Cost Control and Cost Reduction
Topics:
Meaning of Cost Control Elements of Cost Control Scheme Essentials for success of Cost Control Advantages of Cost Control
Definition:
-The Chartered Institute of Management Accountants, London defines Cost Control as: “The regulation by executive action of the cost of operating an undertaking particularly where such action is guided by cost accounting.”
Cost Control aims at reducing inefficiencies and wastages and setting up predetermined c
Cost Control and Cost Reduction
Topics:
Meaning of Cost Control Elements of Cost Control Scheme Essentials for success of Cost Control Advantages of Cost Control
Definition:
-The Chartered Institute of Management Accountants, London defines Cost Control as: “The regulation by executive action of the cost of operating an undertaking particularly where such action is guided by cost accounting.”
Cost Control aims at reducing inefficiencies and wastages and setting up predetermined c
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Cost Control and Cost Reduction
Topics:
Meaning of Cost Control Elements of Cost Control Scheme Essentials for success of Cost Control Advantages of Cost Control
Definition:
-The Chartered Institute of Management Accountants, London defines Cost Control as: “The regulation by executive action of the cost of operating an undertaking particularly where such action is guided by cost accounting.”
Cost Control aims at reducing inefficiencies and wastages and setting up predetermined c
Авторское право:
Attribution Non-Commercial (BY-NC)
Доступные форматы
Скачайте в формате PPT, PDF, TXT или читайте онлайн в Scribd
and Cost Reduction Topics: Meaning of Cost Control Elements of Cost Control Scheme Essentials for success of Cost Control Advantages of Cost Control Definition:
-The Chartered Institute of Management
Accountants, London defines Cost Control as:
“The regulation by executive action of the
cost of operating an undertaking particularly where such action is guided by cost accounting.” Cost Control aims at reducing inefficiencies and wastages and setting up predetermined costs and in achieving them. Elements of Cost Control Scheme: Set down a standard/ target. Select a yardstick. Ascertain the actual performance. Compare the actual performance. Analyze the variances by causes. Take corrective action. Periodically review the standards. Essentials for success of Cost Control: Firm should have definite plan of organisation. Costs should be collected for each of responsibility. Report should draw management’s attention. Good performance should be rewarded. Proper setting of standards. Advantages of Cost Control: Achieving the expected return of capital Increase in productivity of the available resources Job opportunity Economic use of limited resources of production