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!

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In preparation of this project by us, we feel great pleasure because it gives us
extensive practical knowledge in our career. We get knowledge of ACTIVITY
BASED COSTING by this project.

We express our deep sense of gratitude to MS. RACHITA SALHOTRA for
her valuable guidance during our project work.

We would also like to thank all our professors and the non-teaching staff who
have helped us for every little requirement that we had. It is due to the collective
efforts and valuable recommendations of all the above mentioned people that
this project has been successfully completed.

At last we would like to extend our deep sense of gratitude to our friends,
colleagues and each individual who directly or indirectly help us during the
project work.
 $

SR NO. TOPIC

INTRODUCTION

2 TRADITIONAL COST- ACCOUNTING

SYSTEMS VERSUS ABC

3. IMPLEMENTATION

4. COSTS AND BENEFITS OF ACTIVITY BASED

COSTING

5. ACTIVITY BASED COSTING MODEL

6. USES OF ACTIVITY BASED COSTING

7. LIMITATIONS

8. OVERVIEW OF ABC

9. WHEN IS ABC MOST USEFUL?

. COSTS AND BENEFITS

. ACTIVITY-BASED MANAGEMENT

2. CONCLUSION
 c


  !

NAME ROLL NO.

NIKITA BANERJEE 2

JITIKA JAIN
5

RAHUL JAIN
8

BILAL PATANWALA 32

APURVA PRABHUDESAI 35

SAYLI SHINDHE 48

POOJA SINGH 5

AARTI YADAV 59

NCHAND CHELLARAM COLLEGE

ACADEMIC YEA
 c 
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Activity-based costing (ABC) is a costing
model that identifies activities in an
organization and assigns the cost of each activity resource to all products and
services according to the actual consumption by each: it assigns more indirect
costs (overhead) into direct costs.
In this way, an organization can precisely estimate the cost of individual
products and services so they can identify and eliminate those that are
unprofitable and lower the prices of those that are overpriced.
In a business organization, the ABC methodology assigns an organization's
resource costs through activities to the products and services provided to its
customers. It is generally used as a tool for understanding product and customer
cost and profitability. As such, ABC has predominantly been used to support
strategic decisions such as pricing, outsourcing, identification and measurement
of process improvement initiatives.
In contrast to traditional cost-accounting systems, ABC systems first accumulate
overhead costs for each organizational activity, and then assign the costs of the
activities to the products, services, or customers (cost objects) causing that
activity. As one might expect, the most critical aspect of ABC is activity analysis.
Activity analysis is the processes of identifying appropriate output measures of
activities and resources (cost drivers) and their effects on the costs of making a
product or providing a service. Significantly, as discussed in the next section,
activity analysis provides the foundation for remedying the distortions inherent
in traditional cost-accounting systems.

For example, a contractor may be interested in determining how much it costs

one work crew to install shingles on a house compared to a different work crew.
Or, the contractor may be interested in determining how much it costs to install
shingles on a certain house design, compared to a different house design.

To better understand Activity Based Costing it is sometimes helpful to think in

terms of subdivided a project into discrete, quantifiable activities or phases. The
activity needs to be definable where productivity can be measured in units (e.g.,
number of hours work compared to units produced, square footage completed,
or volume generated, etc).

As the project is segmented into its activities, a cost estimate is typically

prepared for each activity. These cost estimates will typically contain labor,
materials, equipment, and subcontracting costs, including overhead, for each
activity. Each activity cost estimate is added to the others to produce an overall
cost estimate for the entire project.


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Geared toward compliance with financial reporting requirements, traditional
cost-accounting systems often allocate costs based on single-volume measures
such as direct-labor hours, direct-labor costs, or machine hours. While using a
single volume measure as an overall cost driver seldom meets the cause-and-
effect criterion desired in cost allocation, it provides a relatively cheap and
convenient means of complying with financial reporting requirements.
In contrast to traditional cost-accounting systems, ABC systems are not
inherently constrained by the tenets of financial reporting requirements. Rather,
ABC systems have the inherent flexibility to provide special reports to facilitate
management decisions regarding the costs of activities undertaken to design,
produce, sell, and deliver a company's products or services. At the heart of this
flexibility is the fact that ABC systems focus on accumulating costs via several
key activities, whereas traditional cost allocation focuses on accumulating costs
via organizational units. By focusing on specific activities, ABC systems provide
superior cost allocation information³especially when costs are caused by non-
volume-based cost drivers. Even so, traditional cost-accounting systems will
continue to be used to satisfy conventional financial reporting requirements.
ABC systems will continue to supplement, rather than replace, traditional cost-
accounting systems.


  
In most cases, a company's traditional cost-accounting system adequately
measures the direct costs of products and services, such as material and labor. As
a result, ABC implementation typically focuses on indirect costs, such as
manufacturing over-head and selling, general, and administrative costs.

Given this focus, the primary goal of ABC implementation is to reclassify most,
if not all, indirect costs (as specified by the traditional cost-accounting system)
as direct costs. As a result of these reclassifications, the accuracy of the costs is
greatly increased.

According to Ray H. Garrison and Eric W. Noreen, there are six basic steps
required to implement an ABC system:

. Identify and define activities and activity pools
2. Directly trace costs to activities (to the extent feasible)
3. Assign costs to activity cost pools
4. Calculate activity rates
5. Assign costs to cost objects using the activity rates and activity measures
previously determined
6. Prepare and distribute management reports
The results generated by Activity Based Costing methods are frequently used to
produce reasonable standards on which future estimates can be calculated. For
example, for years construction firms and industry trade groups have collected
cost data on a wide array of construction projects.

The amount of hours associated with those costs was also collected. As an
example, this data included the cost of the paint, labor, equipment, and overhead
to paint a room, the amount of surface area painted, and the manpower required
to paint the room. This practice has allowed contractors to calculate a cost per
area and manpower per area. These costs are based on an activity, such as
painting, and are known as ABC.

Activity Based Costing methods are also used to evaluate specific activities
within an organization to determine whether those activities are being conducted
efficiently, whether those activities are necessary, whether other groups within
your organization are performing those activities better than others, whether
certain materials or tools help your organization complete those activities more
efficiently, etc.





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While ABC systems are rather complex and costly to implement, Charles T.
Horngren, Gary L. Sundem, and William O. Stratton suggest that many
companies, in both manufacturing and nonmanufacturing industries, are
adopting ABC systems for a variety of reasons:

. Margin accuracy for individual products and services, as well as customer
classifications, is becoming increasingly difficult to achieve given that
direct labor is rapidly being replaced with automated equipment.
Accordingly, a company's shared costs (i.e., indirect costs) are becoming
the most significant portion of total cost.
2. Since the rapid pace of technological change continues to reduce product
life cycles, companies do not have time to make price or cost adjustments
once costing errors are detected.
3. Companies with inaccurate cost measurements tend to lose bids due to
over-costed products, incur hidden losses due to under-costed products,
and fail to detect activities that are not cost-effective.
4. Since computer technology costs are decreasing, the price of developing
and operating ABC systems also has decreased.

In 2 4 John Karolefski cited the following benefits realized by foodservice

distributors and restaurants that have converted to activity-based costing
practices:

. Understanding the true costs and productivity of capital equipment
2. Understanding which products are most profitable and where to focus
sales efforts
3. More accurate pricing and determination of minimum order size
4. Less time, money, and effort spent on the wrong products





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The objective of an ABC implementation is to relate all of the costs of doing
business to products, services, or customers. Developing the initial model
consists of the following five steps:

. Identify the Resources (expenditures) of an organization

2. Determine Activities (work performed) that are supported by Resources
3. Define Cost Objects (products, services, customers)
4. Develop Resource Drivers to link Resources to Activities
5. Develop Cost Drivers to link Activities to Cost Objects

These steps are discussed in greater length below:

Step
: Identify Resources
Resources represent the expenditures of an organization. Examples include
production labor, sales and marketing labor, occupancy and utilities,
equipment, and supplies. These are the same costs that are represented in a
traditional accounting view; unlike traditional accounting, ABC links these
costs to products, customers, or services.

Step 2: Identify Activities

Activities represent the work performed in an organization. ABC Activities
for the sales department in a typical organization might include:
ë Making sales calls to existing customers.
ë Making sales calls to potential customers.
ë Making customer service calls.
ë Training product representatives.
ë Evaluating products and improving product knowledge.
ë Distributing samples.
ë Attending trade shows and other events.

Traditional accounting will often break the cost of the sales department into
salaries, benefits, allocated rent, supplies, and so on. Unlike traditional
accounting, which reports what the costs are (i.e. salaries, benefits, rent), ABC
accounts for these costs based on what activities caused them to occur. By
determining the actual activities that occur in various departments, such as
accounting, customer service, and sales, it is then possible to more accurately
relate these costs to customers, products, and services.

Step 3: Identify Cost Objects

ABC provides profitability by one or more cost object, usually represented by
products, customers, and/or services.
Cost Object profitability is utilized to identify money losing customers, to
validate separate divisions or business units, or to measure the performance of
individual projects, jobs, or contracts. Defining the outputs to be viewed is an
important step in a successful ABC implementation.

Step 4: Determine Resource Drivers

Resource Drivers provide the link between the expenditures of an organization
and the Activities performed within the organization.
For example, the total salary of a customer service representative would likely be
allocated to the Activities performed based on the amount of time spent
performing the Activity. If 5
of her time is spent performing the activity,
taking orders for existing customers, 5
of her salary (including all costs such
as benefits, taxes, and insurance) would be allocated to this Activity.

Step 5: Determine Cost Drivers

Determination of Cost Drivers completes the last stage of the model. Cost
Drivers trace, or link, the cost of performing certain Activities to Cost Objects.
For example, taking orders for existing customers may be linked to specific
customers based on the number of orders taken, if each order takes
approximately the same amount of time. If order taking time varies based on the
customer, this cost may be linked based on another driver or multiple drivers.



 


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c



)Points a way to increase shareholder value. When an ABC system is

combined with a review of investment costs of various tactical or strategic
options, one can determine the return on investment to be expected for each
investment option.

2)Effectively appraises a distribution channel cost. An ABC system can

accumulate all the costs associated with a particular distribution method,
which allows manager to compare this costs to the profit margin earned on
sales of products sold through it. One can then determine, if the distribution
channel should be reconfigured or eliminated in order to improve overall
levels of profitability.

3)Effectively compares inter - plant performance. An ABC analysis itemises the

costs of each plant and correctly allocates these costs to the activities
conducted within them, which allow a company to determine which plants
are more efficient than others.

4)Provides reliable data for such decision ² making as make or buy. An ABC
analysis includes all activity·s costs associated with a manufactured item
providing a comprehensive view of all costs associated with it and can then
be more easily compared to the cost of a similar item that is purchased.

5)Helps to collect benchmark costs. By using internal ABC analysis to

determine costs of various activities, a company can create a benchmark for
these costs in potential acquision targets.

6)Determines the cost of each activity. An ABC analysis can reveal the cost of
each activity within an orgsnisation. The system is really designed to trace the
 costs of only the most significant activities; but its design can be altered to
itemise the cost of many more activities.

7)Helps to charge optimum price. An ABC analysis serves all costs associated
with a product and thus it is useful in determining the minimum price that
can be charged. The actual price charged may be much higher, since it may be
driven by the ability of the market to absorb a higher price rather than the
underlying cost of the product.
8)Identification of non ² value added costs. An ABC analysis can reveal which
activities contribute to the completion of products and which do not. By
focusing on those non ² value added activities that do not create value, a
company an create significant improvements in its profitability.

9)Helps to make right products to be sold. An ABC analysis can reveal which
activities contribute to the completion of products and which do not. By
focusing on those non ² value added activities that do not create value, a
company can create significant improvements in its profitability.

.Helps to identify most profitable customers. An ABC analysis itemises the

cost specific to each customer such as special customer service or packaging as
well as increases in warranty claims or product returns. When combined with
margins on products sold to customers, this analysis reveals, which customers
are most profitable, after all costs are concerned.







 
 

Even in activity-based costing, some
overhead costs are difficult to assign to
products and customers, such as the chief
executive's salary. These costs are termed
'business sustaining' and are not assigned to
products and customers because there is no
meaningful method.

This lump of unallocated overhead costs must nevertheless be met by

contributions from each of the products, but it is not as large as the overhead
costs before ABC is employed.

Although some may argue that costs untraceable to activities should be

"arbitrarily allocated" to products, it is important to realize that the only
purpose of ABC is to provide information to management. Therefore, there is
no reason to assign any cost in an arbitrary manner.



# c

ë Identifies activities required to produce the product or service
ë Determines the cost of the activities
ë Allocates costs to the cost object based on the object·s consumption of
activities


#
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0

ë Different products place different demands on resources
 ë Problems with current cost allocations due to changes in products or
processes
ë Better cost information is needed


c




While ABC systems are rather complex and costly to implement, Charles T.
Horngren, Gary L. Sundem, and William O. Stratton suggest that many
companies, in both manufacturing and nonmanufacturing industries, are
adopting ABC systems for a variety of reasons:

. Margin accuracy for individual products and services, as well as
customer classifications, is becoming increasingly difficult to achieve
given that direct labor is rapidly being replaced with automated
equipment. Accordingly, a company's shared costs (i.e., indirect costs)
are becoming the most significant portion of total cost.

2. Since the rapid pace of technological change continues to reduce

product life cycles, companies do not have time to make price or cost
adjustments once costing errors are detected.

3. Companies with inaccurate cost measurements tend to lose bids due to

over-costed products, incur hidden losses due to under-costed
products, and fail to detect activities that are not cost-effective.

4. Since computer technology costs are decreasing, the price of

developing and operating ABC systems also has decreased.

In 2 4 John Karolefski cited the following benefits realized by foodservice

distributors and restaurants that have converted to activity-based costing
practices:

. Understanding the true costs and productivity of capital equipment
 2. Understanding which products are most profitable and where to focus
sales efforts

3. More accurate pricing and determination of minimum order size

4. Less time, money, and effort spent on the wrong products

Implementation costs are an obstacle to some, who feel that ABC is just a fad or
will show little benefit. According to Karolefski, "ABC works better if it's kept
simple" (2 4, pp.
8). Nevertheless, when implemented properly ABC yields
benefits to the company, its business partners, and to consumers.


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In order to manage costs, a manager should focus on the activities that give rise
to such costs. Accordingly, given the activity focus of ABC, managers should
implement ABC systems in order to facilitate cost management.

Using ABC systems to improve financial management is called activity-based

management (ABM). The goal of ABM is to improve the value received by
customers and, in doing so, to improve profits.

The key to ABM success is distinguishing between value-added costs and non-
value-added costs. A value-added cost is the cost of an activity that cannot be
eliminated without affecting a product's value to the customer.

In contrast, a non-value-added cost is the cost of an activity that can be

eliminated without diminishing value. Some value-added costs are always
necessary, as long as the activity that drives such costs is performed efficiently.
However, non-value-added costs should always be minimized because they are
assumed to be unnecessary. Examples of non-valued-added activities include
storing and handling inventories; transporting raw materials or partly finished
products, such as work-in-process inventory items, from one part of the plant to
another; and redundancies in production-line configurations or other activities.
Oftentimes, such non-value activities can be reduced or eliminated by careful
redesign of the plant layout and the production process.


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1 

ë Activity-Based Cost Management: Making it Work by Gary Cokins

ë Time Phased PERT Implementation Plan

ë ABC software models

ë ABC implementation worksheets

During the program, participants operate a simulation model, which

demonstrates how product costs can change as multiple operating parameters are
changed elsewhere in the organization.
The solution to the problems with ABC is not to abandon the concept. ABC
after all has helped many companies identify important cost- and profit-
enhancement opportunities through the reprising of unprofitable customer
relationships, process improvements on the shop floor, lower-cost product
designs, and rationalized product variety. Its potential on a larger scale
represents a huge opportunity for companies.
Fortunately, simplification is now possible through an approach that we call
time-driven ABC, which we have successfully helped more than
client
companies implement, including those described in this article.

In the revised approach, managers directly estimate the resource demands

imposed by each transaction, product, or customer rather than assign resource
costs first to activities and then to products or customers. For each group of
resources, estimates of only two parameters are required: the cost per time unit
of supplying resource capacity and the unit times of consumption of resource
capacity by products, services, and customers.
At the same time, the new approach provides more accurate cost-driver rates by
allowing unit times to be estimated even for complex, specialized transactions.

ë Estimating the cost per time unit of capacity. Instead of surveying

employees on how they spend their time, managers first directly estimate
the practical capacity of the resources supplied as a percentage of the
theoretical capacity.

The capacity of most resources is measured in terms of time availability, but

the new ABC approach can also recognize resources whose capacity is
measured in other units. For example, the capacity of a warehouse or vehicle
would be measured by space provided, while memory storage would be
measured by megabytes supplied. In these situations, the manager would
calculate the resource cost per unit based on the appropriate capacity
measure, such as cost per cubic meter or cost per megabyte.

ë Estimating the unit times of activities. Having calculated the cost per time
unit of supplying resources to the business's activities, managers next
determine the time it takes to carry out one unit of each kind of activity.
These numbers can be obtained through interviews with employees or by
direct observation.

There is no need to conduct surveys, although in large organizations,

surveying employees may help. It is important to stress, though, that the
question is not about the percentage of time an employee spends doing an
activity (say, processing orders) but how long it takes to complete one unit of
that activity (the time required to process one order). Once again, precision is
not critical; rough accuracy is sufficient.

ë Deriving cost-driver rates. The cost-driver rates can now be calculated by

multiplying the two input variables we have just estimated. For our
customer service department. Once you have calculated these standard
 rates, you can apply them in real time to assign costs to individual
customers as transactions occur.

The standard cost rates can also be used in discussions with customers
about the pricing of new business.

ë Doing the ABC the Traditional Way

This table provides a traditional ABC analysis for a customer service
department for its first fiscal quarter. The percentage of time spent on
activities is determined from employee surveys. Once activity quantities
are known or forecast, cost-driver rates are used to allocate the
department's costs on customers' utilization of the department's activities.

Activity % of Time Assigned Activity Cost-Driver

Spent Cost Quantity Rate
Process 70% $392,000 49,000 $8 per order
customers orders
Handle customer 10% $56,000 1,400 $40 per
inquiries quantity
Perform credit 20% $112,000 2,500 $44.80 per
checks credit check
Total 100% $560,000

The reason for this difference becomes obvious when we recalculate the
quarterly cost of performing the customer service activities.
In the exhibit "The Impact of Practical Capacity," time-driven ABC analysis
reveals that only 83 percent of the practical capacity (578,6 of the 7 ,
minutes) of the resources supplied during the quarter has been used for
productive work, and hence, only about 83 percent of the total expenses of
$56 , were assigned to customers or products during this period. This takes
care of the technical drawback of traditional ABC systems we mentioned
earlier³the fact that surveyed employees respond as if their practical capacity
were always fully utilized.

ë The Impact of Practical Capacity

This table shows the effect on cost assignment when we use rates based
on practical capacity (7 , ) minutes, assumed here at 8 percent of
theoretical full capacity. We can see that only about 83 percent of the
customer service department's practical capacity was actually put to
productive use during the first fiscal quarter.

Activity Unit Time Quantity Total Total

(minutes) Minutes Cost
Process customers 8 49,000 392,000 $313,600
orders
Handle customer 44 1,400 61,600 $49,280
inquiries
Perform credit 50 2,500 125,000 $100,000
checks
Total 578,600 $462,880

In the case of our customer service department, the traditional ABC survey
produced a work distribution of 7 percent,
percent, and 2 percent of the
employees' time performing the department's three activities.

But while that distribution did reflect how workers spent their productive time,
the fact that their total productive time was significantly less than their practical
capacity of 32 hours per worker per week was completely ignored. The
calculation of resource costs per time unit forces the company to incorporate
estimates of the practical capacities of its resources, allowing the ABC cost
drivers to provide more accurate signals about the cost and the underlying
efficiency of its processes.

ë Analyzing and reporting costs. Time-driven ABC enables managers to

report their costs on an ongoing basis in a way that reveals both the costs
of a business's activities as well as the time spent on them. In our
 customer service department example, a time-driven ABC report would
look like the exhibit "ABC, the Time-Driven Way."
ë ABC, the Time-Driven Way. This reporting template for time-driven
ABC shows the customer service department's costs in the second quarter
of operations. Here we assume that the department processes 5
,
customer orders, handles
,
5 inquiries, and performs 2,7 credit
checks. The data reveal that the company supplied $85,
2 worth of
unused resource capacity during this period, representing opportunities
for savings or growth depending on the company's circumstances.

Activity Quantity Unit Total Time Used Cost- Cost

Time (in minutes) Driver Assigned
Rate
Process 51,000 8 408,000 $6.40 $326,400
customers orders
Handle customer 1,150 44 50,600 $35.20 $40,480
inquiries
Perform credit 2,700 50 135,000 $40.00 $108,000
checks
Total Used 593,600 $474,880
Total Supplied 700,000 $560,000
Unused Capacity 106,400 $85,120

Note that the report highlights the difference between capacity supplied (both
quantity and cost) and the capacity used. Managers can review the cost of the
unused capacity and contemplate actions to determine whether and how to
reduce the costs of supplying unused resources in subsequent periods; they can
then monitor those actions over time.

In some cases, the information can save companies that are considering
expansion from making unnecessary new investments in capacity. For example,
the vice president of operations at Lewis-Goetz, a hose and belt fabricator based
in Pittsburgh, saw from his time-driven ABC model that one of his plants was
operating at only 27 percent of capacity. Rather than attempt to downsize the
plant, he decided to maintain the capacity for a large contract he expected to
win later that year, for which he otherwise would have created new capacity.
ë Updating the model. Managers can easily update their time-driven ABC
models to reflect changes in operating conditions. To add more activities
for a department, they don't have to reinterview personnel; they can
simply estimate the unit time required for each new activity.

Managers can also easily update the cost-driver rates. Two factors can cause
these rates to change. First, changes in the prices of resources supplied affect
the cost per time unit of supplying capacity. For example, if employees
receive an 8 percent compensation increase, the resource cost rate in our
example increases from $ .8 per supplied minute to $ .864 per minute. If
new machines are substituted or added to a process, the resource cost rate is
modified to reflect the change in operating expense associated with
introducing the new equipment.

ë The second factor that can cause a change in the activity cost-driver rate is
a shift in the efficiency of the activity. Quality programs, continuous
improvement efforts, reengineering, or the introduction of new
technology can enable the same activity to be done in less time or with
fewer resources. When permanent, sustainable improvements in a process
have been made, the ABC analyst recalculates the unit time estimates (and
therefore the demands on resources) to reflect the process improvements.

For example, if the customer service department gets a new database system,
the reps may be able to perform a standard credit check in 2 minutes rather
than 5 minutes. To accommodate the improvement, just change the unit
time estimate to 2 minutes, and the new cost-driver rate automatically
becomes $
6 per credit check (down from $4 ). Of course, you then have to
add back in the cost impact of purchasing the new database system by
updating the cost per time unit estimate, so the final figure may be somewhat
higher than $
6.

ë By updating the ABC model on the basis of events rather than on the
calendar (once a quarter or annually), you get a much more accurate
reflection of current conditions.
Any time analysts learn about a significant shift in the costs of resources
supplied or the practical capacity of those resources, or about a change in the
resources required to perform the activity, they update the resource cost per
time unit, or resource cost rate, estimates. And any time they learn of a
significant and permanent shift in the efficiency with which an activity is
performed, they update the unit time estimate.













 c c
 
To compete successfully, companies must change the way they report and
manage costs. This means replacing old institutions of cost accounting and
inventory valuation.
Activity Based Costing (ABC) is a managerial accounting system which
determines the cost of activities without distortion and provides management
with relevant and timely information. It does not represent just a new set of
overhead allocation rules or techniques to value inventory.

ABC represents a way to look at operating costs and provides methods to dissect
the underlying activities, which cause costs to exist. Activity Based Management
(ABM) is a natural extension of ABC.

It allows leaders to examine non-value-added activities and make rational

decisions to eliminate them. ABM relies on the Activity Based Costing system to
specify where non-value-added activities exist and to value the monetary benefits
associated with their elimination.

This extended two-day, intensive executive program provides all you need to
know to begin your ABC implementation project. Participants learn specific
actions needed to effectively implement and use ABC.

While some theory is presented, the bulk of the program is devoted to

demonstrating how ABC can be quickly and economically implemented.
Participants should prepare themselves for a unique learning experience designed
to achieve quick and sustainable results.
 BIBLIOGRAPHY

ëwww.valuebasedmanagement.net/methods_abc.html
ëwww.irc.caltech.edu/pdf/courses/Activity
2 Based
2 Costing
.pdf
ë www.sas.com/resources/whitepaper/wp_5 73.pdf
ë wikipedia