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Budget, Budgeting, and Budgetary Control
Let us go through the terms sequentially. Budget Budget represents the objectives of any organization…
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Cost Accounting – Budgeting Analysis
We are all well-familiar with the term budget. Budgeting is a powerful tool that helps the…
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Tools and Techniques of Cost Reduction
The following tools and techniques are used to reduce costs: ● Budgetary Control ● Standard Costing ● Simplification…
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Material Control
Cost reduction program should be run by purchasing economical and more useful material. Economic Order…
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Personal Management
Cost reduction programs can be run using staff welfare measures and improving labor relation. Introduction…
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Financial Management
Attention should be given to the following areas: ● If there is any over-investment. ● How much…
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Fields Covered under the Cost Reduction Program
A number of fields come under the scope of cost reduction. They are discussed below.…
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Cost Reduction Program
Followings are the essentials of a cost reduction program: ● Cost reduction program should be according…
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Cost Accounting – Cost Reduction
Cost reduction is to be understood as the achievement of real and permanent reduction in…
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Money Measurement Concept
According to this concept, “we can book only those transactions in our accounting record which…