Material Control, Inventory Pricing Methods & Costing
Meaning of Material Control
Material control refers to the systematic planning, purchasing, storing, and utilization of materials to ensure that the right quantity and quality of materials are available at the right time, place, and cost. It aims to regulate the flow of materials from the point of purchase to the point of consumption so that production runs smoothly without interruptions or excessive investment in inventory. Material control is an essential component of cost accounting as it directly
Read MoreEssential Professional Skills for Career Success
What Are Interviewing Skills?
Interviewing skills are the abilities that help a person present themselves confidently and effectively during an interview. These skills enable a candidate to communicate clearly, answer questions properly, and create a positive impression on the interviewer. Interviewing skills include communication, body language, listening, confidence, preparation, and professionalism.
Definition of Interviewing Skills
Interviewing skills can be defined as:
- The set of abilities that
Library Management Principles: HR, Finance, and Operations
Human Resources and Management (HRM)
Human Resources
Human Resources: Total manpower, categorized as Top, Middle, and Lower levels. These are living, dynamic, and skill-upgradable resources.
HRM Definition
HRM – Definition: Strategic and coherent management of people to achieve organizational goals.
Unit 13 – HRM Fundamentals
Need for HRM
- Learning and adaptability
- Organizational culture
- Innovation and growth
Purpose of HRM
- Survival and stability
- Quality services
- Competitive advantage
HRM Planning
- Strategic:
Key Research Findings on Teacher Quality and Education Economics
Key Research Findings in Education
Teacher Value Added (VA) and Causality
Chetty, Friedman & Rockoff: VA is Causal
- Criticism of VA: Traditional VA is criticized because good students might be assigned to good teachers (selection bias).
- Methodology: Quasi-experiment using teacher entry/exit shocks. Test scores rise when a high-VA teacher enters (and vice versa).
- Findings: Teacher VA is causal and affects long-term outcomes, such as earnings and graduation rates.
Jackson: Traditional VA is Insufficient
- Measurement
Cost Accounting Methods: Inter-process Profit and Inventory Valuation
Inter-process Profit and Its Treatment
Process costing is used in industries where production is continuous and passes through successive processes such as chemicals, textiles, petroleum, paper, or food processing. In such industries, the output of one process becomes the input of the next process. When this transfer of output takes place at a price above cost, the difference is called Inter-process Profit.
Meaning of Inter-process Profit
Inter-process profit refers to the practice of charging the
Read MoreCost Accounting Principles and Manufacturing Applications
Q1. Define Cost Accounting and State Its Main Objects
Cost Accounting is the process of recording, classifying, analyzing, summarizing, and allocating all the costs incurred in the production process. It helps management in understanding and controlling costs so that efficient and profitable operations can be maintained. Cost accounting not only deals with the costs of production but also helps in pricing, budgeting, and decision-making processes. It includes both fixed and variable costs, and applies
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