Question

Choose a service firm in Fiji and discuss the importance of costing its services explain it in detail.

Answer 1

There are many service firms in Fiji, and each one is important in its own way. However, one of the most important things that these firms can do is to cost their services accurately. This is important because it allows the firm to know how much it is spending on each service, and it also allows the firm to charge its customers the correct amount. Without accurate costing, a service firm would not be able to stay in business for very long.

Further Explanation

One of the most important aspects of running a service firm is making sure that the costs of providing the service are accurately calculated. This is important for two main reasons. Firstly, if the firm does not know how much it is spending on each service, it will not be able to make a profit. Secondly, if the firm charges its customers too little, it will not be able to cover its costs and will quickly go out of business. Thus, accurate costing is essential for any service firm that wants to be successful.