What is the definition of material cost?

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material costing is defined as the cost of product which only include the cost of materials and excludes all the indirect cost such as wages, overheads etc.
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What is the definition of materialism?

Answer . Materialism, as philosophy, has two major positions. The first position states that physical matter is the only reality. Materialism rejects any conclusion that relies on the existence of supernatural or non-physical reality. The second major position states that everything can be explai ( Full Answer )

Indirect materials definition?

INDIRECT MATERIAL . Materials, purchases and supplies used in the operation of the business, not directly associated with production and are part of OPERATING EXPENSES. As opposed to DIRECT MATERIAL. . DIRECT MATERIALS . Raw materials and other purchases that become a part of the units produced ( Full Answer )

What is the definition of a raw material?

See Related Links . See the Related Links for "Answers.com: Raw Material" to the bottom for the answer. . Raw material is the set of items you would get together to use to assemble a finished product eg bricks cement sand stone water are classic examples of raw material to start building a h ( Full Answer )

What is definition of cost of goods manufactured?

Answer . The cost of goods manufactured is an element in preparing the income statement. It consists of the cost of producing goods: http://www.answers.com/topic/direct-material , http://www.answers.com/topic/direct-labor and http://www.answers.com/topic/factory-overhead

What is definition of paramagnetic and dimagnetic materials?

A dimagnetic material produces a magnetic field that opposes an external field. A paramagnetic materia, on the other hand, produces a magnetic field that increases an external field. Dimagnetism and paramagnetism are induced when an object is placed in a magnetic field.

Definition of materials management?

Material Management is concerned with control of materials in such a manner which ensures maximum return on working control material management is concerned with the location & purchase of needed their storage & movement. it also arranges to keep on account for them .it is also responsible for plan ( Full Answer )

Definition of material management?

a field of management that focuses on all aspects of obtaining and handling the tangible inputs and outputs of production process.materials managements includes responsibilities such as procurement,waste disposal,hazardous materials accountability,quality assurance and control,setting standards and ( Full Answer )

What is the definition of anisotropic material?

An anisotropic material is a material which does not behave the same way in all directions. Take wood for example. Wood is very strong along the grain. Against the grain, however, it will easily break. The opposite of an anisotropic material is an isotropic material. Most metals (steel, aluminum) ( Full Answer )

What definition of nano material?

Nano material is a material that has particles or constituents ofnanoscale dimensions. The average particle size are between 1 and100 nanometers.

What is the definition of orthotropic material?

Orthotropic materials have different mechanical properties alongeach of its axes because its axes are mutually orthogonal twofoldaxes. Therefore, they don't have one set of properties, becausetheir properties change depending on the direction of the axisused.

What is the definition of labor cost?

wages paid to workers during an accounting period on daily, weekly,monthly or job basis, plus payroll related taxes & benefits (if any).

What is the definition of training materials?

Material used by instructors, facilitators, and students in a training environment. These materials store the information needed by the learner to perform tasks.

What is raw materials cost?

Cost to purchase basic raw material for the manufacturing ofproduct is called the raw material cost like in cost of wood infurniture etc.

What is the definition of material defect?

a defect in any item, whether tangible or intangible, or in the provision of a service, that substantially prevents the item or service from operating or functioning as designed or according to its specifications.

Is direct material a selling cost?

is direct cost a? Selling cost, manufacturing costs, direct, manufacturing cost indirect, general and administrative cost, fixed cost , variable cost, is direct cost a? Selling cost, manufacturing costs, direct, manufacturing cost indirect, general and administrative cost, fixed cost , variable cost ( Full Answer )

What is the definition of instructional materials?

Instructional materials are to be defined as items that aredesigned to serve as a major tool for assisting in the instructionof a subject or course. These items may be available in bound,unbound, kit or package form and may consist of hardbacked orsoftbacked textbooks, consumables, learning laborato ( Full Answer )

What is the proper definition of material noun?

A material noun is a word for a material, a substance, or an ingredient that other things are made from. Some examples are: . brass . calcium . cement . cocoa . concrete . cotton . eggs . gold . iron . meat . milk . plastic . rubber . salt . sand . silver . tar . wood . wool ( Full Answer )

What is the definition of print materials?

Print materials are printed items such as newsletters, flyers,pamphlets, books, magazines, journals, and newspaper. Non-printmaterials refer to the aforementioned electronic versions.

What is the definition of Free-Issue Material?

Free issue material supplied by the Purchaser without charge tothe Contractor or Supplier, delivered to the point of use in orderthey may be incorporated into the work being carried out. Thesecould, for example, be constituent parts of a final productsupplied by another party.

What is material cost variance?

The material cost variance denoting the difference between the standard cost of materials and actual cost of matrials. The material cost variance is between the standard material cost for actual production in units and actual cost. The total cost is usually determined by two differenct factors of in ( Full Answer )

What is the definition of sunk cost?

A cost that has already been incurred and thuscannot be recovered. because it has already happened. Sunk costsare independent of any event that may occur in the future.

What are the exposure hazardous material definitions?

Skin Contact- occurs when a hazardous material touches any part of the body Absorption- occurs when material enters body through skin, eyes, body fluids, or tissues Inhalation- occurs from breathing material through nose or mouth Ingestion- occurs form eating, drinking, or smoking Injection - ( Full Answer )

Is Direct Material a variable cost?

Yes. Direct materials is a true or proportionately variable cost because the amount used during a period will vary in direct proportion to the level of production activity. Moreover, any amounts purchased but not used can be stored and carried forward to the next period as inventory. Source: Introd ( Full Answer )

What are material costs for road construction?

For instance, where material costs account for 42.9 percent of residential construction, they consume only 32.6 percent of highway and street construction. Overall, 37 cents of every construction dollar is spent on materials, 40 cents on labor

Are package materials a direct material cost?

Package material are indirectmaterial cost because package materials are not utilized in manufacturing ofunits of products but required to package the finished goods so it is indirectmaterial cost.

What is the definition of opaque material?

Impenetrable by light; neither transparent nor translucent. . Not reflecting light; having no luster: an opaque finish... . Impenetrable by a form of radiant energy other than visible light: a chemical solution opaque to x-rays.. . So obscure as to be unintelligible: "opaque, elusive, mi ( Full Answer )

What is the definition of cost accuracy?

Im not sure really , im not sure what your talking about give us more info on it and we might be able to thanks . Maybe somehting to do with money the best place to go is yahoo answers its the best place or on wiki page coz there they have proper answers and if they dont its because its a too hard a ( Full Answer )

What is materials costing?

In the business world, the term costing describes the process of figuring out how much something is going to cost. Materials costing, then, is the process of figuring out how much materials are going to cost. Materials include such things as lumber, gravel, cement, fiberglass insulation, etc.

What is the definition of material noun?

A material noun is a word for a material, a substance, or an ingredient that other things are made from. Some examples are: . brass . calcium . cement . cocoa . concrete . cotton . eggs . gold . iron . meat . milk . plastic . rubber . salt . sand . silver . tar . wood . wool

What is the literal definition of cost?

The meaning of cost is the amount of money, time and resources it takes to produce an outcome; whether it be money gained, or to have a certain project done.

What is definition of prime cost?

The prime cost of a product is the direct cost which includes the materials and labor needed. This does not include the fixed costs attached to the material.

Are direct materials fixed costs?

Direct material is variable cost because toproduce any unit of product direct material required which changeswith change in production level.

Is direct materials a period cost?

Direct material is never be aperiod cost because it is required to manufacture units of products so it isproduct cost and it can only be a period cost when there is no production ofgoods but there is a material expenses which is not possible.