Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.
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Transcript of Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.
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Basic Costing
Homework
Recap
![Page 2: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bff71a28abf838cbe78a/html5/thumbnails/2.jpg)
Basic Costing
Chapter 5
Classifying Labour Costs
![Page 3: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bff71a28abf838cbe78a/html5/thumbnails/3.jpg)
ObjectivesIdentify different methods of recording
labour
Explain the 4 methods of paying employees and calculate gross pay using each method
Prepare a wages control account recording all payroll transactions
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Terminology - ReminderGross Pay
Net pay
PAYE
NIC
![Page 5: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bff71a28abf838cbe78a/html5/thumbnails/5.jpg)
Ways of recording labourAttendance recordSigning bookClock card
Job costingTime sheetsJob / Route cardsOperation card (Piecework)
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Ways of paying employees
- Time rate / Day rate
- Piecework
- Salary
- Bonus System
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Wages Control AccountUsed to record all payroll costs.
Items that make up the gross pay are posted separately to the wages control account.