|
INTERVIEW QUESTIONS
COST ACCOUNTING
LABOR COST CONTROL
DETAILS
Question: Explain the time rate system of labor remuneration. How can it be calculated?
Answer: Under the time rate system, workers are paid according to the time for which they work. Payment may be on hourly basis, daily basis or monthly basis. In this system, no consideration is given to the quantity or quality of work done. When payment is made on hourly basis, total wages payable are calculated as follows: Wages = No. of hours worked x Rate per hour b)Piece Rate System Wages under this system are paid according to the quantity of work done. A rate is fixed per unit of production and wages are calculated by the following formula: Wages = Rate per unit x No. of units produced.
|
|
|
Category |
Labor Cost Control Interview Questions & Answers -
Exam Mode /
Learning Mode
|
Rating |
(0.2) By 9242 users |
Added on |
6/24/2016 |
Views |
69971 |
Rate it! |
|
|
Question:
Explain the time rate system of labor remuneration. How can it be calculated?
Answer:
Under the time rate system, workers are paid according to the time for which they work. Payment may be on hourly basis, daily basis or monthly basis. In this system, no consideration is given to the quantity or quality of work done. When payment is made on hourly basis, total wages payable are calculated as follows: Wages = No. of hours worked x Rate per hour b)Piece Rate System Wages under this system are paid according to the quantity of work done. A rate is fixed per unit of production and wages are calculated by the following formula: Wages = Rate per unit x No. of units produced. Source: CoolInterview.com
If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in CoolInterview.com:-
- There should not be any Spelling Mistakes.
- There should not be any Gramatical Errors.
- Answers must not contain any bad words.
- Answers should not be the repeat of same answer, already approved.
- Answer should be complete in itself.
|
Please Note: We keep on updating better answers to this site. In case you are looking for Jobs, Pls Click Here Vyoms.com - Best Freshers & Experienced Jobs Website.
View All Labor Cost Control Interview Questions & Answers - Exam Mode /
Learning Mode
|