Costing Models Name of student Institutional affiliation Costing Models Traditional or standard costing model is a costing model to report costs of various products and services. Traditional costing is preferred for its ease of use. It makes it easier for managers and departmental heads to track direct costs associated with products than applying the use of overhead costs. It offers precise costs for large production volume. It is most applicable to small and on the Financial Performance of Small Firms*. Journal Of Small Business Management 50(3) 498-523. http://dx.doi.org/10.1111/j.1540-627x.2012.00364.x Kont K. & Jantson S. (2011). Activity-Based Costing (ABC) and Time-Driven Activity-Based Costing (TDABC): Applicable Methods for University Libraries?. Evidence Based Library And Information Practice 6(4) 107. http://dx.doi.org/10.18438/b8gg8z RUAN Y. & ZHOU L. (2017). The Research on Management Accounting Tools—Based on the Comparison Between Activity-based Costing and Traditional Costing. Destech Transactions On Engineering And Technology Research (amsm). http://dx.doi.org/10.12783/dtetr/amsm2017/14848 [...]
In about 350 words/1 page... answer the following questions in detail: What benefits and drawbacks are there for a business that uses a Standard/Traditional Costing model? What benefits and drawback are there for a business that uses an Activity Based Costing (ABC) model? If you owned a small manufacturing business with relatively high volume and multiple product lines, would you implement an ABC model? Why? As you get ready to reflect on these questions, don't forget that the best answers are attempts to apply the concept to a small business and explore how a standard/traditional costing or activity-based costing system would/could be used. What are the benefits and the risks - or how could you adapt it to get the best of both? PLEASE USE IN-TEXT CITATIONS FROM CREDIBLE ONLINE SOURCES. SO0URCES MUST BE ACCOUNTING FIRMS, FORBES.COM, BUSINESSWEEKLY, OR ANY UNIVERSITY IN THE U.S. Please be sure to also provide the link in the reference section as the link has to be shared with others as to where the information provided came from.