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While required for GAAP financial reporting, such information is of limited use to managers who run the business. Running the business means making important decisions such as product mix, product pricing, and product emphasis. Activity-based costing (ABC) provides managers with useful product cost information for making these decisions.
ABC is a product-costing method radically different from traditional volume-based approaches. ABC is essentially forward-looking, while traditional product costing is historically oriented. Traditional product-cost information is useful in answering the question, "How well was the firm managed in the past?" In contrast, ABC concepts are useful to managers in answering the question, "What strategies shall we pursue in the future?"
ABC concepts can be useful in planning and controlling costs in all areas of the firm, including those related to product design, marketing, and distribution, ABC also provides insights into the strategic linkages that exist between different cost areas in the firm...
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