The document discusses various aspects of labor cost accounting and management. It covers topics like direct and indirect labor, time keeping, time recording methods, time booking, idle time causes and measurement, overtime causes and authorization, labor turnover measurement and causes, wage systems like time rate and piece rate, and incentive plans like Taylor's differential piece rate system.
Macro Economics
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Prepared by Students of University of Rajshahi
NAZRUL ISLAM
SOHANUZAMAN
PUJA RANI PUAL
SHAKIL HOSSAIN
MST.AMY KHATUN
MST.SHAMSUN NAHAR
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
NAZRUL ISLAM
SOHANUZAMAN
PUJA RANI PUAL
SHAKIL HOSSAIN
MST.AMY KHATUN
MST.SHAMSUN NAHAR
,
customer accounts in a bank
,
banking accounts in bangladesh
,
cons of current account
,
procedure to open an account
,
current account
,
pros of savings account
,
pros of fixed deposit
,
recurring deposit
,
fixed deposit
,
cons of fixed comparisondeposits
,
pros of recurring deposit account
know the Importance and Need of Bank Reconciliation Statement.
Understand the Causes for Disagreement between Cash Book and Pass Book Balances.
Prepare Bank Reconciliation Statement.
1.Distinguish between the direct and indirect labor cost
2. Understand the various facets of labor cost control
3. Understand the concepts like labor turnover, time keeping, time booking and idle and overtime
4. Know the various methods of remuneration including incentive plans
5. Understand the pay roll accounting and disbursement of wages.
Capital expenditure & Revenue expenditureMudassir Raza
Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period. Revenue expenditures are the ongoing operating expenses, which are short-term expenses used to run the daily business operations.
deals with the importance of labour cost control,, the instruments used for time recording devices, time booking, idle time, labour turnover and methods of remuneration
,
customer accounts in a bank
,
banking accounts in bangladesh
,
cons of current account
,
procedure to open an account
,
current account
,
pros of savings account
,
pros of fixed deposit
,
recurring deposit
,
fixed deposit
,
cons of fixed comparisondeposits
,
pros of recurring deposit account
know the Importance and Need of Bank Reconciliation Statement.
Understand the Causes for Disagreement between Cash Book and Pass Book Balances.
Prepare Bank Reconciliation Statement.
1.Distinguish between the direct and indirect labor cost
2. Understand the various facets of labor cost control
3. Understand the concepts like labor turnover, time keeping, time booking and idle and overtime
4. Know the various methods of remuneration including incentive plans
5. Understand the pay roll accounting and disbursement of wages.
Capital expenditure & Revenue expenditureMudassir Raza
Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period. Revenue expenditures are the ongoing operating expenses, which are short-term expenses used to run the daily business operations.
deals with the importance of labour cost control,, the instruments used for time recording devices, time booking, idle time, labour turnover and methods of remuneration
This topic is included with wages and incentives, where as in wages included with Elements of ideal Wage-System,Types of Wages, Merits & Demerits of Wages and in incentives with types of incentives, merits and demerits of incentives. Which can help a student to go through it.
System of Compensating (Time Wage Plan, Piece Wage Plan, Balanced Wage Plan, Skill Based Pay, Competency Based Pay, Broad-banding, Variable Pay, Merits of Time Wage, Demerits of Time Wage,Time Wage Plan Environment, Merits of Piece Wage, Demerits of Piece Wage, Piece Wage Plan Environment, Merits of Balanced Wage, Factors Affecting Wages)
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This presentation examines the pathway for transforming a competent pay office to a top-level performer.
The presentation will review the results of international research into the implementation of successful processes and strategies, together with published benchmarks and the KPIs that define high performance pay offices.
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On the other hand, it should be noted that employees also represent an organization’s biggest asset with regard to growth and profitability. Thus, maintaining accurate and reliable time and attendance information makes labor management a whole lot more manageable.
At surface level, the immediate time-saving, as well as bottom-line saving, benefits of time and attendance automation are easy to highlight. However, without accurate and reliable time data captured from employees and passed to other parts of the human resources and payroll system, error-prone breakdowns are likely to occur. These can result in employees’ not being paid properly, noncompliance, decreased employee morale, and turnover.
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12. Time Booking Time Booking is tracing the time spent by the worker and identifying such time to jobs, processes or operation so as to calculate the wage cost of such processes, jobs or operations
13. Objectives of Time Booking Ascertainment of Labour Cost Control of Idle Time Determining Overhead Absorption Rate Evaluating Performance of Workers Determining Performance Bonus
14. Methods of Time Booking Daily Time Sheets Weekly Time Sheets Job Tickets Job Cards
17. Idle Time Idle Time is the difference between the time for which payment is made and the actual time worked. It is the time during which the worker did not engage himself in productive work
19. Avoidable Causes Failure of Power Supply Breakdown of Machinery Non-Availability of Material Strike Lock-out Natural Calamities
20. Unavoidable Causes Setting-up Time Movement from Gate to Production Floor Movement from One Job to Another Time to Take Instruction Tea-Breaks Personal Needs Minor Accidents Seasonality of Industry
21. Over-Time Work Carried on Beyond Normal Hours Double the Rate of Payment Should be Avoided Normal Causes OT –charged to the concerned Job or Batch Abnormal Causes OT-transferred to Costing Profit and Loss account Only on Proper Authorisation
22. Causes of Over-Time Completion of a Rush Order Meeting a sudden spurt in demand Completion of a Delayed Work Making up for Loss of Production due to Accidents, Flood or Other Natural Calamities
23. Labour Turnover The rate at which the employees are leaving the organisation in a year Also known as Attrition rate In IT industry, it was as high as 26-30% in 2007- It has come down to 12-16% in 2009 It is unhealthy for the organisation It should be reduced as much as possible through constant enquiry
26. Avoidable Causes of Labour Turnover Low Wages Working Conditions Labour Relation Trade Union Rivalry No Job Satisfaction Lack of Training Bad Working Hours Lack of Incentives No Welfare Measures Lack of Job Security Unfair Promotion Supervisory Staff
27. Unavoidable Causes of Labour Turnover Death, Retirement or Disablement Marriage or Pregnancy in case of Women Better Career Opportunities Retrenchment Termination Change of Place of Work Change for Better Working Environment Domestic Responsibilities
28. Preventive Cost of Labour Turnover Higher Wages Better Welfare Measures Better Training Better Working Conditions Retirement Benefits
29. Replacement Cost of Labour Turnover Recruitment Cost Cost of Training Vacancy Time Gap and Loss of Output Adjustment Time for the New Workers Loss of Quality Strain on Tools & Equipment Higher Scarp and Defective Work
30. Measures to Reduce Labour Turnover Proper Recruitment Good Training Fair Wages Good Working Conditions Labour Amenities Labour Welfare Building up Loyalty Improving the Skills Improving Relations Communication of Policies Grievances Cell Workers’ Participation in Management
31. Features of a Fair Wage System Guaranteed Wage Uniformity Connected to CPI Recognition of Efficiency Incentive for Hard Work Equality Clarity Progressive Scale Consistency Flexibility Simplicity Fairness High Level of Morale Viability of operation
32. Systems of Wage Payment Time Rate Piece Rate Taylor’s Differential Piece Rates Halsey’s Incentive Plan Rowan’s Incentive Plan
33. Time Rate Wages are paid for the Time spent on the job Output is irrelevant Rate per Hour. Per Day, or per Month Suitable when Quality of work is important Trade Unions prefer this method Monthly Payment goes with other allowances
34. Advantages of Time Rate Simplicity Easier Computation Encourages Skill Development Guaranteed Wages Minimum Loss to Material and Equipmnets Equality of Wages Team Work Cordial Relation among the Workers Support of Trade Unions
35. Disadvantages of Time Rate System Abilities are not Differentiated No Incentive for Hard Work Requires Supervision Dissatisfaction of Efficient Workers Low Morale No Punishment for Inefficiency Labour Cost is not a variable cost under this system
36. Piece Rate System Rate per unit of output Output decides the wages payable A standard time is taken and the standard output is determined Time Wages for the standard output determines the piece rate
37. Advantages of Piece Rate System Efficiency is recognised Motivates the workers Reduces labour cost per unit Labour cost is variable Computation of labour cost in advance is easy Lesser Supervision Less Idle Time
38. Disadvantages of Piece Rate System Quality suffers Difficulty of Fixing the standard output and Piece Rate More scrap and Defective Work Damage to Tools and Equipment No Guaranteed Wages Uncertainty in Income Trade Unions Oppose the System
39. Taylor’s Differential Piece Rate System Two Piece Rates: Low Piece Rate and High No Guaranteed Wages Standard Output is fixed on Time and Motion Study Low Piece Rate at 83% of standard piece rate for output below standard High Piece Rate at 175% of standard piece rate for output above standard
40. Merits and Demerits of Taylor’s Method Increases Efficiency and Motivates the Worker ensuring a high level of morale Differentiates among workers leading to bad labour relation Detailed records are to be maintained regarding the output of the workers Demoralises human values