Import duty on materials received from abroad
Rent of business shop
Royalty paid to extract materials
Fire insurance on stock
Wages paid to workers
Gas, electricity, and water
Q4. Write short notes on:
a) Cost Management System (CMS)
b) Value added
Answer: Cost Management System (CMS)
The explosion in technology coupled with increasing worldwide competition, is forcing managers to produce high quality goods and services in order to provide outstanding customer service and at the lowest possible cost. Horngren and others define a CMS as
“a collection of tools and techniques that identifies how management’s decisions affect costs”.
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Q5. Ajay industries manufacture a product X. On 1st January, 2007, there were 5000 units of finished product in stock.