Wages Wages are sums of money paid to employees on an hourly or piecework basis. Related Articles: What is Management Accounting and Its Functions [Notes with PDF]Free Cash Flow Statement CalculatorFree Operating Cash Flow CalculatorTop 20 Questions and Answers-Accounting Equation [With PDF]Top 8 Differences between Product Cost and Period Cost [Notes with PDF]There are many differences between product cost and period cost. The cost that can be directly assigned to a product is known as the product cost.