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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
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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