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  Incentive wage systems are the following types: 1. Halsey Premium Plan 2. Rowan Premium Plan 3. Taylor Differential Piece Rate System 4. Gantt Bonus Plan 5. Emerson Efficiency Plan 6. Bedaux Point Premium 7. Merric Differential Wage Multiple Piece Rate Plan 8. 100% Bonus Plan. Type # 1. Halsey Premium Plan: This plan known after F.A. Halsey is also called the Weir Premium Plan because it was first introduced in the Weir Engineering Works in England. Under this plan, a standard time is fixed (on the basis of past performance records and not on the basis of elaborate time study) for the completion of a job. A worker who completes his job in less than the standard time is paid at this hourly rate for the time actual spent on the job plus a bonus for the time saved. This bonus is calculated at his hourly rate on a percentage (usually 50) of the time saved by him. A worker who fails to finish the job within the standard time is not penalised but is paid a guaranteed time wage. Thus, w...

  BASIS FOR COMPARISON COST ACCOUNTING FINANCIAL ACCOUNTING Meaning Cost Accounting is an accounting system, through which an organization keeps the track of various costs incurred in the business in production activities. Financial Accounting is an accounting system that captures the records of financial information about the business to show the correct financial position of the company at a particular date. Information type Records the information related to material, labor and overhead, which are used in the production process. Records the information which are in monetary terms. Which type of cost is used for recording? Both historical and pre-determined cost Only historical cost. Users Information provided by the cost accounting is used only by the internal management of the organization like employees, directors, managers, supervisors etc. Users of information provided by the financial accounting are internal and external parties like creditors, shareholders, customers etc. ...