basic costing homework recap. basic costing chapter 5 classifying labour costs

7
Basic Costing Homework Recap

Upload: terence-byrd

Post on 18-Jan-2016

214 views

Category:

Documents


2 download

TRANSCRIPT

Page 1: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Basic Costing

Homework

Recap

Page 2: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Basic Costing

Chapter 5

Classifying Labour Costs

Page 3: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

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

Page 4: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Terminology - ReminderGross Pay

Net pay

PAYE

NIC

Page 5: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Ways of recording labourAttendance recordSigning bookClock card

Job costingTime sheetsJob / Route cardsOperation card (Piecework)

Page 6: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Ways of paying employees

- Time rate / Day rate

- Piecework

- Salary

- Bonus System

Page 7: Basic Costing Homework Recap. Basic Costing Chapter 5 Classifying Labour Costs

Wages Control AccountUsed to record all payroll costs.

Items that make up the gross pay are posted separately to the wages control account.