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

Basic Costing Homework Recap

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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.

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