A Piece Rate System

question 18

Multiple Choice

A piece rate system

• A)is a program providing one-time rewards to employees for specific accomplishments.
• B)is a company-wide program where employees are rewarded for performance gains compared to past performance.
• C)is a permanent pay raise based on past performance.
• D)is a program where employees are paid on the basis of individual output produced.

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Definitions:

Allocation

The process of assigning costs or resources to various departments, products, or activities based on specific criteria.

Schedule of Cost

A detailed list or report showing the various costs associated with a project or production, including direct and indirect costs.

Goods Manufactured

The completed products that are ready for sale, resulting from the manufacturing process.

Job-Order Costing

A cost accounting system where costs are assigned to specific jobs or batches, used in industries where goods or services are produced upon request.