Question: (i) There is not one approach to activity-based costing (ABC): there are many. Describe some of the major areas of difference between the various approaches

(i) There is not one approach to activity-based costing (ABC): there are many. Describe some of the major areas of difference between the various approaches to ABC in relation to strategic cost management. (ii) Outline three major approaches to ABC product costing and describe their costs and benefits. What are the major differences between each of these approaches to ABC? Discuss. What factors would you consider in deciding whether a business needs to implement ABC in its efforts for cost management; and, if so, what is the most appropriate approach to adopt? Discuss. Page 2 of 3

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