Material cost is a main component in the total cost of the product (varying from 25 to 70%). Therefore, in order to control the cost, it is necessary to pay maximum attention for controlling material cost in following way: Way # 1. Control Over Abnormal Losses: These are avoidable losses and are wastage which should be controlled. These losses arise [...]
To earn good profits, it is essential to keep control over each and every element of cost, such as: 1. Control on Prime Cost 2. Control on Overheads 3. Control on Indirect Materials and Tools. 1. Control on Prime Cost: Prime cost of a product has great role over the total cost. It consists of Direct Material cost and Direct [...]
This article will guide you about how to open an account with a bank. Herein before opening a bank account was very simple. A person desiring to open an account was required to simply fill in an account opening form get himself introduced by a person known to the bank by virtue of his being an old account holder or [...]