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Cost control and cost reduction are two important techniques of management accounting that help an organisation improve efficiency, profitability and competitiveness. Although both are concerned with managing costs, they differ in their objectives, methods and time perspectives. Cost control mainly aims at keeping costs within predetermined limits, whereas cost reduction seeks to bring down the existing cost per unit permanently without reducing the quality or utility of the product or service. Both techniques are essential for effective managerial decision-making and efficient utilisation of organisational resources. Cost control refers to the process of regulating and monitoring business costs by comparing actual costs with predetermined standards, budgets or targets. It involves identifying deviations between planned and actual expenditure and taking corrective action whenever necessary. The main purpose of cost control is to ensure that expenses do not exceed the level considered reasonable for achieving organisational objectives. Management accounting provides the information required for establishing cost standards, preparing budgets, analysing variances and monitoring performance. The process of cost control generally begins with setting standards or preparing budgets. Standards specify the expected quantity and price of materials, labour and other resources. Budgets establish limits for different categories of expenditure. Actual performance is then recorded and compared with these predetermined standards. If significant differences arise, management investigates their causes. Corrective measures are taken to prevent unnecessary expenditure and improve efficiency. Thus, cost control is a continuous process involving planning, measurement, comparison and corrective action. Several techniques are used for cost control. Budgetary control is one of the most ______ ___ _________ ____ ________ ___ __________ ___ __________ _________ _________.
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