{"id":12148,"date":"2021-12-06T11:35:07","date_gmt":"2021-12-06T06:05:07","guid":{"rendered":"https:\/\/scholarsclasses.com\/blog\/?p=12148"},"modified":"2024-12-24T17:26:06","modified_gmt":"2024-12-24T11:56:06","slug":"time-booking-in-cost-accounting","status":"publish","type":"post","link":"https:\/\/scholarsclasses.com\/blog\/time-booking-in-cost-accounting\/","title":{"rendered":"Time Booking in Cost Accounting | Free Cost Accounting Articles"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69efd051033b5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69efd051033b5\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/scholarsclasses.com\/blog\/time-booking-in-cost-accounting\/#Time_Booking_in_Cost_Accounting\" >Time Booking in Cost Accounting<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/scholarsclasses.com\/blog\/time-booking-in-cost-accounting\/#Time_Booking_in_Cost_Accounting-2\" >Time Booking in Cost Accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/scholarsclasses.com\/blog\/time-booking-in-cost-accounting\/#Objectives_of_Time_Booking\" >Objectives of Time Booking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/scholarsclasses.com\/blog\/time-booking-in-cost-accounting\/#Methods_of_Time_Booking\" >Methods of Time Booking<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading has-text-align-center\"><span class=\"ez-toc-section\" id=\"Time_Booking_in_Cost_Accounting\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-black-color\">Time Booking in Cost Accounting<\/mark><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-1024x576.jpg\" alt=\"Time Booking in Cost Accounting\n\" class=\"wp-image-12162 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:768px;height:432px\" title=\"\" data-srcset=\"https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-1024x576.jpg 1024w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-300x169.jpg 300w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-768x432.jpg 768w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-1536x864.jpg 1536w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting-640x360.jpg 640w, https:\/\/scholarsclasses.com\/blog\/wp-content\/uploads\/2021\/12\/Time-Booking-in-Cost-Accounting.jpg 1920w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">Time Booking in Cost Accounting<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Time_Booking_in_Cost_Accounting-2\"><\/span><strong>Time Booking in Cost Accounting<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Time Booking means a record of time spent by the worker on jobs during his\/her attendance at the factory department. Recording the working time is commonly known as time booking. It is important to know the actual time spent on the job, or for job or operation or process. It is the process of recording of time actually<br>spent by the workers for a job or operation. This is useful for the calculation of wages or remuneration payable to the workers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Objectives_of_Time_Booking\"><\/span><strong>Objectives of Time Booking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The objectives of time books are stated below:<br><strong>i) Full Utilization of Work Time:<br><\/strong>It ensures that each worker is physically present in the factory and he has spent full-time for the job. It leads to the efficiency of workers.<\/p>\n\n\n\n<p><strong>ii) Ascertainment of Labour Cost:<br><\/strong>It facilitates the ascertainment of the labour cost of each job of a cost centre or each unit. Sometimes overheads are absorbed on the basis of labour hour rate. It helps in fixing the labour rate for absorption of overheads.<\/p>\n\n\n\n<p><strong>iii) Computation of Incentives:<br><\/strong>Many times incentives are paid to the workers with good productivity, efficiency, and time spent on the job, etc. It helps in the process of calculation of such incentives.<\/p>\n\n\n\n<p><strong>iv) Determination of Wage or Bonus:<br><\/strong>It helps in the process of calculating the wage and bonus payable to workers on the basis of the actual time required for completion of the job.<\/p>\n\n\n\n<ul style=\"color:#f70505\" class=\"wp-block-list has-text-color\">\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/fifo-full-form\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/fifo-full-form\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-red-color\">First in First out Method (FIFO)<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/lifo-meaning\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/lifo-meaning\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-red-color\">Last in First out Method (LIFO)<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/simple-average-method\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/simple-average-method\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-red-color\">Simple Average Method<\/span><\/a><\/li>\n\n\n\n<li><span class=\"has-inline-color has-vivid-red-color\"><a href=\"https:\/\/youtu.be\/9Ct9NS3qdEc\" data-type=\"URL\" data-id=\"https:\/\/youtu.be\/9Ct9NS3qdEc\" target=\"_blank\" rel=\"noreferrer noopener\">Weighted Average Method<\/a><\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Methods_of_Time_Booking\"><\/span><strong><strong><strong>Methods of Time Booking<\/strong><\/strong><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The method of Time booking are as follows:<br><strong>1) Daily Time Sheet:<\/strong><\/p>\n\n\n\n<p>In this method, Daily Time Sheet or Daily Record Card is provided to each worker for recording details of time spent by him on work during the day. It must be agreed with the clock card. It is suitable for small works. It is easy to understand and operate. The foremen can know the worker\u2019s performance from this sheet. It needs less<br>paperwork as compared to other methods.<\/p>\n\n\n\n<p>It is suitable for the workers who have to work in different departments. It requires a lot of paperwork when workers are required to work on the same or different jobs on several days. The time is recorded by the workers in the daily timesheet. It is not a reliable method.<\/p>\n\n\n\n<p><strong>2) Weekly Time Sheet:<\/strong><\/p>\n\n\n\n<p>In this method, the weekly timesheet is supplied to each worker and they have to write the details of work and time spent on Job for a week period. This card is suitable where very limited work or jobs are to be completed by the workers in a week. It enables the foreman to know the weekly performance of the worker. It is a convenient method where small or limited jobs are to be completed which requires very less paperwork.<br>It is an inaccurate method because sheet cards can be prepared from memory. It is a reliable method.<\/p>\n\n\n\n<p><strong>3) Job Cards:<\/strong><\/p>\n\n\n\n<p>A job or a job ticket is a card that shows details of time spent by a worker or a group of workers for each operation. It is given to a worker which gives the details of the job performed. He has to record manually the time (hours) worked by him\/her on the job card. In big organizations, the provided job cards are made available which are punched for recording required details.<\/p>\n\n\n\n<p>Normally job card is printed giving detail of the job, order number, and other details. This method enables coordination between the production control and cost department. Preparation of job cards becomes burdensome because separate job cards need to be prepared for the separate jobs. Wrong information record is possible in this type. It is not suitablewhere last minute alterations involves.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">What is Cost Accounting?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Meaning of Cost.<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Meaning of Costing<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" data-type=\"URL\" data-id=\"https:\/\/scholarsclasses.com\/blog\/introduction-to-cost-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Meaning of Cost Accounting<\/a><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":12162,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7,1],"tags":[4034],"class_list":["post-12148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-degree-college","category-misc","tag-time-booking-in-cost-accounting"],"_links":{"self":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/12148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/comments?post=12148"}],"version-history":[{"count":2,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/12148\/revisions"}],"predecessor-version":[{"id":35747,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/posts\/12148\/revisions\/35747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media\/12162"}],"wp:attachment":[{"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/media?parent=12148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/categories?post=12148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scholarsclasses.com\/blog\/wp-json\/wp\/v2\/tags?post=12148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}