In this article we will discuss about the causes of Idle time of workers. Also learn about the accounting treatment of idle time. In the production process, lost time may occur for several reasons. The idle time is the difference between hours paid and hours worked. Where the workers are paid on time basis, the idle time is the difference [...]
The following points highlight the four main types of accounting of labour cost. The types are: 1. Payroll Accounting 2. Labour Cost Accounting 3. Time Keeping 4. Time Booking. Type # 1. Payroll Accounting: It is concerned with the maintenance of records for the amounts due to the employees like salaries, wages, allowances, contributions to provident fund and E.S.I, etc. [...]
The following points highlight the four main types of labour cost records. The types are: 1. Clock Card 2. Daily or Weekly Time Sheet 3. Job Cards 4. Piece Work Cards. Type # 1. Clock Card: At the time of coming in or leaving the factory premises, the employee will use a card called 'clock card' at the factory gate [...]