ABC accounting and value stream accounting
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Describe accounting ABC (Activity Based Cost) in 250 words
Describe value stream accounting in 250 words.
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The solution is a summary of ABC accounting and value stream accounting. The expert describes the value stream accounting in 250 words.
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ABC Accounting
ABC accounting is activity based costing. It assigns manufacturing overhead costs to products in a different way than the traditional approach based on machine hours. It first assigns costs based on the real cause of the overhead. Then, it assigns those costs only to the products that are actually using the item of the cost. In simpler terms, it identifies the activities that a company performs, and them assigns the indirect costs to the product. It creates a correlation between the relationship between costs, activities, and the products.
There are several advantages of use the ABC accounting system. It tends to have a more accurate costing of the products produced and the services performed. It always allows management to have a better ...
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