Labour
,Areas To Be Covered:
• Recording Of Labour Cost
• Labour Remuneration Methods
• Overtime And Overtime Premium
• Recording Of Labour Cost (Documentation And Procedure)
• Performance Measurement Of Using Standard Hours
• Bonus Scheme
• Labour Turnover
• Accounting For Labour Cost
,Definition
Labour represents the human contribution to production.
Classification of Labour Cost
• Direct Labour Cost
• Indirect Labour Cost
, Direct Labour Cost
Direct Labour Cost can be specifically traced to or identified with a
particular product/service. They are directly involved in making a
product.
Example:
• Wages of operative assembling parts into finished products.
• Machine operatives engaged in production process.
,Areas To Be Covered:
• Recording Of Labour Cost
• Labour Remuneration Methods
• Overtime And Overtime Premium
• Recording Of Labour Cost (Documentation And Procedure)
• Performance Measurement Of Using Standard Hours
• Bonus Scheme
• Labour Turnover
• Accounting For Labour Cost
,Definition
Labour represents the human contribution to production.
Classification of Labour Cost
• Direct Labour Cost
• Indirect Labour Cost
, Direct Labour Cost
Direct Labour Cost can be specifically traced to or identified with a
particular product/service. They are directly involved in making a
product.
Example:
• Wages of operative assembling parts into finished products.
• Machine operatives engaged in production process.
