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OBJPAYRL_08 - payrolls paid in a month(debit side Explain...

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COST AND MANAGEMENT ACCOUNTING 1 UNIT 1 : Accounting for Labour Costs (Supplementary notes---not in textbook) LEARNING OUTCOMES : 1. Distinguish between direct labour, indirect labour, and selling and administrative labour costs and the accounting treatment of each. 2. Identify and describe the various payroll costs that are treated as payroll taxes or fringe benefits. 3. Understand the purpose and nature of an Accrued Payroll account and distinguish between labour costs incurred in a month (credit side) and gross
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Unformatted text preview: payrolls paid in a month (debit side). Explain the meaning of the opening and closing balances in this account 4. Prepare the journal entries relating to the labour costs incurred for a given month for direct, indirect, and selling and administrative labour. and payrolls paid in a given the month (including employee withholdings). (see supplementary questions #1- #9) Demonstration and Assignment Material: Supplementary Questions, Q1-Q8 RF 12/07...
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