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Margin. Compare and Contrast Activity-Based Costing and Functional-Based
Costing Systems Activity-based costing (ABC) involves two ...
Submitted by satwood18 on May 30, 2008
Category: Miscellaneous
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Compare and Contrast Activity-Based Costing and Functional-Based Costing Systems
Activity-based costing (ABC) involves two steps; one is services or products consume activities, and activities consume the resources. This method of costing accounting differs from the traditional costing with the model that activities consume resources and processes drive activities. The model of ABC allows for more accurate cost calculation in direct and indirect costs. An activity-based costing system attempts to allocate a company’s cost is acceptable for efforts to implement full cost accounting efforts within a company. Allocation does not require a new type of accounting framework once the cost has been identified. Engineers use the data to evaluate different factory layouts, reduce waste in manufacturing and improve product. Better cost allocation will reveal the true costs of products (Schempf, n.d.). In comparison, both ABC and functional costing are complements to cost management efforts. Both relate the way business is conducted to the way costs are generated in the organization. The information is important for effective cost management (The Stanton Group, n.d.).
Functional based costs are assigned to products such as direct materials, direct labor, and overhead costs. The advantage of traditional cost system (functional-based) is the simplicity. This cost system provides little information beyond material and direct labor to assist management to control costs at the product level or below. This costing provides no guidance to the manager on the effect of sales, marketing, distribution, and customer costs on product or product line profitability (Tarr, n.d.).
In contrast functional based costing assigns responsibility to individuals in charge of an organizational unit such as a department, division, or plant and responsibility is defined in financial terms. ABC responsibility is assigned to teams or processes such as product...
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