ARTICLE Implementation of the activity-based costing model for a farm: an Australian case." by Lu, Sridharan, and Tse, 2016, Questions: 1. Based on your ABC costing article, briefly summarise how the costing system was designed and implemented in your real-life organisation. 2. Based on your ABC costing article, did the costing system in the study satisfy the features discussed in Part A (Q1)? Why or why not? examples 3. Based on your ABC costing article, how useful was the cost information to the internal users in the organisation examples from your costing article. 4. Based on your literature findings, state two key lessons that would inform contemporary organisations about the practical use of your chosen costing system.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
ARTICLE Implementation of the activity-based costing
model for a farm: an Australian case." by Lu, Sridharan, and Tse, 2016,
Questions: 1. Based on your ABC costing article, briefly summarise how the costing system was designed and implemented in your real-life organisation.
2. Based on your ABC costing article, did the costing system in the study satisfy the features discussed in Part A (Q1)? Why or why not? examples
3. Based on your ABC costing article, how useful was the cost information to the internal users in the organisation examples from your costing article.
4. Based on your literature findings, state two key lessons that would inform contemporary organisations about the practical use of your chosen costing system.
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