tions in use or in cost; - to adopt appropriate strategies for cost reduction, and to avoid inefficient approaches to the problem of excess costs 3 Use The course as described in this manual can be used for a special-ised course on cost accounting The complete programme, or indi-vidual sessions or parts of sessions, can also be incorporated in
5 Differentiate among the various cost accounting systems Competency 2: The student will determine and analyze the cost of materials by: 1 Understanding the importance of maintaining physical control of materials 2 Calculating the cost of materials issued and related accounting procedures 3 Applying Just-In-Time materials control methods
MATERIAL CONTROL IN COST ACCOUNTING PDF Material control is a system which ensures the provision of the required quantity of materials of the required quality at the required time with the minimum amount of capital investment It can be defined as safeguarding of company’s
8 Cost accounting – objectives of costing system; cost concepts and cost classification; management accounting – nature and scope; role of management accountant, tools and techniques of management accounting; distinction between financial accounting, cost accounting and management accounting 9 Elements of cost: (i) Material cost
and also provides valuable information for taking various decisions and also for cost control and cost reduction Management Accounting helps the management to conduct the business in a more ef? cient manner The scope of management accounting is broader than that of cost accounting In other words, it can be
Cost Accounting Cost accounting process Ascertainment of cost 2 Cost control and cost reduction i 11 Cost Accounting Objectives: 3 Assisting management in
Cost Management: Accounting and Control, Fifth Edition Don R Hansen and Maryanne M Mowen Thomson Learning 5 Shenton Way #01-01 UIC Building
ACCOUNTING 1 Meaning Cost Accounting facilitates determination, tracking and controlling of various costs incurred in the business Financial Accounting