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What is Accounting for Labor?
A company cannot work without the staff working in it they are the hands of company and the driving force. Although they are paid wages on the basis of their posts and working hours, the utilization of it is limited. The monetary remuneration provided to a staff or worker for the time span they have worked is called as wage or salary. The records of these wages are supposed to be kept under control for the final accounting. The process of keeping track record of such a process is called accounting for labor. In this article for Accounting for labor homework help we talk about the various factors and types that drive this process.
Factors to Analyze Labor Cost
As per our Accounting for labor homework help article, the following factors play a vital role in the up gradation and degradation of labor cost. This also tends to keep the labor cost under control and they are listed as
1. Monetary benefits: Benefits to workers in terms of wages, pay scales, provident fund, and extra medical allowances, casual leaves payment etc.
2. Non monetary benefits: facilities like free transportation provided to the labor and providing them extra money for housing or rental facilities are certain non monetary benefits. This also includes the education of the worker’s child, medical and recreational facilities etc.
Types of Labor Cost in Accounting for Labor Homework Help
In our accounting for labor homework help article, the following listed types are responsible for labor expenses.
a. Direct labor cost: Only after being identified the work, the pay is provided. Usually the workers under the scheme of conversion of raw material to finished product are awarded with this cost. The production section of the industry is charged with this.
b. Indirect labor cost: People like the supervisors, quality in charges and maintenance people face these kinds of labor costs as they do not directly contribute their share in the production of material.
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