Procedure of material acquisition, Managerial Accounting

Procedure of material acquisition

A stores record is maintained into which the quantity and value of materials received is entered. Issues of materials to production are made by authorized materials requisitions which are also entered into the stores ledger to keep that record up to date continuously, and also into the appropriate job or process const record.

As already indicated, all the procedures may be integrated into a computerized stock record which can provide information at the press of a button to the storekeeper, buyer, production planner, financial manager or any other person authorized to key into it. For example, information on slow-moving stock items can be obtained automatically and without delay.

 

107_flow digarm.jpg

Posted Date: 12/6/2012 5:49:01 AM | Location : United States







Related Discussions:- Procedure of material acquisition, Assignment Help, Ask Question on Procedure of material acquisition, Get Answer, Expert's Help, Procedure of material acquisition Discussions

Write discussion on Procedure of material acquisition
Your posts are moderated
Related Questions
7 feed from control to planning It is realized these days more than even before that management control is primarily a human activity which should focus on how to help individu

King Manufacturing has four categories of overhead. The four categories and expected overhead costs for each category for next year are as follows: Maintenance

MULTIPLE REGRESSION The least square regression equation discussed above was based on the assumption that total cost was determined by only one activity based variable. However

What is Production cost It begins with the supplying of materials, labour and services and ends with the primary packing of the product. Therefore, it includes the cost of d

Define Materials cost variance Material cost variance (MCV) is the difference between the standard cost of material specified and the actual cost of materials used." It is the


Disadvantages of activity based costing 1) It is essentially not the panacea for all ills. 2) It absorbs a lot of resources. 3) Too much emphasis on customer viability c

Controlling material flow Figure below outlines the progressive stages in purchasing, issuing and recording materials in a manufacturing concern. An efficient system of docume

Adm2341 manufactures and sells four different products. The following data are extracted from the most recent financial statements:   Products

What Procedure are followed in kaizen costing In brief kaizen costing involves setting a new cost reduction target every month. The difference between the target profits and th