What is activity-based costing and how does it work?
An example of an AI chatbot conversation about activity-based costing concepts and applications.
What is activity-based costing and how does it work?
Activity-based costing (ABC) is a method that assigns costs to products and services based on the resources they consume. It helps businesses understand the true cost of their operations.
What are the benefits of using activity-based costing?
The benefits include more accurate product costing, better resource allocation, improved decision-making, and enhanced profitability analysis.
Can you give me an example of how to implement ABC?
Sure! To implement ABC, identify activities, assign costs to those activities, and then allocate costs to products based on their usage of those activities.
What industries benefit the most from activity-based costing?
Industries like manufacturing, healthcare, and service sectors often benefit the most from ABC due to their complex cost structures.
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