What are the differences between ABC and traditional costing methods?
An example of an AI chatbot conversation about ABC vs traditional costing methods.
What are the differences between ABC and traditional costing methods?
ABC (Activity-Based Costing) allocates costs based on activities, while traditional costing uses a single overhead rate.
Can you explain how ABC can provide more accurate product costing?
Sure! ABC identifies specific activities that drive costs, allowing for more precise allocation to products based on actual usage.
What are the advantages of using ABC over traditional costing?
Advantages of ABC include better cost control, improved decision-making, and enhanced profitability analysis.
Are there any disadvantages to using ABC?
Yes, ABC can be more complex and costly to implement, requiring detailed data collection and analysis.
In what industries is ABC most beneficial?
ABC is particularly beneficial in manufacturing, healthcare, and service industries where overhead costs are significant.
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