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Overtime & Overtime wages for Cost and Management accounting   Work carried out in excess of a basic workday by an employee or worker (typically 8 hours a day, 5 days a week) as specified by the Factories and Shop Establishment Act. It has also defined the overtime rate and maximum overtime hours.   Overtime is outside the usual working hours that staff spend doing the additional job or finishing the unfinished job. Overtime wages are the amount owed to the worker for the additional time expended on additional and/or unfinished work by the worker.   Reasons people end up working overtime   Too much work. To meet overload. Rush orders or Special orders or urgent orders. Scheduling more production. For making up the time lost due to unavoidable reasons.   Disadvantages of Overtime Cost of Overtime: The expense of premium overtime rate Inefficiency: If employees slacken their pace of work in order to qualify for overtime Health of Employees: Regular long work...

Company Law CS Executive Programme Investments, guarantees and protection,inter-corporate loans, related party transactions An overview   In the field of inter-corporate loans, acquisitions, guarantees and security under Section 186 and related party transactions under Section 188, the Companies Act, 2013 has incorporated abundant amendments. We will have to refer to the regulations and old provisions when and where to distinguish the purpose and extended scope in order to understand its applicability and substantial coverage allowed by the new legislation.   What are Inter-Corporate Loans, Investments, Guarantees, and Security – Section 186 Section 372A, under the Companies Act, 1956, deals with Inter-Corporate Loans and Investments. In the growth of industries, Inter Corporate Loans and Investment plays a critical role as it identifies and formulates the flow of funds for the company or associates or other companies in need of those funds. In order to invest in a way that sh...

Labour Audit: Industrial and Labour Law CS Executive Labour Audit The labor and employment law audit is an important method for managing compliance with labor, employment, and industrial laws. The audit helps to identify non-compliance with labor and employment laws applicable to a company and to take corrective steps to prevent authorities from taking unjustified legal action against the company and its management. While the Labour Law Audit is not necessary, the operation of this audit is strongly recommended. The audit helps to identify non-compliance with labor and employment laws applicable to a company and to take corrective steps to prevent authorities from taking unjustified legal action against the company and its management. Scope of the Audit of Labour   The auditor of labor law shall cover all labor laws applicable to an industry/business or any other commercial institution in which the audit is carried out by the auditor of labor law. Where a specific piece of labor la...

CS Executive Meaning of Service Costing: Scope/Service and Application Online CS Executive Class:  service costing is a type of operation costing that is used in organizations that provide services instead of producing goods. The cost of services is the cost of providing and operating services in a particular sector. In short, services are generally considered to be inducting rather than producing goods. It is the costing method that provides information on how to calculate the operating cost. Service scope   The costing services are directly concerned with the classification and accumulation of the cost of the service to the services rendered by undertakings. Service Cost Features:   Operating costing is a method of costing. There is no physical stock of an article when an undertaking renders a service. An undertaking adopting a costing service shall not produce any tangible goods. These undertakings provide their customers with unique services. Costs are usually period-...

Key Differences Between Absorption Costing and Marginal Costing Corporate and Management Accounting - CS Executive The following are the major differences between  Absorption Costing and Marginal Costing . The costing method in which variable cost is apportioned exclusively, to the products is known as Marginal Costing . Absorption Costing is a costing system in which all the costs are absorbed and apportioned to products. In Marginal Costing, Product related costs will include only variable cost while in the case of Absorption costing , fixed cost is also included in product-related cost apart from variable cost. Marginal Costing divides overheads into two broad categories, i.e. Fixed Overhead and Variable Overhead. Look at the other term Absorption costing, which classifies overheads in the following three categories Production, Administration, and Selling & Distribution. In marginal costing profit can be ascertained through the help of Profit Volume Ratio [(Contribution /...

CS Executive Budgeting and Budgetary control as a tool of management Budgetary control  has become a fundamental  tool of management  for costs and maximizing profits. It may be appreciated as one of the utmost examples of rationality in management. It is a useful management tool for comparing the current performance with pre-planned performance with a view to attaining equilibrium between ends and means, output, and effort. It corrects the deviations from a pre-planned path through the media of observation, research planning, control, and decision-making and thus helps in the performance of future activities in an orderly way. It uncovers un-economies in operations, weaknesses in the organization structure, and minimizes wasteful spending. It acts as a philosopher, friend, and guide to the management. Its advantages to management can be summarized as follows: It brings efficiency and economy in the working of the business enterprise. It establishes divisional and depart...

WHAT IS TAX? A budgetary charge or other duty forced upon a citizen (an individual or legitimate element) is called as Tax, gathered by a state or what might be compared to the equivalent, to such an extent that inability to pay, or avoidance of or protection from an assortment of assessment is deserving of law. A few managerial divisions additionally force charge. Charges comprise of immediate or aberrant assessments and as a standard are paid in cash. The Tax framework in India is mainly a three-level framework that is based on the Central, State Governments, and the neighborhood government foundations. As a rule, these nearby bodies take in the neighborhood committees and the districts. As per the Constitution of India, the administration can practice the option to impose charges on people and associations. Contrarily, the constitution expresses that nobody has the option to require or charge charges with the exception of the authority of law. The law passed by the council or the pa...