Basics 1 min read
Material Control
Cost reduction program should be run by purchasing economical and more useful material. Economic Order Quantity (EOQ) technique should be…
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Basics 1 min read
Personal Management
Cost reduction programs can be run using staff welfare measures and improving labor relation. Introduction of incentive schemes for labor…
Basics 1 min read
Financial Management
Attention should be given to the following areas: ● If there is any over-investment. ● How much economical is the cost of…
Basics 3 min read
Fields Covered under the Cost Reduction Program
A number of fields come under the scope of cost reduction. They are discussed below. Design Manufacturing of any product…
Basics 1 min read
Cost Reduction Program
Followings are the essentials of a cost reduction program: ● Cost reduction program should be according to requirement of the company.…
Basics 2 min read
Cost Accounting – Cost Reduction
Cost reduction is to be understood as the achievement of real and permanent reduction in the unit cost of goods…
Basics 1 min read
Requirements for Successful Cost Control
The following requirements are to be fulfilled to implement successful cost control: ● A plan and a set of well-defined responsibilities…
Basics 1 min read
Cost Control Techniques
Costs can be controlling by employing the following methods: ● Material Control ● Labor Control ● Overheads Control ● Standard costing ● Budgetary Control ● Capital…
Basics 1 min read
Cost Accounting – Cost Control
Conceptually, accounting is the discipline that provides information on which external and internal users of the information may base decision…
Basics 1 min read
Cost Accounting – Cost Sheet
A cost sheet is prepared to know the outcome and breakup of costs for a particular accounting period. Columnar form…
Basics 1 min read
Cost Accounting – Elements of Cost
The following chart shows the various elements of cost and how they are classified. Direct or Indirect Materials The materials…
Basics 4 min read
Cost Accounting – Classification of Cost
Costs can be classified based on the following attributes: By Nature In this type, material, labor and overheads are three…
