Get premium membership and access questions with answers, video lessons as well as revision papers.
- Materials should be of the desired quality and specifications to avoid returns and reduce
on wastage in the production process.
- Stock levels should be monitored. Materials should be ordered when authorized or
required.
- Supplies should be efficient and effective. They should minimize lead-time and not
overprice.
- Materials should be appropriately inspected before they are stored. This should be
done against purchase order by knowledgeable personnel.
- Materials should be protected from physical deterioration and theft.
- There should be periodic views to check that all the quantities bought are accounted
for.
- A simple method of coding all stocks of materials should be identified and properly
classified before issue.
- There should be proper documentation at each stage from purchase requisition, order
receipt up to when goods are issued.
- Materials issues should be properly allocated/charged to the relevant cost units for
direct materials and to the appropriate cost centres for indirect costs.
marto answered the question on February 26, 2019 at 09:52
- Give the possible causes of discrepancies revealed by physical stock counts include:(Solved)
Give the possible causes of discrepancies revealed by physical stock counts include:
Date posted: February 26, 2019. Answers (1)
- Give the essential requirements of an effective stock control system.(Solved)
Give the essential requirements of an effective stock control system.
Date posted: February 26, 2019. Answers (1)
- Give the advantages of Standard Costing:(Solved)
Give the advantages of Standard Costing:
Date posted: February 26, 2019. Answers (1)
- List the arguments in favour of Marginal Costing:(Solved)
List the arguments in favour of Marginal Costing:
Date posted: February 26, 2019. Answers (1)
- What are the arguments in favour of Absorption (Full) Costing?(Solved)
What are the arguments in favour of Absorption (Full) Costing?
Date posted: February 26, 2019. Answers (1)
- Factors to consider in make -or - buy decisions(Solved)
Factors to consider in make -or - buy decisions
Date posted: February 26, 2019. Answers (1)
- What is the role of cost accounting in decision making(Solved)
What is the role of cost accounting in decision making.
Date posted: February 26, 2019. Answers (1)
- Factors influencing cost estimation method used by a manufacturing company(Solved)
Factors influencing cost estimation method used by a manufacturing company
Date posted: February 26, 2019. Answers (1)
- What are the features of process costing.(Solved)
What are the features of process costing.
Date posted: February 26, 2019. Answers (1)
- Give the functions of budgets.(Solved)
Give the functions of budgets.
Date posted: February 26, 2019. Answers (1)
- List the ways to improve cash management.(Solved)
List the ways to improve cash management.
Date posted: February 26, 2019. Answers (1)
- What are the causes of difference in cost and financial accounts(Solved)
What are the causes of difference in cost and financial accounts
Date posted: February 26, 2019. Answers (1)
- Give the problems in cost estimation.(Solved)
Give the problems in cost estimation.
Date posted: February 26, 2019. Answers (1)
- Give the Limitations of budgeting(Solved)
Give the Limitations of budgeting
Date posted: February 26, 2019. Answers (1)
- Give the causes of stock discrepancies.(Solved)
Give the causes of stock discrepancies.
Date posted: February 26, 2019. Answers (1)
- Give the factors considered in selecting overhead absorption rate(Solved)
Give the factors considered in selecting overhead absorption rate
Date posted: February 26, 2019. Answers (1)
- Give the definition of a cost centre and its application(Solved)
Give the definition of a cost centre and its application
Date posted: February 26, 2019. Answers (1)
- Give the causes of labour efficiency variance(Solved)
Give the causes of labour efficiency variance
Date posted: February 26, 2019. Answers (1)
- Give the causes of labour rate and efficiency variances(Solved)
Give the causes of labour rate and efficiency variances
Date posted: February 26, 2019. Answers (1)
- Give the disadvantages of overstocking:(Solved)
Give the disadvantages of overstocking:
Date posted: February 26, 2019. Answers (1)