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Which type of accounting is concerned with identifying the amount of labor cost to be charged to individual jobs and overhead accounts?
  • a)
    Payroll Accounting
  • b)
    Labor Cost Accounting
  • c)
    Time Keeping
  • d)
    Time Booking
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which type of accounting is concerned with identifying the amount of l...
Labor Cost Accounting involves determining the amount of labor cost that should be allocated to individual jobs and overhead accounts. This is done by collecting information on the time spent on each job or process, as well as the number of units produced. The analysis of idle time is also important in labor cost accounting.
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Which type of accounting is concerned with identifying the amount of labor cost to be charged to individual jobs and overhead accounts?a)Payroll Accountingb)Labor Cost Accountingc)Time Keepingd)Time BookingCorrect answer is option 'B'. Can you explain this answer?
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