Labour Costing – Knowsia

MI – Nov 2023 – L1 – SB – Q2a – Costing Methods

Comparison of time rate and piece rate remuneration methods

Question

The TWO main labour remuneration methods are:
i. Time rate system
ii. Piece rate system

List FIVE advantages of each of them.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Labour Costing, Remuneration, Time Rate System
Level: Level 1

Topic: Costing Methods
Series: NOV 2023

MI – Mar-Jul 2020 – L1 – SA – Q11 – Accounting for Cost Elements

Identify the document used to record the start and finish time of an operation by a worker.

Question

The document filled by a worker to record the starting and finishing time of his own operation is known as:

A. Job cost sheet
B. Completion of job sheet
C. Job time sheet
D. Job materials requisition sheet
E. Clock card

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Elements, Job Costing, Labour Costing, Time Recording
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAR/JULY 2020

MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

Question

If one employee produces 360kgs, what is his gross pay for the day?
A. N80
B. N100
C. N104
D. N124
E. N180

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gross Pay, Labour Costing, Multiple Choice, Objective Question
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2015

MI – Nov 2023 – L1 – SB – Q2a – Costing Methods

Comparison of time rate and piece rate remuneration methods

Question

The TWO main labour remuneration methods are:
i. Time rate system
ii. Piece rate system

List FIVE advantages of each of them.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Labour Costing, Remuneration, Time Rate System
Level: Level 1

Topic: Costing Methods
Series: NOV 2023

MI – Mar-Jul 2020 – L1 – SA – Q11 – Accounting for Cost Elements

Identify the document used to record the start and finish time of an operation by a worker.

Question

The document filled by a worker to record the starting and finishing time of his own operation is known as:

A. Job cost sheet
B. Completion of job sheet
C. Job time sheet
D. Job materials requisition sheet
E. Clock card

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Elements, Job Costing, Labour Costing, Time Recording
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAR/JULY 2020

MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

Question

If one employee produces 360kgs, what is his gross pay for the day?
A. N80
B. N100
C. N104
D. N124
E. N180

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gross Pay, Labour Costing, Multiple Choice, Objective Question
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2015

Question Tag: Labour Costing

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MI – Nov 2023 – L1 – SB – Q2a – Costing Methods

Comparison of time rate and piece rate remuneration methods

MI – Mar-Jul 2020 – L1 – SA – Q11 – Accounting for Cost Elements

Identify the document used to record the start and finish time of an operation by a worker.

MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

MI – Nov 2023 – L1 – SB – Q2a – Costing Methods

Comparison of time rate and piece rate remuneration methods

MI – Mar-Jul 2020 – L1 – SA – Q11 – Accounting for Cost Elements

Identify the document used to record the start and finish time of an operation by a worker.

MI – May 2015 – L1 – SA – Q6 – Accounting for Cost Elements

Calculate gross pay based on the time saved and premium bonus.

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