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ReviewSheet_TT1_12 - Cost and Management Accounting 1...

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Cost and Management Accounting 1 REVIEW SHEET FOR TERM TEST #1 March 2012 Topic Problems & Exercises Assigned or Demo’d Unit 1, Accounting for Labour Costs Theory: accounting treatment of various types of labour costs eg. DL chg’d to WIP; types of labour costs: direct, indirect, selling and administrative salaries; review of basic statutory withholdings and employer paid benefits; problem of basing employer share of payroll taxes and benefits on cost incurred in month versus gross payrolls paid in the month; problem of costing the employer share of EI and CPP for the whole year when deductions cease because deduction limits have been reached for employees (use of staggered rates). Use of Accrued payroll account: difference between labour cost incurred and gross labour cost paid; meaning of beginning and ending balances; Journal entries relating to : recording gross and net pays paid for a given pay period; recording the allocation of the labour cost incurred to the various inventory
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