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Remuneration Methods

Forums › FIA Forums › FA1 Recording Financial Transactions Forums › Remuneration Methods

  • This topic has 3 replies, 2 voices, and was last updated 5 days ago by Ken Garrett.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • January 11, 2021 at 6:07 am #605452
    maximus07
    • Topics: 33
    • Replies: 32
    • ☆☆

    Sir what is exactly meant by, “Additional payment less any overtime premium”? Does it means we give additional amount other than overtime premium or in change of overtime premium we give this amount.

    January 11, 2021 at 8:14 am #605465
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 8923
    • ☆☆☆☆☆

    Overtime premiums are normally regarded as an indirect employment cost.

    So: normal hours = 40; actual = 50.

    Normal pay/hr = 12; overtime premium = 50% ie 18/hr in total.

    Total payment = 50 x 12 + 10 x 12 x 0.5 = 600 + 60 = 660

    Debited to direct costs = 600 (ie actual pay of 660 less overtime premium of 60)
    Debited to indirect costs = 60.

    This is an MA1 topic, not FA1

    January 11, 2021 at 8:18 pm #605555
    maximus07
    • Topics: 33
    • Replies: 32
    • ☆☆

    No sir, it is from your FA1 notes actually. Both are same by the way except accountings.

    January 12, 2021 at 6:45 pm #605647
    Ken Garrett
    Keymaster
    • Topics: 9
    • Replies: 8923
    • ☆☆☆☆☆

    Sorry. Some aspects appear on both syllabuses.

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Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘Remuneration Methods’ is closed to new replies.

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