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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.
1 Components of manufacturing costs Classify each of the following manufacturing costs as direct or indirect for automobiles?
Manufacturing Cost: There are three major component of manufacturing cost.Such as : DIRECT Material: those material s that become an integral part of the product and that can be conveniently traced directly to it. Direct Labor:- those labor costs that can be easily traced to individual units of product. Manufacturing Overhead: Manufacturing costs that can not be traced directly to specific unit product.Example indirect materials,indirect labor. Indirect Labor: Wages paid to employees who are not directly involved in production:work. Example:-maintenance worker janitors and security grads. Indirect Materials: Materials used to support the production process. Example:- Lubricants and clearing supplies used in the automobile assembly plant.
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.
What liability account would hold the balance of wages due but not yet paid Wage Expense Prepaid Wages or Wages Payable?
Wages Payable Payable accounts holds amount owned but not yet paid.
What happen when wages payable is decreased?
Wages Payable is a liability account that records wages that a company owes but has not yet paid. A decrease in this account more than likely signifies payment of those wages.About the only other "decrease" which is generally a rarity, is if the account was increased accident by an amount that the company did not owe and there was an adjusting entry made to record that error.
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.
What is wages inward and outward?
wage inward is a direct expense shown in Trading Account whereas wage outward is an indirect nature of expense debited to Profit & loss account.
What is conversion cost in cost sheet?
conversion cost = direct wages + factory overheads (indirect material + indirect wages)
1 Components of manufacturing costs Classify each of the following manufacturing costs as direct or indirect for automobiles?
Manufacturing Cost: There are three major component of manufacturing cost.Such as : DIRECT Material: those material s that become an integral part of the product and that can be conveniently traced directly to it. Direct Labor:- those labor costs that can be easily traced to individual units of product. Manufacturing Overhead: Manufacturing costs that can not be traced directly to specific unit product.Example indirect materials,indirect labor. Indirect Labor: Wages paid to employees who are not directly involved in production:work. Example:-maintenance worker janitors and security grads. Indirect Materials: Materials used to support the production process. Example:- Lubricants and clearing supplies used in the automobile assembly plant.
What is the difference between direct and indirect wages and salaries?
direct wages\salaries would be wages received from primary form of employment such as your paycheck. indirect wages\salaries would be from 1099 or contract employment or tips and things like that, any other form of wage of anykind.
What does the U.S. malt beverages manufacturing industry pay in wages?
It pays roughly $1.5 billion in wages
What are the manufacturing production workers weekly wages?
good question
What has the author Abdur Razzaq Shahid written?
Abdur Razzaq Shahid has written: 'Wages and employment in manufacturing industries' -- subject(s): Employees, Manufacturing industries, Supply and demand, Wages
Why are companies using LEDCs for manufacturing purposes?
bECAUSE, THE WAGES ARE LOW
Which liability account would hold the balance of wages due but not yet paid?
Wages payable account is shown under liability section for those wages which are due but not yet paid
Can you use manufacturing a sentence?
We used to have jobs in manufacturing here, but most of the industry has moved to regions that have lower wages for workers.
What is multiplier mechanism?
We can comprehend this by looking at the multiplier mechanism, which is elucidated below : The manufacturing of final commodities employs factors such as capital, labour, land and entrepreneurship. In the absence of indirect taxes or subsidies, the total value of the final commodities output is allocated among distinct factors of manufacturing – interest to capital, rent to land, wages to labour etc.
