Essay on Management Accounting and the Modern Business...

Management Accounting and the Modern Business Environment Part-I Over the years global business environment has gone through some massive changes. These changes are due to changes in socio-economic situations, changes in consumers’ demands, changes in technological environment, changes in political scenario etc. Today’s business environment is referred to as the modern business environment which is characterized by globalization, advanced technology, intense competition, powerful customers and consumers, efficient and effective processes, social responsibility etc. Globalization is perhaps the most widely used and investigated terms in the modern business environment. Globalization has removed almost all boundaries among different†¦show more content†¦In the present environment quality of the products and services is a major concern for the organizations. TQM (Total Quality Management) is the result of this concern regarding quality. There are several organizations that have practiced the concepts of total quality management with the objective of improving the quality of their products and services. In Total Quality Management organizations practically aim to minimize the number of defects to zero. Proper application of TQM results in less variation in outputs and innovation of new processes and procedures in both service as well as manufacturing industries (Tennant, 2001). All these above mentioned terms, aspects and factors are integral parts of modern business environment. Management accounting is one of the most important aspects in the modern business scenario. It is different from traditional financial accounting. Management accounting deals with information within the organization in order to help people to improve the effectiveness and efficiency of existing operations and take better decisions (Drury, 2008, pp 387-407). Control is a crucial process in the management accounting process. Control refers to the process of making sure that an organization’s activities are in accordance to the plans so that its objectives can be achieved successfully. In management accounting various terms are used regarding control. Some of these are accounting control system, management accounting control system,Show MoreRelatedResearch on the Influence of Informatization1698 Words   |  7 PagesInfluence of Informatization On The Accounting Theories and Practices and Real-time Control in China Yang Lu Fairleigh Dickinson University RESEARCH ON THE INFLUENCE OF INFORMATIZATION 2 Abstract The 21st century is an information age of rapid development and the computer is more and more widely used in every country. As a development country, China is effecting by the increasing improvement of modern science technology in everyRead MoreExplain How the Role of an Accountant Has Changed over Time. Essay1440 Words   |  6 Pagesaccountant in modern business. I. Introduction. 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