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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

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B

piece rate system

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C

time cum bonus system

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D

piece cum bonus rate system

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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.

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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
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