B Com Exam > B Com Videos > Cost Accounting > Incentives - Labour Cost, Cost Accounting
Incentives - Labour Cost, Cost Accounting Video Lecture | Cost Accounting - B Com
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FAQs on Incentives - Labour Cost, Cost Accounting Video Lecture - Cost Accounting - B Com
| 1. What is the concept of labour cost in cost accounting? |  |
Ans. Labour cost in cost accounting refers to the total expenditure incurred by a company on its employees' wages, salaries, benefits, and other related expenses. It is an essential component of the overall cost structure and is crucial for determining the product's cost and profitability.
| 2. How are labour costs calculated in cost accounting? | |
Ans. Labour costs in cost accounting can be calculated by summing up all the expenses related to employees, including their wages, salaries, bonuses, commissions, payroll taxes, and benefits such as healthcare, insurance, retirement plans, and paid time off. These costs are then allocated to the specific products or services based on the employees' time spent on their production.
| 3. What are the incentives for managing labour costs in cost accounting? | |
Ans. There are several incentives for managing labour costs in cost accounting. Firstly, reducing labour costs can lead to higher profitability by improving the company's cost structure. Secondly, it allows the company to offer competitive prices to its customers, enhancing its market position. Additionally, managing labour costs effectively can help optimize resource allocation and improve overall operational efficiency.
| 4. How can cost accounting help in identifying opportunities to reduce labour costs? | |
Ans. Cost accounting provides valuable insights into the various components of labour costs, enabling companies to identify specific areas where cost reductions can be made. By analyzing labour costs in detail, cost accountants can pinpoint inefficiencies, such as excessive overtime, redundant positions, or ineffective workforce utilization. This information allows companies to implement strategies to reduce labour costs while maintaining productivity.
| 5. What role does cost accounting play in incentivizing cost-conscious behavior among employees? | |
Ans. Cost accounting plays a significant role in incentivizing cost-conscious behavior among employees. By providing accurate cost information and performance metrics, cost accounting helps employees understand the impact of their actions on the company's financial performance. This awareness encourages them to make cost-effective decisions, avoid wasteful practices, and contribute to the overall cost-saving efforts of the organization.
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