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The main purpose of time keeping are as follows:

According to “F. B. Gilrith” motion study consists in dividing work in to most fundamental elements possible, studying these elements separately and in relation to one another…

Personal causes: Workers may leave the organisation purely on personal grounds. These may b Death, Family problems and responsibility, Personal betterment and Retirement.

Labor turn over is the percentage change of the labor force of an organisation. It is common feature in any concern that some employees leave the concern and others join in it.

Indirect labor is that labor which is not directly engaged in the production of goods and services but which indirectly helps the direct labor  engaged in production.

department which reflect the physical movement of stocks and their current balances”.

We all know that present world is giving too much importance to quality. In the present competitive world, the manufactures can survive only if they produce and supply quality products at reasonable rates to the customers.

Material management does not only cover management of material policy. It is also related to other activities such as inventory control, material planning, executing the policy etc.

Ordering level is that level of material in the store where store keeper initiates fresh requisition to the purchasing departments for purchase of materials.

Store day sheet in cost accounting can be defined as daily record sheet depicting the daily receipts, issues and direct deliveries.

The Distinction Between Direct and Indirect Material In Cost Accounting.

Store accounting is important due to the following reasons:

Store / Inventory control technique is the important tool in the hands of the modern management. It is indispensable for each and every manufacturing concern.

Material control is a systematic control over the purchasing storing and using of material to minimizing the possible cost.

Perpetual store verification is other wise known as perpetual inventory system. It is the system of records maintained by the controlling department which reflects the physical movement of stocks and their current balance.

Wastage: Wastage comprises invisible loss, visible loss that can not be collected and also un-saleable portion of the collected loss.