
(ii) Amount-rate system
(iii) Piece-rate system
(iv) Absence-rate system

[1 mark]

Q. If time allowed is 6 hrs., Hourly rate Rs.1-50, Time taken is 4 hours.

Calculate bonus earned under the Rowan system.

Q. A factory announces a bonus of

10

% to its employees. If an employee gets

R s 10, 780

, find his actual salary

Q. Following table gives frequency distribution of amount of bonus paid to the workers in a certain factory.

Bonus paid (in Rs.)	Below 500	Below 600	Below 700	Below 800	Below 900	Below 1000	Below 1100
No. of workers	4	12	24	41	51	58	60

Find median amount of bonus paid to the workers.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Introduction to Cash Flow Statement

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Classifying Items of Financial Statements

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon