MODULE 6 BUSI533 – Managerial Accounting Bachelor of Science in International Business P a g e | 1 Module 6 – Activity Based Costing Course Learning Outcome: C2. Relate and adapt accounting methods such as job order costing and activity based costing in determining product/service costs. C5. Critically assess the components of product/service costs in order …
While providing services to our customer we incur two types of Cost one is Variable cost and the other is Fixed cost . Mostly only variable cost is charged to …
Chapter 3: Job Costing Job Costing: used by companies that produce unique, custom-ordered products or relatively small batches of different products o Each unique product or batch of units is considered a separate job o Production Schedule: the quantity and types of inventory that are scheduled to be manufactured during the period o Job Cost Record: used to keep track of all …
3) Under the new activity-based costing (ABC) system, compute the cost allocation rates for each of the three activities: A) Paying checks B) Providing teller services C) Responding to customer account inquiries 4) Use the following schedule to compute the total indirect cost allocated to each customer line (show your computations beside the ...
Customer service is something every firm has to deliver and is also one of the things most accounting firms think they offer better than their counterparts. However, with the rapidly changing technology, client requirements, and the way business is done are also changing. In the process of building a successful accounting firm, ...
The default approach for most accounting firms to customer service is to respond to client issues once they occur. While this approach may satisfy your clients but won’t please them. The analysis shows that relying on reactive approach would no longer help accounting firms move forward and compete.
Long waiting time and slower response from customer executives are no longer acceptable by the clients. There are many ways your firm can utilize technology to improve customer service: 1 Cloud Solution: Utilizing cloud technology to store information can help improve customer service. Cloud hosting of accounting software allows easier collaboration, increased security, and your data is always accessible from anywhere. 2 Mobile App: Clients are always looking for easy ways to get the needed information and interact with the firm. A mobile app is a must-have tool for accounting firms. Not only would a mobile app provide information, but also streamlines communication. It increases reliability and makes your infinitely accessible for the clients. 3 Social Media: Social media, today, is transforming the face of customer service for any firm. Clients immediately go to Facebook or Twitter if they aren’t satisfied with the service. Therefore, if your firm isn’t active on social media platforms or don’t respond to client queries instantly, the issue may escalate.
For great customer service, it is important that all available resources, including the latest technology, are fully utilized to make sure that the client’s requirements are met. With the latest technological innovations, it has become easier for accounting firms to interact with their clients.
Building trust is one of the important aspects of good customer service. Clients would not want to stick to the firm they don’t trust. It may sound obvious, but it’s not easy to overstate the value of creating a strong base of happy clients.
A mobile app is a must-have tool for accounting firms. Not only would a mobile app provide information, but also streamlines communication. It increases reliability and makes your infinitely accessible for the clients. Social Media: Social media, today, is transforming the face of customer service for any firm.
Good customer service comprises of many things, and speedy response time is one of the key factors. A casual approach isn’t an option. Clients don’t want to wait, and they want it – fast. When a client contacts your customer service department, they have some expectations.
Given these descriptions of job costing and process costing, we can arrive at the following differences between the two costing methodologies: 1 Uniqueness of product. Job costing is used for unique products, and process costing is used for standardized products. 2 Size of job. Job costing is used for very small production runs, and process costing is used for large production runs. 3 Record keeping. Much more record keeping is required for job costing, since time and materials must be charged to specific jobs. Process costing aggregates costs, and so requires less record keeping. 4 Customer billing. Job costing is more likely to be used for billings to customers, since it details the exact costs consumed by projects commissioned by customers.
Job costing is more likely to be used for billings to customers, since it details the exact costs consumed by projects commissioned by customers. In situations where a company has a mixed production system that produces in large quantities but then customizes the finished product prior to shipment, it is possible to use elements ...