ECONOMICS

Detailed explanation-1: -There are two basic methods of labour remuneration, i.e., time rate and piece rate system of wage payment. In modern days a number of incentive plans to induce workers to work hard so as to produce more and earn more are being used.

Detailed explanation-2: -Time booking is the recording of time spent by a worker on different jobs or work orders carried out by him during his period of attendance in the factory.

Detailed explanation-3: -Time booking means the recording of time of each worker spent on various jobs during his period of attendance in the factory. Objectives of Time Booking: The following are the objectives of time booking: 1.

Detailed explanation-4: -The labor cost per unit is obtained by multiplying the direct labor hourly rate by the time required to complete one unit of a product. For example, if the hourly rate is $16.75, and it takes 0.1 hours to manufacture one unit of a product, the direct labor cost per unit equals $1.68 ($16.75 x 0.1).