It means reducing the cost while improving financial position of business

What are the 3 cost management techniques?

It talks about the quality of the peoduct/services. It is a continual process of detecting and reducing errors.

Inventory system which aligns raw materials order for suppliers directly with production schedules.

It is a japanese business philosophy which means continuous improvement. It is concerns with the processes that continuously improve operations and involve all employees.

What are the 4 branches of accounting?

Financial accounting (position)

Taxation (position)

Management accounting (position)

Auditing (position)

Financial Accounting (product)

Taxation (product)

Management Accounting (product)

Auditing (product)

Financial Accounting (users)

Taxation (users)

Management Accounting (users)

Auditing (users)

Financial Accounting (time focus)

Taxation (time focus)

Management Accounting (time focus)

Auditing (time focus)

Financial Accounting (basis)

Taxation (basis)

Management Accounting (basis)

2 Classification of cost as to nature.

2 classfication of cost as to behavior

Inventoriable/ capitalizable (Includes Direct material, Direct labor and factory overhead)

Cost related to support production (Includes selling and administrative expenses)

It remains constant regardless of activity

It varies directly proportional