art mcqs

With which of the theories of wages, is the name of John Stuart Mill associated?

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Marginal productivity theory of wages
Wages-fund theory
Subsistence theory of wages
Iron aw of wages
✅ The correct answer is B.
With Wages-fund theory, the name of John Stuart Mill associated. Mill said that wages mainly depend upon demand for and supply of labour or the proportion between population and capital available.

The three column cash book represents

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Real accounts
Nominal accounts
Nominal and personal accounts
Real, personal and nominal accounts
✅ The correct answer is D.
The three column cash book represents Real, personal and nominal accounts. The three column cash book (also known as triple column cash book) has three money columns on both debit and credit side – one on each side for recording discount, cash and bank amounts.

Abnormal cost is the cost:

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Cost normally incurred at a given level of output
Cost not normally incurred at a given level of output
Cost which is charged to customer
Cost which is included in the cost of the product
✅ The correct answer is B.
Abnormal cost is the cost not normally incurred at a given level of output. These costs are not normally incurred at a given level of output in conditions in which normal levels of output occur.

__________ is a social device for eliminating or reducing the loss of society from certain risk.

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Premium
Policy
Insurance
Contract
✅ The correct answer is C.
Insurance is a social device for eliminating or reducing the loss of society from certain risk. Insurance is a social device for division of financial losses which may fall on an individual or his family on the happening of some unforeseen events. When insured, the loss arising out of the events are shared by all the insured in the form of premium. Therefore the risk is transferred from one individual to a group.

Labour turnover means:

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Turnover generated by labour
Rate of change in composition of labour force during a specified period
Either of the above
Both of the above
✅ The correct answer is B.
Labour turnover is defined as the rate of change of labour force in an organization during a specified period.