Australian Dairy products and Management Accounting Practices

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MANAGEMENT ACCOUNTING

Australian Dairy products
1. The Australian dairy products are the most famous dairy products of China that is due
to the rich quality and benefits it provides. If the value of product comes for an infant, then
the product which provides the best safety and has the best benefits is chosen. Therefore, the
rich nutrients and heath safety of the Australian dairy products, it is the best to feed the
infants and also it ranks the highest among all other dairy makers. The Australia dairy market
has a really good distribution system which makes it easier for the customer to reach the
product and thus leading the market in terms of choice and availability. The major difference
which drives the customers to choose Australia Dairy products over the Chinese products is
the quality of the commodity as well as the choice of the consumers. It is clearly seen that the
crowd is much more satisfied with the Australian dairy products thus leading to the drop in
the sales of Chinese dairy products (Australian Dairy Products, 2017). The product is not
only profitable for the company to earn revenue and increase sales, but also the nutrient rich
and healthy product makes it very beneficial to the consumer families. All the above factors
lead to increase the demand of the product thus forcing the company to manufacture more
products which in turn leads to the revenue generation. A strong supply chain was maintained
and thus making it useful for the company to get into import and export of the products.
2. Management accounting practices vary in different regions and countries. Similar is
the case when it comes to management accounting systems of the Chinese and Western
countries. In the case of western countries, all the legal and legislative rules and regulations
are followed according to the Companies Act which states that the amendments and revisions
of the policies of accounting are not having any legal binding power and the formulation of
the principles is done according to the National legal framework (Hwang et. al, 2008). The
commands for a company can be formulated along with the ascertainment of the other rules
on an individual basis as the Banking ordinances are prepared for the listed and financial
institutions. It makes the base line which is used to set other standards and maintain the other
bodies of accounting. China has a different case as it have initiated to use a completely new
method of accounting system. The major firms of the market use the method of joint product
costing and also budgeting. The rate of embracement of the Chinese firms has been observed
to be very high when it comes to the standard costing (Fubier, 2017). When it comes to the
matter of embracement of the accounting systems, then both the normative and the standard
costing methods have not much things to differentiate.
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