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Lecture Notes
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Notes Basic Cost Concepts Elementary Cost Accounting 108 Labour Labour is the main factor of production. For conversion of raw material into finished goods, human resource is needed, and such human resource is termed as labour. Labour cost is the main element of cost in a product or service. Labour can be classified into two categories: Direct. UNIT – I MANAGEMENT ACCOUNTING INTRODUCTION. AcroPDF - A Quality PDF Writer and PDF Converter to create PDF files. To remove the line, buy a license. Information provided by cost accounting to the management is helpful for cost control and cost reduction through functions of planning, decision making.