ECONOMICS

Detailed explanation-1: -The purchasing agent is involved in the physical control of materials. Q. The purchasing agent is responsible for the preparation of material requisitions and specifying the kind of materials of materials needed.

Detailed explanation-2: -A Cost Accountant, or Managerial Accountant, is responsible for reducing a company’s financial waste and increasing their profits. Their primary duties include determining the actual cost and the associated expenses of manufacturing a product, analysing its profitability and compiling the company budget.

Detailed explanation-3: -Materials control includes physical control of materials and control over the investment in materials.

Detailed explanation-4: -Material control aims at eliminating and minimising all kinds of wastes and losses while the materials are being purchased, stored, handled, issued or consumed. A number of techniques are used at planning, procuring and holding stage of material which help in exercising and effecting material cost control.