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Cost Controlling Techniques Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Cost Controlling Techniques Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is JIT and how does it help in cost controlling? |  |
Ans. Just In Time (JIT) is a production strategy that aims to improve efficiency by receiving goods only as they are needed in the production process. This helps in reducing inventory costs, storage costs, and waste, ultimately leading to better cost control.
| 2. How does ABC analysis help in cost controlling? | |
Ans. ABC analysis categorizes items based on their importance to the business in terms of cost and usage. By focusing on the most significant items, businesses can allocate resources effectively, reduce costs, and improve overall cost control.
| 3. What are the main benefits of implementing JIT in cost accounting? | |
Ans. Some of the main benefits of implementing JIT in cost accounting include reduced inventory carrying costs, lower storage costs, improved production efficiency, reduced waste, and better cost control overall.
| 4. How can businesses effectively implement ABC analysis for cost controlling? | |
Ans. To effectively implement ABC analysis for cost controlling, businesses should categorize items based on their importance, regularly review and update the categories, allocate resources accordingly, and constantly monitor and analyze the data for cost control improvements.
| 5. What are the challenges businesses may face when implementing JIT and ABC analysis for cost controlling? | |
Ans. Some challenges businesses may face when implementing JIT and ABC analysis for cost controlling include resistance to change from employees, initial setup costs, data accuracy issues, and the need for continuous monitoring and adjustments to ensure effectiveness.
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Dec 22, 2024 Last updated |
Video Description: Cost Controlling Techniques for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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