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B Com Exam  >  B Com Tests  >  Cost Management  >  Test: Employee Cost and Incentive Systems - B Com MCQ

Test: Employee Cost and Incentive Systems - B Com MCQ


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10 Questions MCQ Test Cost Management - Test: Employee Cost and Incentive Systems

Test: Employee Cost and Incentive Systems for B Com 2024 is part of Cost Management preparation. The Test: Employee Cost and Incentive Systems questions and answers have been prepared according to the B Com exam syllabus.The Test: Employee Cost and Incentive Systems MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Employee Cost and Incentive Systems below.
Solutions of Test: Employee Cost and Incentive Systems questions in English are available as part of our Cost Management for B Com & Test: Employee Cost and Incentive Systems solutions in Hindi for Cost Management course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Employee Cost and Incentive Systems | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Cost Management for B Com Exam | Download free PDF with solutions
Test: Employee Cost and Incentive Systems - Question 1
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Payroll Accounting is concerned with the maintenance of records for which of the following?

Detailed Solution for Test: Employee Cost and Incentive Systems - Question 1
Payroll Accounting involves maintaining records for salaries, wages, allowances, contributions to provident fund and E.S.I., and deductions to be made from employees' earnings. This includes keeping track of employee attendance, leaves, rates of pay, and other relevant information.
Test: Employee Cost and Incentive Systems - Question 2
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Which type of accounting is concerned with identifying the amount of labor cost to be charged to individual jobs and overhead accounts?

Detailed Solution for Test: Employee Cost and Incentive Systems - Question 2
Labor Cost Accounting involves determining the amount of labor cost that should be allocated to individual jobs and overhead accounts. This is done by collecting information on the time spent on each job or process, as well as the number of units produced. The analysis of idle time is also important in labor cost accounting.
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Test: Employee Cost and Incentive Systems - Question 3
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What is the main objective of Labor Cost Accounting?

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The main objective of Labor Cost Accounting is to record the time spent by all workers on each activity using job cards or time sheets. This information is then used to apply the appropriate hourly rate and charge the labor costs to each activity. It also helps in analyzing production labor costs for various jobs and overhead accounts.
Test: Employee Cost and Incentive Systems - Question 4
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What is the purpose of Time Booking?
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The purpose of Time Booking is to calculate labor cost, determine overhead rates, and evaluate worker efficiency. It helps in ascertaining the labor time spent on each job, analyzing idle time, and calculating wages, bonuses, and overhead absorption. Time booking records are essential for cost analysis and performance evaluation.
Test: Employee Cost and Incentive Systems - Question 5
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Which type of accounting is used to account for labor cost against each job, department, process, contract, etc.?
Detailed Solution for Test: Employee Cost and Incentive Systems - Question 5
Time Booking is used to account for labor cost against each job, department, process, contract, or cost center. It involves keeping records of the time spent by workers on each job or activity. Time booking helps in determining labor time spent, analyzing idle time, calculating wages and bonuses, and evaluating labor performance.
Test: Employee Cost and Incentive Systems - Question 6
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What is the purpose of Time Keeping?
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The purpose of Time Keeping is to record the attendance of workers for wage payments. It involves marking the time when workers enter and leave the factory, which is then used to calculate their wages. Time keeping is important for preparing payroll and providing data for labor cost computation.
Test: Employee Cost and Incentive Systems - Question 7
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Which incentive scheme guarantees a worker's time wage even if the job is not completed within the specified time?
Detailed Solution for Test: Employee Cost and Incentive Systems - Question 7
The Halsey scheme guarantees a worker's time wage even if the job is not completed within the specified time. Under this scheme, the worker becomes entitled to a bonus if they are able to complete the job in less than the specified time. The bonus is equal to their time wage for 50% of the time saved in addition to the time wage for the actual time worked.
Test: Employee Cost and Incentive Systems - Question 8
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What is the advantage of the Halsey scheme?
Detailed Solution for Test: Employee Cost and Incentive Systems - Question 8
The Halsey scheme has several advantages. It is easily understandable by workers, encourages them to save time due to the bonus incentive, and enables employers to obtain more output from workers. Additionally, the scheme does not penalize slow workers and allows for rewards based on efficiency.
Test: Employee Cost and Incentive Systems - Question 9
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What is the disadvantage of the Rowan scheme?
Detailed Solution for Test: Employee Cost and Incentive Systems - Question 9
The Rowan scheme has several disadvantages. Workers may not like sharing savings with employers, bonus hours are limited to 25% of time allowed, and saving time depends on factors such as tools, materials, and working conditions. These factors can affect the desired results of the scheme.
Test: Employee Cost and Incentive Systems - Question 10
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What is the calculation for total earnings under the Rowan scheme?
Detailed Solution for Test: Employee Cost and Incentive Systems - Question 10
Under the Rowan scheme, the calculation for total earnings is based on the time saved divided by time allowed, multiplied by the time rate. The bonus is proportional to the time saved, and the ratio between the bonus and time saved is equal to the ratio between the time taken and time allowed. This calculation helps determine the total earnings of a worker under the Rowan scheme.
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