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Question
To control costs, it is essential to keep control on ______.
Options
Prime cost
Overheads
Indirect materials and tools cost
All of these
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Solution
To control costs, it is essential to keep control on Prime cost, Overheads and Indirect materials and tools cost.
Explanation:
To properly control costs, all components must be managed, including prime costs, which cover direct materials and labour; indirect materials and tool costs, which are required but not directly related to a specific product; and overheads, which include general business expenses. Controlling all of these areas leads to total cost management.
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