In this article we will discuss about:- 1. Introduction to Material Control 2. Need or/Objectives of Material Control 3. Essentials 4. Advantages 5. Materials Management and Organisation. Introduction to Material Control: A major objective of Cost accounting is Cost Control. Every element of cost has to be effectively controlled. Out of the three elements of cost i.e., Material, Labour and [...]
How to Calculate Labour Cost: Per Hour, Per Unit, Techniques and Formula! Techniques of controlling labour cost can be effectively used by coordinating the activities of various departments concerned with the labour, namely: (A) Personnel department (B) Engineering and work study department (C) Time keeping department (D) Pay roll department, and (E) Cost accounting department. The functions of these departments [...]
Costs that the costing system directly traces to the cost object are direct costs and that are not directly traced to the cost object are called indirect costs. Resources that are common to more than one cost object are necessarily classified as indirect costs. These costs are aggregated under an account number (e.g. repair and maintenance of building) and then [...]