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Chow Sang Sang And Activity Based Techniques

1784 words - 7 pages

IntroductionChanging external business environment has resulted in further developments in the tools and techniques used for management accounting and activity based approaches has gained significant repute. There are reasons why company chooses to introduce Activity Based techniques.Part A(a)(i)Chow Sang Sang was first establish in 1934 and was publicly listed in Hong Kong, the first jewellery company goes public, in 1973. Chow Sang Sang Jewellery Co Ltd, the main wholly owned operating subsidiary of Chow Sang Sang Group, is recognized as a premier jewellery manufacturer and retailer in China. Chow Sang Sang Holdings International Ltd is a group of companies with over 4,000 employees in Mainland China, Hong Kong, Macau and Taiwan. Its main business include jewellery retail and manufacturing, wholesale of precious metals and stock and commodities brokerage.Being a leader in its industry, Chow Sang Sang Jewellery Co. Ltd. operates 42 Chow Sang Sang shops and 8 Emphasis shops in Hong Kong. The team of experienced and well-trained sales personnel of Chow Sang Sang has been winning awards in different customer services competitions in Hong Kong.Complementing the retail network offers a complete service for online shopping and sending gifts. For clients in need of corporate gifts, a special team under Chow Sang Sang Corporate Gift Limited takes care of every aspect from design to delivery.(a)(ii)The environment around companies changes continuously. "The sophisticated cost management system helps the better management of resources, and increase competitive advantage in terms of costs, quality and firm performance." (Kaplan and Cooper, 1998) "Many firms have started to practice improvement of competitiveness. In order to achieve this goal, firms have used advanced process and cost management techniques such as activity-based costing for process improvement and increase the competitiveness of the organizations." (Baykasoglu and Kaplanoglu, 2008)ABC is a subset of ABM. ABC improves costing by tracing expenses (e.g. salaries, supplies, rent) to activities and tracing activities to business processes, products, services, customers, distribution channels, etc. ABC is a special costing model that identifies activities in Chow Sang Sang and assigns the cost of each activity with resources to all products and services according to the actual consumption by each. This model assigns more indirect costs (overhead) into direct costs compared to conventional costing models.ABM makes this cost and operating information useful by providing value analysis, cost drivers, and performance measures to initiate, drive or support improvement efforts and to improve decision making. In this way, Chow Sang Sang 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.ABB is a technique for enhancing the accuracy of financial forecasts and increasing...

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