UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Introduction Material Cost
Introduction Material Cost Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Introduction Material Cost Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is Cost Accounting? |  |
Ans. Cost Accounting is a branch of accounting that deals with the recording, classification, allocation, and analysis of costs associated with the production of goods or services.
| 2. What is Material Cost in Cost Accounting? | |
Ans. Material Cost refers to the cost of raw materials and components used in the production process. It includes the cost of purchasing, storing, and using materials in manufacturing.
| 3. How is Material Cost calculated in Cost Accounting? | |
Ans. Material Cost is calculated by multiplying the quantity of materials used in production by the cost per unit of material. This total cost is then allocated to the specific products or services based on their usage of materials.
| 4. Why is Material Cost important in Cost Accounting? | |
Ans. Material Cost is a significant component of the total cost of production and directly impacts the profitability of a company. Effective management of material costs can lead to cost savings and improved overall financial performance.
| 5. What are the methods used to control Material Cost in Cost Accounting? | |
Ans. Some common methods used to control Material Cost include implementing efficient inventory management practices, negotiating better prices with suppliers, reducing waste and spoilage, and continuously monitoring and analyzing material usage.
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Nov 21, 2024 Last updated |
Video Description: Introduction Material Cost for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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