In this article we will discuss about:- 1. Accounting Treatment of Overtime Premium 2. Control of Overtime Premium 3. Disadvantages of Overtime Working. Overtime premium is paid to the workers for the extra time worked than the normal working hours specified in the Factories Act, 1948 or work agreement with the union. The extra time is paid at a higher [...]
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. [...]