ABC for Service Companies Assignment Help

Learn from the Basics to the Advanced Stage: ABC for Service Companies Assignment Help

Activity based costing or ABC behaves similar in any manufacturing firm and service company. This is a useful tool used frequently in various service companies. From ABC for Service Companies Assignment Help you will get to learn multiple purposes of ABC in service industries like airlines, banks, insurance corporates, hotels, hospitals, financial companies, railways etc.

Managers of any organization will need proper information for cost control and this is when using ABC becomes necessary. Find us at 24x7assignmenthelp.com and get more detailed assignment and homework help.

Basic information on ABC

ABC is a useful tool for cost management. It helps in reducing costs and controls it at the same time. But while doing it quality of the product isn’t compromised. This activity-based costing let managers learn about various options available on costs and how does it alter by using different resources for obtaining same quality of the target goods. It focuses on the specific areas of those products that can be improved and also with a minimum rate involved.

ABC applied in various service companies

In the past instances, you will notice that service companies faced various problems concerning cost management. That specifically occurred for the reason that they followed the example set by manufacturing companies. But there are several differences between cost control of manufacturing and service companies as found in ABC for Service Companies Assignment Help:

  • In manufacturing companies, inventories hold a respective position and importance while in service companies that is not even present.
  • Manufacturing companies pay necessary focus on direct materials and labors. But in service companies these two aspects are not among vital areas of concern. This is why they apply standard cost methods to calculate these facts. But calculation by using standard cost system in service companies is rather hard.
  • They lack the knowledge over proper calculation of product profitability.

Important points of product profitability

From ABC for Service Companies Assignment Help you will get to learn about main points of product profitability.

  • What product is more profitable than others?
  • What product needs more attention than others?
  • What does trend offer in profitability of any particular product?
  • Setting the price for product should be based on product cost.

From the points above you can understand that cost management in service companies need to be focused on the matters ahead. This is where ABC proves to be a useful tool for analyzing those points that are forward-looking. From ABC for Service Companies Homework Help you can get real instances of service industries using this activity based costing for better results.

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