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Page 1 Labour Cost Page 2 Labour Cost Objectives • Direct and indirect labours. • Labour turnover. • Time keeping and time booking. • Overtime. • Payroll. • Idle time • Remuneration. • Incentives plans. Page 3 Labour Cost Objectives • Direct and indirect labours. • Labour turnover. • Time keeping and time booking. • Overtime. • Payroll. • Idle time • Remuneration. • Incentives plans. Direct and Indirect labour • Direct. • Indirect. Page 4 Labour Cost Objectives • Direct and indirect labours. • Labour turnover. • Time keeping and time booking. • Overtime. • Payroll. • Idle time • Remuneration. • Incentives plans. Direct and Indirect labour • Direct. • Indirect. Organization for accounting and control of labour cost • Departments – ? Personal ? Engineering ? Time keeping ? Payroll ? Cost accounting Page 5 Labour Cost Objectives • Direct and indirect labours. • Labour turnover. • Time keeping and time booking. • Overtime. • Payroll. • Idle time • Remuneration. • Incentives plans. Direct and Indirect labour • Direct. • Indirect. Organization for accounting and control of labour cost • Departments – ? Personal ? Engineering ? Time keeping ? Payroll ? Cost accounting Labour Turnover • Measurement methos 1. Seperation 2. Replacement 3. FluxRead More
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FAQs on PPT - Introduction of Labour Cost - Cost Accounting - B Com
| 1. What is labour cost and why is it important in business? |  |
Ans. Labour cost refers to the total amount of money a business spends on wages, salaries, and benefits for its employees. It is important in business because it directly impacts the profitability and competitiveness of a company. Managing labour cost effectively helps businesses control expenses, maintain financial stability, and make informed decisions regarding pricing, budgeting, and resource allocation.
| 2. How is labour cost calculated? | |
Ans. Labour cost is typically calculated by multiplying the number of hours worked by employees by their respective wage rates. For example, if an employee works 40 hours in a week and earns $20 per hour, the labour cost for that employee would be $800 (40 hours x $20 per hour). Additional costs such as benefits, taxes, and overheads may also be included in the calculation, depending on the specific requirements of the business.
| 3. What factors can influence labour cost? | |
Ans. Several factors can influence labour cost, including the level of wages and benefits offered to employees, the number of hours worked, employee productivity, overtime, shifts differentials, and any additional costs associated with hiring and retaining employees. Changes in government regulations, such as minimum wage laws or employment taxes, can also impact labour cost.
| 4. How can businesses control labour cost effectively? | |
Ans. Businesses can control labour cost effectively by implementing various strategies such as optimizing workforce scheduling, improving employee productivity through training and development, reducing overtime hours, streamlining processes, and implementing technology solutions to automate manual tasks. It is also crucial to regularly review and analyze labour cost data, identify trends, and make adjustments as necessary to ensure optimal cost management.
| 5. What are the potential consequences of high labour cost for a business? | |
Ans. High labour cost can have several potential consequences for a business, including reduced profitability, increased prices for products or services, reduced competitiveness in the market, financial instability, and potential layoffs or downsizing. It can also impact the ability to invest in other areas of the business, limit growth opportunities, and affect overall business sustainability. Therefore, managing labour cost efficiently is essential for maintaining a healthy and successful business.
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