Objectives of Purchasing The major objectives of scientific purchasing may be stated as follows: 1. Procurement of required quality and quantity of materials at the best price, not necessarily the lowest price. 2.Procurement of...
Creative Purchasing Meaning and Definitions of Purchasing Purchasing is an every-day function of almost everyone and occupies much of the time both of business houses and ultimate consumers. There are three basic types of...
Integrated Material Management Material management is a very wide term and includes store keeping and purchasing a wide variety of activities like materials planning, inventory control, value analysis’ standardization, production control and pre-design value...
Objectives of Material Management It is quite obvious that every department objectives are those one set by the organization at the time of formation.But since every department has its own type of functions, their...
Functions of Material Managements Area of material management can also be described as the functions of Material Management. Following are the functional areas of material management- (a)Co-ordination with various departments. (b)Material planning & control....
A manager has command over 4 resources men,machines money and materials which are known as 4m’s. These are the inputs of any business activity. A manager is expected to give required output from a...
Limitations of Accounting Accounting is helpful to business in determining the position of assets and liabilities as well as profit and loss. Itenables the business to take important future decisions. But one can not...
Principles of Accounting Complete and general acceptable list of accounting principle is not available. They are classified in the follow- ing three categories: (1) Balance Sheet Principles,(ID) Income Statements Principles(III) General Principles 1. Balance...
Types of Cost Accounting Types of cost accounting are studied under the following three heads- 1. Systems of costing,2. Methods costing,3. Techniques of costing. Systems of Costing The systems of cost accounting can be...
Functions of Cost Accounting In order to achieve its objectives, cost accounting performs the following functions- (1) Determination and analysis of cost-The main function of cost accounting is to find out the total cost...