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Management Accounting System in Coca Cola

   

Added on  2021-02-19

10 Pages3967 Words584 Views
ManagerialAccounting
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Table of ContentsABSTRACT.....................................................................................................................................1MAIN BODY...................................................................................................................................1Q.1 Different Types of management accounting systems .....................................................1Q.2 Importance of Management Accounting Systems in Contemporary Organisation.........2Q.3 Relevance of MAS in today's competitive world............................................................4Q.4 Specific Outcomes from the two articles.........................................................................5CONCLUSION................................................................................................................................6REFERENCES ..............................................................................................................................8
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ABSTRACTManagerial accounting is the process of analyzing, measuring, interpreting andcommunicating financial data for accomplishing the objectives and goals of theorganization. This report includes various management accounting techniques whichare followed by Company A. This report also explains the relevance of thesemanagement accounting systems in the Company A. it also ascertains the comparisonand contrast between Company A ad Coca-Cola in relation to their findings andtechniques of management accounting. Apart from that this study also includes theconclusions about the importance of MAS in uncertain business environment an well asin the competitive market. This study explains the findings and outcomes of both thecompanies i.e Company A and Coca-Cola and it also includes the key points that theaccountants have learned from the implications of these accounting systems. MAIN BODYQ.1 Different Types of management accounting systems Total Quality Management (TQM):-Total quality management can be defined as approach by management forgetting long term success. TQM is a process of improving quality of products, service,culture and process of work. Customer is loyal to company when they are satisfied withproduct quality and services provided by company(Kaplan and Atkinson, 2015). TQMincrease image of company in market by attracting customer and it becomes there USP.A is a company of manufacturing is applying TQM in very effective manner theyare having a quality team which take care of all products quality according to the qualitystandards set by ISO and they are also having customer care team which take care ofall the customer's problem and provide their customer best service. TQM plays vital roleto fight with competitors. They also check involvement of each employee towards hiswork. They do their work keeping customer focused. Company A which clear all thestages to become ISO marked.Balance Scorecard (BSC):-Balance Scorecard is a model for measuring strategic performance. Theobjective behind balance scorecard is to translate vision and mission of organizationinto actual actions(Brewer, Garrison and Noreen, 2015). It can also be explained by anexample that if any student who has to get good marks in exam then he must haveknowledge and here knowledge work as data. Output can only be produce when wehave something to input. And to get good quantitative results, data collection is crucial.Balance scorecard consist four legs learning and growth, business processes, customerperspectives and financial data. BSC is used for measuring performance and providingfeedback to organization. Company A uses balance scorecard to identify the factors which are hinderingperformance of business, and they are also measuring all the things which are comingas obstacles in attaining objectives. They take measurement by matching theperformance of employee, by checking customer feedback and by checking quality ofwork, product and services(Appelbaum and et.al., 2017). They keep record of all thedata which help company to meet with their objectives.Just In Time (JIT):-Just in time manufacturing is for avoiding the waste link with waiting,overproduction, and excess inventory. Just in time increases production with less time1
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