Procedure for payment of wages Pay slip is prepared on the basis of the payroll or wages sheet. Pay slip is prepared for each worker separately. Now, each
Characteristics or Features of Sound wage system A sound wage system has the following characteristics. 1. Fairness in paying wage Reasonable wages should be paid to the workers.
Comparison of Unit Costing with Process Costing The following are the differences between the Unit Costing and Process Costing. Differences between job costing and process costing The main
What are Joint Products? In a manufacturing process, a raw material may be converted into finished product. During the process of conversion, there is an emergence of waste,
What is Labour cost? Labour cost represents human contribution. Labour cost is sensitive in nature. The reason is that the labour cost is fully based on the human
History of Cost Accounting Every business has to face stiff competition under uncertainty conditions or situations. Moreover, risks involved in running of a business unit are also increased
What is Batch Costing? Batch costing is another form of job costing. Under this method, homogeneous products are taken as cost unit. A batch consists of a specific
What are Overtime and Overtime wages? Overtime is beyond the normal working hours spent by workers to do the extra work or to complete the incomplete work. Overtime
