Labor Costing

Labor is an important factor of production. It represents human contribution to production. Despite a large number of mechanical devices and computerization, the role labor plays in the process of production can never be under-estimated. its efficiency, its skill, and its proper utilization is most important in any process of production. Proper accounting and control of labor cost is, therefore, most significant in any costing system.

Incentive Plans

What are Incentive Plans? – definition Incentive Plans are the techniques in which an organization keeps its employees motivated to perform their specific tasks with more effort and efficiency and pay several incentives to complete those tasks. Advantages of Incentives Generally, the following advantages result from the introduction of incentive plans in a factory: Rate …

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Methods of Time-Keeping

There are two methods of time-keeping: 1. Manual Methods which are divided into dance Register or Muster Roll and (ii) Check, Token or Disc Method. 2. Mechanical Methods which are divided into Time Clock Method : (a) Dial Recorder System and (b) Key Recorder System. 1. Manual Methods of Time-Keeping (a). Attendance Register or Muster …

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