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What is meaning of wages in accounts?
The Wages section on a general ledger is the account that represents the cost of your payroll, or how much you need to give your employees for the current period.
How interest on capital treated in cost accounting?
it should be ignored
Define wages control account?
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
Is wages a part of prime cost?
If wages are paid of those workers which directly related with the manufacturing or units then wages are part of prime cost otherwise it is part of conversion cost.
How is carriage inwards treated in the final accounts?
Carriage inwards, which refers to the transportation costs incurred when goods are purchased and delivered to a business, is treated as an expense in the final accounts. It is typically added to the cost of goods sold in the trading account, thereby increasing the total cost of inventory. This treatment ensures that the true cost of acquiring inventory is reflected in the financial statements, ultimately impacting the gross profit calculation. In the profit and loss account, it is not shown as a separate line item but is included in the overall cost of sales.
What is meaning of wages in accounts?
The Wages section on a general ledger is the account that represents the cost of your payroll, or how much you need to give your employees for the current period.
Should people with diseases caused by their own lifestyle be treated at a high of cost to taxpayers and why?
Should people with diseases caused by their own lifestyle be treated at a high of cost to taxpayers?
What can a hotel use spreadsheets for?
accounts, billing calculating wages cost against sales, calculation profit and loss of the on bar products, meals etc
How interest on capital treated in cost accounting?
it should be ignored
Define wages control account?
Wages control account is an account used in a management or cost accounting system, to record both direct and indirect labour cost. Using the traditional T accounts, it obviously has two sides; debit and credit. Direct labour cost are creditted to the wages control account and has its corresponding entry in the work in progress control account(debitted). Indirect labour cost will also be creditted in the wages control account and the corresponding entry in the production overhead control account.
Is wages a part of prime cost?
If wages are paid of those workers which directly related with the manufacturing or units then wages are part of prime cost otherwise it is part of conversion cost.
Are wages a fixed or variable cost?
wages are variable cost reason being is that wages are being used over and over again and does not remain constant.
What is conversion cost in cost sheet?
conversion cost = direct wages + factory overheads (indirect material + indirect wages)
Is accounts payable a variable cost?
Yes Accounts payable is a variable cost.
How is carriage inwards treated in the final accounts?
Carriage inwards, which refers to the transportation costs incurred when goods are purchased and delivered to a business, is treated as an expense in the final accounts. It is typically added to the cost of goods sold in the trading account, thereby increasing the total cost of inventory. This treatment ensures that the true cost of acquiring inventory is reflected in the financial statements, ultimately impacting the gross profit calculation. In the profit and loss account, it is not shown as a separate line item but is included in the overall cost of sales.
Is wages of workers a fixed cost?
No
Why direct production labor cost might be regarded as a fixed cost rather than as variable cost?
Direct labor wages are normally Variable costs, charged directly to the Production Cost Account, what is commonly called WIP. It is commonly held that direct labor wages change proportionally to the changes of the production level. In fact, however, hourly wages are only related to a time unit, not to pieces produced. True direct wages are piece-work wages, but very few industries pay their workers by unit of production. We should have the option to treat a direct labor wage as a fixed cost, just as salary is a fixed cost. Monthly or hourly, these payment are paid by time interval, not by production unit
