To determine the cost of materials used on a particular job or work order, the following aspects are usually recorded and analyzed: The recording sheets specially meant for this purpose are known as materials abstracts or materials issue analysis sheets. Materials abstracts are prepared periodically (e.g., weekly, fortnightly, or monthly). The most important benefits of materials abstract are:Materials Abstract: Definition and Meaning
Specimen/Format of Materials Abstract
Benefits of Materials Abstract
Material Abstract FAQs
Materials abstract is a form used to record the cost of materials in a job.
The main purpose of preparing materials abstract is that it helps in easier calculation of Material Cost on a job, which in turn helps in preparing accounts for the job.
The format of the materials abstract depends on the nature and size of the business. Generally, it contains material requisition numbers, quantity used, issue date, etc.
Materials abstracts are prepared by the person in charge of the stores or accounts department.
Materials abstracts are checked by the stores or accounts department to ensure that they have been prepared according to the standard format.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
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