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Explain the main purpose of cost centre
The main purpose of cost centre is two fields.
1. Recovery of cost: costs are collected, classified into two field in respect of a location, person or an item of equipment and then the costs are distributed over the products for recovery of incurred cost and
2. Cost control: cost centres assists in making a person responsible for the control of expenditure by the cost centre. Manager of each centre shall control costs incurred in his area of responsibility. The size of the cost centre depends on the activity and operation, and feasibility of the cost control. Sub cost centres are created if the sizes of the cost centres become too big from control point of view.
Control Control includes a comparison of actual performance with the plan so that deviation from the plan can be identified and corrective action taken. It can be define
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
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Explain Out of pocket cost A cost which will have to be paid to outsides as against cross such as depreciation, which do not require any cash payment this cost is relevant in t
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