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The concepts of overtime premium and idle time are crucial aspects of accounting. For average students, it can be hard to understand the concepts and present them in a manner of professionalism. For expert overtime premium and idle time homework help be sure to use our services at myhomeworkhelp.com. Scared about managing the workload of accounting? Understand the concepts and then take help!
Imbibing concept of overtime premiums
Accounting deals in depth with the concepts of costs related to labor force working time. The idea of making a laborer do overtime is to increase production which is often done when the company is trying to meet demands for a product. Or it can also be in cases where the organization is trying to meet deadlines for production or making up for losses in the past.
Overtime premium is simply the excess amount added to the normal wage of the laborer. The extra payment is decided based on the hours the employee has invested for the organization in excess to their ordinary work hours. Overtime premium and idle time assignment help assist students to deal with the idea in more details.
It is interesting to note that the premium is not calculated as a part of labor costs. They are indirect amount which the company usually adds to the overhead amount of producing a product. Manufacture, production, and distribution are not a simple process, and therefore some excess costs like the premium must be incorporated.
What is idle time?
In an assignment like overtime premium and idle time homework help, not just the premium but the concepts of idle time are also stressed upon in great depth. What does idle time signify in accounts? To understand this concept first the ideas of productivity must be explained. A worker is paid to work. Work is directly related to productivity. However, a worker cannot be productive for the entire duration of their shift.
Idle time is hence understood as the time span where a worker seizes to be productive and enjoys leisure. These could be simple breaks in work which are a natural occurrence as human beings cannot put continuous effort like machines. In addition,breakdown in machinery, shortage in equipment or ineffective management could cause this phenomenon to occur. A company is usually prepared to bear a percentage in the sphere of idle time as productive can never be 100%.
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