Question

Explain Human resource accounting in detail.

About 350 Words

Answer 1

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Human Resource Accounting

• Human Resource Accounting is a process of identifying the investments made in the human resource of an organization that are presently unaccounted for in the conventions accounting practice.
• It is also known as Human Asset Accounting.
• It tracks the potential of the human resources of a company.
• It is a method by which a cost is assigned to every employee when recruited, and the value that the employee would generate in the future.

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Answer 2

Explanation:

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A human resource is a single person or employee within your organization. Human resources refer to all of the people you employ.

Human Resources is also the function in an organization that deals with the people and issues related to people such as compensation and benefits, recruiting and hiring employees, onboarding employees, performance management, training, and organization development and culture.

Human Resources staff is also responsible for advising senior staff about the impact on people (the human resources) of their financial, planning, and performance decisions. Managers rarely discuss the effect of their decisions on the people in the organizations. It is often predictable that decisions are driven by more easily measurable processes such as finance and accounting.

Human Resources evolved from the term: personnel, as the functions of the field, moved beyond paying employees and managing employee benefits.

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