A cost concept for control is an important part of business. It basically deals with all the costs incurred in a company. Cost concepts for control homework answers can be found on various websites. It is a topic with which a lot of students need help with. It is often not clear to them and thus working on homework or assignment becomes difficult for them.
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Cost Concept for Control
The first question a student needs to be able to answer is that what is cost control? They should be familiar with this concept in order to go to bigger and higher things. And the answer to the question is very easy; it is a process through which a company identifies and reduces expense in a business to increase their profit margin.
This always starts with the process of budgeting. The actual result is compared to the expected budget by the owner of a business and if they exceed than the cost which was planned then management will take action to bring it within the budget. This concept for cost control needs to be cleared among students. And then Cost concepts for control homework answers become easier for students to work on.
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Cost control should not be mistaken with cost reduction. Both are very much different than one another. It is differentiated better below:
- Cost reduction is permanent while cost control is a process which is completed when a specified objective or mark is reached.
- Cost reduction is an endless or continuous process. Its main objective is to diminish wasteful expenses.
Forms of cost control
There are various forms which cover cost control. It can be achieve dif a few things are followed:
- Planning is needed to be done as in the form of budgeting, estimates, etc.
- Next part is where the plans are communicated to the responsible persons who will then execute the plans.
- When the plans are implemented, and the cost is controlled it works as a motivation to the people.
- Appraisals are next in line to be discussed and compare target which was estimated and actual performance.
- Lastly, decision making comes to a place where correct actions are taken to reach the set goals.
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Classification of cost control concept
Cost control concept can be classified into four distinct groups which are:
- Direct cost which deals with costs determined by a particular department.
- Indirect cost means an amount which cannot be determined or specified to a particular department or a particular product.
- Controllable Cost is the amount which is controlled by the decisions influenced of managers. Then costs can be controlled.
- And lastly uncontrollable cost. Here costs are not taken up by any of the centers and thus costs can’t be controlled.
These are some of the concepts which are explained, but an expert can describe it to you in a much detailed oriented study which will help you with Cost concepts for control homework answers.
Advantages of cost control
Throughout time various advantages of cost control have come across. Some of them are:
- It makes a business profitable and more competitive in the market.
- If there is no cost control, then it will be a problem as profits can be less than expected, though, production and sale of product or services may be high.
- It helps in reaching bigger productivity.
- If through this cost of production can be decreased then the price of the product can be less and sale of it can be increased thus generating more profit.
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