European Journal of Economics, Finance and Business Development

The Essence and Importance of Wages in the Modern Economy

Sharipov Husniddin Xalimjon ogli

Student, Department of Accounting Audit, Industrial Technical College of Uzbekistan

Keywords: economic entities, labour cost accounting, social protection, accounting standards, state policy.

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Abstract

In this article, the nature and importance of wages in the modern economy of our country were analyzed. Also, one of the important issues of the organization of accounting in economic entities was the analysis of labour cost accounting. In our republic, issues of social protection of the population and improvement of its well-being are formed as an integral part of the state policy. The well-being of the population is largely related to the level of income received from wages. Despite the current global financial and economic crisis, measures are being taken in this direction in our country. At the moment, one of the important issues of the organization of accounting in economic entities is the development of the calculation and analysis of labour costs. The requirements for the calculation and analysis of labour costs are reflected in the national accounting standards and must be followed without deviation. Accordingly, special attention is now being paid to this issue.