Management Accounting Report: Toyota's Strategic Business Analysis

This report delves into the realm of management accounting, using Toyota as a case study to illustrate key concepts and practical applications. It begins by defining management accounting and exploring various system types, including inventory, price optimization, and cost accounting systems. The report then examines different management accounting reporting methods such as inventory and manufacturing reports, budget reports, and job cost reports, highlighting their significance in monitoring organizational performance. It further analyzes income statements using marginal and absorption costing, and discusses different types of budgetary control, along with their advantages and disadvantages, in the context of Toyota. The report concludes by addressing the adaptation of management accounting systems to address financial problems, and evaluating the role of planning tools in preparing and forecasting budgets, ultimately showcasing how management accounting systems contribute to an organization's sustainable success. This report provides a detailed overview of management accounting practices and strategies, offering valuable insights into financial analysis and decision-making within a large multinational corporation.

Management Accounting

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Management accounting definition and different types of management accounting system
................................................................................................................................................1
P2 Various methods for management accounting reporting..................................................5
M1 Evaluating the benefits of management accounting systems and their application within an
organisational context.............................................................................................................8
D1 Assessing how management accounting systems and management accounting reporting is
integrated within organisational processes.............................................................................9
TASK 2............................................................................................................................................9
P3, M and M3 Income statements using marginal and absorption cost.................................9
TASK 3..........................................................................................................................................11
P4 Different types of budgetary control and their advantages & disadvantage in the Toyota11
TASK 4..........................................................................................................................................15
P5 Adapting the management accounting system for financial problems...........................15
M3 Analyzing the use of different planning tools and their application for preparing as well as
forecasting budgets...............................................................................................................17
M4 Presenting how management accounting systems lead organisation’s sustainable success
..............................................................................................................................................17
D3 Evaluating the manner in which planning tools help in responding or solving appropriately
to solving financial problems...............................................................................................18
CONCLUSION..............................................................................................................................18
REFERENCES..............................................................................................................................19

INTRODUCTION
Management accounting is the process of identifying, measurement, analysing,
interpreting and communicating information for the pursuance of organisation's goals.
Management accounting cover each fields of accounting aimed at informing management of
enterprise operation metrics. The present report is based on Toyota company which is a Japanese
multinational automotive manufacture organisation in Japan. It is the world's largest and first
auto mobile manufacture company which produce more than 10 million vehicles per year. In this
report, explanation of management accounting and requirement of different types of management
accounting system are covered. Other than that, methods of management accounting report and
appropriate techniques of cost analysis are discussed. Along with this, in the report advantages
and disadvantage of the budgetary control and effective management accounting system are
covered.
TASK 1
P1 Management accounting definition and different types of management accounting system
Management accounting is a process of making report and accounts which provide the
accurate financial information. Through it, managers can take their daily basis decision at their
work place. Management accounting handle the margin analysis, the amount of profit or cash
flow generated by the sale from a particular goods, customers, and store. Management
accounting also known as managerial or cost accounting (Wijaya and Prihatiningtias, 2015). It
is different from financial accounting, because it produces reports of entire finance sector of the
company. Management accounting very useful process in the Toyota organisation, because they
need the different types of reports and it can be made by the only management accounting. There
are different types of management accounting system in the organisation, but Toyota company
should use some following management accounting system for their business:
1

 Management system of Inventory: - It is very important management accounting system
in the company, because inventory management system is able to keep entire data and
information in safe place. However, it is very useful cost accounting system for the
Toyota organisation. Toyota is the biggest company In the world which is providing their
products and services In the entire world. If they are able to producing, selling and
promoting their products and services then they should use the inventory management
system in their business. Through this system, Toyota company can make lots of reports
which is very necessary for the business. Other than that, they can make a report of sales,
purchase, profit and loss, and balance sheet from the inventory system. It is very easy
process to keep entire data and information in very safe place. Along with this, if
company is not able to maintain their entire data in another system then they can use
2
Illustration 1: Management accounting definition
(Source : Management accounting definition, 2018)

inventory system, and they can safe their data in safe locations (Otley, 2016). Moreover,
Toyota company can track their data when they need it, so it can be easily tracked
anytime whenever requirement of the company. When company sale their products, they
should have to mention their sale in the inventory system,so managers can able to
evaluate of profit and loss through the inventory management system.
 Price optimising management system: - It is the mathematical analysis for know the
response of the all customers. Through price optimising management system, manager
can know the response and satisfaction of the entire customers. Customers can respond
for the different prices of the products and services of the Toyota company. In this
organisation, they are selling lots of cars and it all have different price and features. So it
is very important to know that how customers will respond to different prices for their
products and services through different stores. This management system utilizes analysis
of large data to product the behaviour of potential buyers to different prices. Toyota
company can use their management system in their business, and know the respond of the
customers (Management accounting, 2018). Other than that, if they will use price
optimising management system in their business, then they will be able to collect big data
of the customers who are responding for their different prices of different products and
services.
 Cost accounting system,: - One of the important management system is the cost
accounting system in the Toyota company. They can use this management system in their
organisation. It is also known as products costing system and costing system. Toyota
group can use this system for identity the cost of their products for profitability analysis.
Other than that, they can analysis of the entire cost of the goods and services then they
can control the expenses which is not beneficial for the company. There are two main
cost accounting system which can be used by the Toyota company (Cooper and Qu,
2017). First one is job order costing which is a cost accounting system that accumulated
manufacturing cost separately for each job. Second one is process costing which is cost
accounting that calculate manufacturing cost separately for each process.
 Job costing system: - It is also the very useful accounting system in the Toyota company.
Through it, they can track the cost and revenues by job and enables standardized
3

reporting of the profitability. This accounting system is very important in the Toyota,
because it will know them a productivity of the entire employees. Other than that, they
can identity the cost and revenues by job. In the company, there are number of employees
and department work together, but they can not able to know the cost of their job.
However, job costing system is a process to identify the cost of each job and process of
the company. This management accounting system involves the material, labour, and
overhead in their accounts activities. Along with this, job costing system can track the
particular cost of the individual job. Through job costing system, company can
accumulate the cost of component and then assigns these costs to a good or project once
the components are used. Other than that, they can evaluate the productivity of the labour
and employees (Lorenz, 2015). This is the effective management accounting system
which is providing the accurate data of the job costing to the Toyota company.
Difference between management accounting and financial accounting: -
 Efficiency: - Financial report is based on the profitability of the business and
management accounting is based on the particular problems and their effective solution in
the business.
 Focus of the reporting: - Financial accounting provide the report of financial statement,
and management accounting provide the reports of entire operations work within the
company (Lavia López and Hiebl, 2014).
 Time period: - Management accounting may address budgets and forecast, so it have
future orientation. Financial accounting is concerned with the financial results that a
enterprise has already achieved, so it has historical orientation.
 Valuation: - Financial accounting provide the proper valuation of the assets and liabilities
of the company and management accounting provide only the productivity of the
business. It is not provide the vale of the assets and any liabilities In the business.
4

P2 Various methods for management accounting reporting
Management accounting reporting is process to making a report of company's
performance. This is report help the owner of Toyota company and their managers to monitor the
organisation's performance and their presentation. Other than that, through management
accounting reporting, company can make the budget, report, job costing, inventory &
manufacturing and accounts receivable aging report of their business. When they will be able to
make these entire reports, then Toyota company can know the performance of their business.
Along with this, they can identify the lower performance department and higher performance
department (Ax and Greve, 2017). Further, they can utilise their budget in valuable sector by
5
Illustration 2: Difference between management accounting and financial accounting
(Sources : Difference between management accounting and financial accounting, 2018)

using the methods of management accounting reporting. There are several different kinds of
management accounting reports company should develop regularly:
 Inventory and manufacturing report: - There are number of products and services is
providing by the Toyota auto mobile company. They are selling the vehicles in the entire
market and in order to increase their sale, they are producing the lot of products from the
manufacture unit. When they produce the products, they should use the inventory account
system and then they can make a report of inventory in their business. It is very useful
and effective report which can be made by the Toyota organisation for their enterprise.
There are selling the products, and purchasing the raw materials from outside, and it is
necessary to keep the all information and data in very safe place. Inventory and
manufacture report help them in saving their data and information in the software. Other
than that, they can use this method of management accounting report, and able to increase
their profitability and brand value in the market. It is very important process in the
organisation for their business (Tucker and Lowe, 2014). Through it they can maintain
their all data and information in inventory and manufacture report. Whenever they need
the data, they can track the all report from the inventory and management report.
 Budget report: -In the Toyota organisation different types of department and employee
are working and company allotted to different types of task to them. There are number of
employees who are not able to give their effective performance to the company, so they
can analysis about lower performance employee and can take action against them. There
are large number of employees who are giving their effective performance so company
can provide them incentives or bonuses for their good work. Other than that, thorough
this budget report, they can make a report of the productivity of the employees and
department, then they can analysis that, which department is giving their best at their
work place. Further, they can increase their budget on the higher performance of the
department. This entire process can be used by the budget report. This report help
company in increasing their profitability and brand value in the market. So Toyota
company should use the management accounting report and make the budget report of
their business (Van der Stede, 2016).
6

 Job cost report: - This report identify the all expenses for a particular project and job. In
this report, company can identify the productivity of the employees, labour and
departments. Other than that, they can examined about the profitability sector of the
Toyota company. There are numbers of department in the organisation, but that all are
not able to provide their performance to the company, so Toyota organisation can take
action against the lower performance department. Along with this, they can know the
reason and then provide them solution. When they know that their employees has not
abilities and skills for any of the task, then they can arrange the training session and
development program for the employees, labour and managers. Through it, they will be
able to get appropriate knowledge, information, skills and ability. When this all effective
thing got by the employees, then they are able to work at their place. Other than that.,
they can able to give their better performance to the company, so they can able to provide
their budget in the departments. Along with this, in this report company mention all about
the job costing and their outcomes. When they get the employees who are giving their
effective performance to the company, then managers can provide them incentives and
bonuses for their good job (Kotas, 2014). So, Toyota company should use the
management accounting reporting and in this system they can make report of job costing.
Through this report company can increase their productivity of the employees and
profitability. Along with this, this report shows them all expense which done by the
organisation for their department. Further, they can reduce their expenses on the lower
performance department. However, company can increase their brad value ad
profitability from the management accounting reporting.
 Accounts receivable aging: - This is the critical tool for the managing cash flow of the
Toyota company. This report is based on the credit which given by the company to their
customers. Toyota company provide their products to the their customers, and they are
providing some credit services to them by instalment payment services. There are
numbers of customers who are paying their outstanding amount or instalment on the time,
but some customers are not able to paying their outstanding amount on time. When
company identify about that types of customers, then they will give them notice on first
due payment. Further, customers are not able to pay their pending amount or instalment
then company send them a notice and then warning that if they are not able to pay their
7

amount then company can take some serious action against them. This report show the
entire customers who are not paying their instalment on time , so Toyota company can
take an action against them. Organisation provide the cars and many more products to the
customers in instalment services. This services is very valuable for the customers, but
some time they are not able to pay their instalment on time (Lopez-Valeiras and
Naranjo-Gil, 2015). It is very critical for the customers and company. In that condition,
they both can lose their relationship with one another. Through this report company can
increase their profitability from getting the outstanding amount from the customers.
When Toyota company will use this management accounting reporting, then they will
able to make all reports which are mentioned above. Through these reports, they can able to
identify about the expenses, credit services, outstanding amount of the customers, budget, and
job costing. If they will be able to know about these things, then they can able to make an
appropriate planing for the system. Other than that, through these management accounting
reporting they can follow the entire rules and regulation of the reporting system for getting the
effective result from the business. So, Toyota company should use these management accounting
reporting in their business, so they will get the better result fro this system.
M1 Evaluating the benefits of management accounting systems and their application within an
organisational context
Cost accounting
Advantages Disadvantages
 Manager of Toyota can avoid wastage,
loss and inefficiencies using the system
of cost accounting
 Assists in reducing cost and enhancing
profit margin
 Gives input for assessing reasons take
place behind profit or loss
 The main concern of the firm is to take
suitable decisions about future aspects,
whereas such accounting system
provides information about past
performance.
 In the case of partial capacity
utilization such system does not present
suitable solution.
Job costing
8

Advantages Disadvantages
 Facilitates cost estimation on the basis
of past records
 Helps in assessing cost at every stage
of job completion
 Requires more clerical work
 Lack of possibility in relation to
controlling cost
D1 Assessing how management accounting systems and management accounting reporting is
integrated within organisational processes
From assessment, it has identified that systems of management accounting is highly
integrated with the process and functions of an organization. Using managerial accounting
systems manager of Toyota can set price and become able to take suitable decision about
inventory management, cost control as well as profit enhancement. Thus, using managerial
accounting systems Toyota’s manager can improve organizational process and thereby attain
goals.
TASK 2
P3, M and M3 Income statements using marginal and absorption cost
Marginal cost: -
In economics, marginal cost is the alteration in the opportunity cost that develop when the
quantity produced is increase by one unit, that is, it the cost of producing one more unit of good.
Marginal costing applies on individual unit production, so it is very effective cost analysis
process of the company (Marginal cost, 2018). Other than that, only variable cot is applied to
inventory under the marginal costing. It is the fixed and variable costing, so when company want
to make a income statements by marginal costing, it will easy for them in the business.
Income statement by marginal costing: -
9

Absorption cost: -
There are different types companies who are using absorption costing to make a income
statements. Toyota company should use this system for their income statements, because it is
very useful and effective cost system in the business. Other than that, absorption costing applies
on all production costs to all units produced. Only fixed overhead costs re applied under the
absorption costing. Along with this, profitability will appear to be lower in the absorption costing
and this costing is production, selling and distribution.
Income statement by absorption costing: -
10

TASK 3
P4 Different types of budgetary control and their advantages & disadvantage in the Toyota
This is the management control in the which actual income and spending are compared
with planned income and spending. In order to get more profitability and revenues from the
business, managers can change the planning of the business. When they found that business is
not giving appropriate profit then they will be able to take some effective decision for the
company (Shields, 2015). When they are providing large number of budget to the company's
different types of department, then if their department are not giving the effective productivity to
the company, they managers can able to reduce the budget in that section. This is very effective
process in the organisation. Through they can increase their profitability and decrease the cost
and expense of the business. There are different types of budgetary control system which are
mentioned below:
Operating budget: - Through this system, company can know about their future cost,
expenses and forecast income from the business. This budget system is very important for the
11

Toyota company. This budget provide the sale budget, capital budge and short term budget of the
business. When company use this operating budget system in the company, then they can make
the sale budget of their business. They can evaluate of the entire sales of the enterprise (Chan
and Raffoni, 2014). Other than that they can examined about the previous sale and then they can
make the budget sale for the upcoming year. Through this budget system, company can make the
planning g for their department. They can provide more budget to the department which was the
best performer in the organisation and they can reduce their budget on the lower performance
department.
Advantages and disadvantage: -
 Through operating system company can manage the entire current expenses in the
business but they can not able to provide accurate information of the future. It can onlw
shows the and manage the current expense of the business but through this system
company can not able to handle their future expenses.
 It can help in projecting the future expenses but not able to provide accurate figure of the
expense which will be expenses in the future. One of the important advantage of the
operating system is that, it is projecting the future expenses of the business. It is very
useful tool for the budgetary control in the Toyota company. When they will not able to
get appropriate figure of the expenses, then through operating system they can know the
future expenses of the business (Chiarini and Vagnoni, 2015).
 Toyota company can maintain their accountability through the operating system in the
business, but it will not show the accurate figure in the company.
 Cost accounting: Such system of management accounting helps in making estimation
about the cost associated with different activities and gives input for developing
budgeting framework.
 Advantages  Disadvantages
 Helps in avoiding losses and wastage
 Facilitate cost reduction and profit
maximization
 Provides information about past
performance
 Installation ofsuch system requires
high maintenance

12

 Standard costing: It helps in finding
deficiencies which takes place between
actual and planned figures. Hence,
referring the causes of deficiencies
business unit can set suitable financial
plan for the upcoming time period.
Advantages
 Disadvantages
 Helps in assessing deficiencies
 Provides input for taking corrective and
strategic actions
 Time intensive exercise
 Highly depends on the accuracy of
budget or financial plan
2. Financial budget: - It is based on the income and loss of the Toyota organisation. In this
process company can determine the earning amount from the business in a specific time.
There are different types of department in the organisation, company allotted to them
different types of target and goals of the business. Further, employees work according to
task and their target. When they will be able achieve their goals and target of the
company, then it is the profit of the business. When their finance department accumulate
the entire profit and loss of the business, then they will be able to make financial budget
for the upcoming year (Luft, 2016). Through this system, company can provide their
financial budget in the arranging the training session and development program for the
employees who has not appropriate knowledge, information, abilities, and skills. Through
this financial budget they want to achieve their target and goals. Other than that, they will
able to satisfy their customers from effective services in the business. They can expand
their business in another locations through financial budget.
Advantages and disadvantage: -
 One of the main advantage of the financial budget system is that awareness of finance of
the business, but some time they should research for financial awareness and strategies.
 It can create the numbers of opportunities in the business, so they will be able to increase
their profitability and revenues of the business. One of the main weakness of this point is,
organisation need more time for making such types of strategies.
13

 Through it Toyota company can increase their brand value and power in the market, but
for accomplish this entire task, they need more fund for the investment and it is very
expensive method of the budget (Macinati and Anessi-Pessina, 2014).
 Through financial budget, company can maintain and increase their profitability,
customers list, and satisfy their customers but it is very expensive tool of the budgetary
system. This system need more time to make a appropriate planning for the business.
NPV
NPV is the planning tool for assessing effectiveness of project on the basis of profitability
aspect. Thus, clarity is obtained.
 Advantage of using NPV is that it uses concept of time value of money.
 Disadvantage is that it does not provide clarity when project will yield
return.
IRR
 IRR is the discounting rate is used to estimate effectiveness of project.
 It is used for analysing cost of capital. Disadvantage of this method is that
when two mutually exclusive project are there then estimation cannot be made.
Variance analysis
It is used to analyse whether budgeted results are equal to actual results and if any
deviations are found, corrective action is taken for improvement.
Advantages
 Useful technique for making improvements
 It provides clarity regarding deviations and corrective action is taken
Disadvantages
 Difficult to apply when fixed budget is prepared. It consumes lot of time to assess variances
14

Responsibility centres: By developing or creating responsibility centres pertaining to sales,
profit etc manager of Toyota can exert control over budgeting framework. In accordance with
this, manager of each accountability centre reports reasons behind the failure of achieving
desired or predetermined output. Further, manager of each responsibility centre having better
idea about the money needed to carry out business activities and functions. Thus, by undertaking
the input from managers Toyota would become able to set appropriate standards for the near
future.
Advantages
 Gives input for preparing budget
 Assists in establishing effectual mechanism for control
Disadvantages
 In the absence of proper delegation pertaining to accountability such tool does not help in
planning. Such traditional way of expense classification demands for further analysis or evaluation
Advantages and Disadvantages of Budgetary Control:
Advantages
 Budgetary control is an effective way
of eliminating wastage and controlling
cost.
 It promotes coordination between
different departments and help in
comparison of actual performance of
employees.
Disadvantages
 The Budgetary control process is time
consuming and expensive.
 The effectivenesses of Budgetary
control depends upon the accurate
estimation and wrong estimation can be
harmful for company.
15

TASK 4
P5 Adapting the management accounting system for financial problems
When company is not able to getting appropriate solution of their problems, then they
should use the another management accounting system for their business. There are different
types of competitor in the market. In the world, different types of auto mobile companies are
selling their products and services in the market, and they need some effective accounting
system, for their business. One of the largest company Ford and Toyota, both are the biggest
automotive company in the market. They are facing number of problems in the market from the
management accounting system. However, they can adapt the powerful accounting system for
their business, so they can able to resolve their existing problem in the business. There are some
accounting system which can be used by the Ford and Toyota company and it is mentioned
below:
1. Financial governance: - When company establish their business in the market, they
should adopt the financial governance as their management accounting system, so it will
be beneficial for their business. Other than that, it is the secure system in the company,
because through this management system, company can manage their entire documents in
the safe place. Along with this, company required number of formality and documents
according to government in the business. So they should accomplish their entire
documentary and legal structure of the company. However, they will not face the
problems in the future (Nielsen and Nørreklit, 2015).
2. Balance scorecard: - It is very useful and important management accounting system for
the company. In the organisations, managers need to track of the execution activities of
the employees. So this system is help manager in controlling the entire employees in the
office. Other than that, it is the planning performance management tool in the business
which is more beneficial for the company. Through this management accounting system,
company can know the performance of the employees, labour, and department of the
business. When they get the lower performance, then they will be able to increase3 their
performance in the business. Other than that, manager can take action for increasing the
performance of the employees, labour and department of the company (Macinati and
Anessi-Pessina, 2014). Along with this, it will be possible by the balance cared
16

management accounting system in the business. So, they should adapt this types of
management accounting system for their business. However, they will be able to get their
profitability and brand value in the market. Tata motors can be compared with Toyota
Company and as such, Toyota Organisation may easily company adopt management
system of other company in effective manner.
Comparison of two organisations adapting management accounting systems to adapt to
respond to financial problems
Organisations such as Jaguar company and Rolls Royce Ltd are two successful
companies in automotive sector. This help to accomplish legal structure as provided by the law.
Thus, both companies are using management accounting systems to respond to financial
problems. However, Jaguar Company need to adapt balanced scorecard technique for
strengthening internal operations. The Jaguar Company is using financial governance to respond
to financial problems as set of rules are complied and clarity is being attained. On the other hand,
Rolls Royce organisation is using balanced scorecard to effectively respond to issues as
performances of staff is enhanced and customers are provided with better quality goods.
Jaguar company Rolls Royce Ltd
Jaguar Organisation is able to use financial
governance so that it may be able to respond to
financial problems.
It also uses financial governance
Balanced scorecard is used by organisation as
well.
On the other hand, Rolls Royce Ltd uses
balanced scorecard technique so that it may
assess and improve upon internal operations in
the best possible manner.
M3 Analyzing the use of different planning tools and their application for preparing as well as
forecasting budgets
Manager of Toyota can employ below mentioned tools for the purpose of planning &
forecasting such as:
17

Activity based budgeting: Manager of Toyota can draft and forecast budget by taking into
account ABB method. In accordance with such method activities which incur cost are analyzed
and researched deeply.
Advantages Disadvantages
 Helps in eliminating bottlenecks or
deficiencies
 Provides assistance in assessing and
allocating overhead expenses in the
best possible way
 Manager requires training for financial
planning as well as forecasting in
accordance with ABB
 Complex and time consuming in nature
Variance analysis: By using such management accounting manager can assess the extent
to which budgeted figures are met. Hence, referring variances and associated causes business
unit would become able to take measures for the purpose of improvement.
Advantages Disadvantages
 Gives input for setting suitable
standards pertaining to the upcoming
time period
 Helps in taking corrective and strategic
measure for improvement within the
suitable time frame.
 Time consuming exercise
 Sometimes, adversely impacts
employee motivation
M4 Presenting how management accounting systems lead organisation’s sustainable success
Tools and techniques of management accounting provide high level of assistance in
dealing with monetary issues or problems. By using benchmarking tool Toyota motor can deal
with monetary problems in the best possible way. Moreover, benchmarking tool helps company
in doing comparison of actual financial aspects or performance in against to the predetermined
figures. This in turn offers opportunity to the company to find out deviations and take strategic
measures for improvement. In this way, by undertaking measures for improvement manager of
Toyota ltd would become able to lead and contribute in organizational success.
18

D3 Evaluating the manner in which planning tools help in responding or solving appropriately to
solving financial problems
Benefits and drawbacks of different planning tools which help in responding monetary
problems are as follows:
Financial governance
Advantages Disadvantages
 It enables firm to assess as well as
decrease the level of fraud and conflicts
 Helps in avoiding fines, penalties and
lawsuits
 It sometimes creates or may cause of
principle agent conflict
 Imposes high administration cost
Balance scorecard
Advantages Disadvantages
 Facilitates effectual communication and
proper understanding about business
goals at each managerial level
 Develops integration between both
monetary as well as non-monetary
measures
 Financial evaluation as per balance
scorecard is subjective in nature.
 It does not include or lay emphasis on
the aspects of risk management
CONCLUSION
In the present report, it has been recognised about the management accounting, their
requirement and types of management accounting system which can be used in the Toyota
company. Other than that, it is concluded about the different types of method of management
accounting reporting and techniques of cost analysis. Along with this, in the present report it is
also concluded about the planning tools of the budgetary control, and their advantages &
disadvantage in the business. Moreover, it is concluded that company should adapt the balance
card and financial governance management accounting system for their business, so they will be
able to resolve their financial problems.
19

REFERENCES
Books and Journals
Ax C. and Greve, J. 2017. Adoption of management accounting innovations: Organizational
culture compatibility and perceived outcomes. Management Accounting Research. 34.
pp.59-74.
Chan H. K. and Raffoni, A. 2014. An integrated approach for green design: Life-cycle, fuzzy
AHP and environmental management accounting. The British Accounting Review. 46(4).
pp.344-360.
Chiarini A. and Vagnoni, E. 2015. World-class manufacturing by Fiat. Comparison with Toyota
production system from a strategic management, management accounting, operations
management and performance measurement dimension. International Journal of
Production Research. 53(2). pp.590-606.
Cooper D. J. and Qu, S. Q. 2017. Popularizing a management accounting idea: The case of the
balanced scorecard. Contemporary Accounting Research.
Kotas, R. 2014. Management accounting for hotels and restaurants. Routledge.
Lavia López O. and Hiebl, M. R. 2014. Management accounting in small and medium-sized
enterprises: current knowledge and avenues for further research. Journal of Management
Accounting Research. 27(1). pp.81-119.
Lopez-Valeiras E. and Naranjo-Gil, D. 2015. Sustainable innovation, management accounting
and control systems, and international performance. Sustainability. 7(3). pp.3479-3492.
Lorenz, A. 2015. Contemporary management accounting in the UK service sector (Doctoral
dissertation, University of Gloucestershire).
Luft, J. 2016. Management accounting in the laboratory and in social context: Four contrasts,
1975–2014. Accounting, Organizations and Society. 49(C). pp.9-20.
Macinati M. S. and Anessi-Pessina, 2014. Management accounting use and financial
performance in public health-care organisations: Evidence from the Italian National Health
Service. Health policy. 117(1). pp.98-111.
Nielsen L. B. and Nørreklit, H. 2015, March. Management accounting and decision making:
Two case studies of outsourcing. In Accounting Forum (Vol. 39, No. 1, pp. 64-82).
Elsevier.
20

Otley, D. 2016. The contingency theory of management accounting and control: 1980–2014.
Management accounting research. 31. pp.45-62.
P. Tucker and D. Lowe, 2014. Practitioners are from Mars; academics are from Venus? An
investigation of the research-practice gap in management accounting. Accounting, Auditing
& Accountability Journal. 27(3). pp.394-425.
Shields, M. D. 2015. Established management accounting knowledge. Journal of Management
Accounting Research. 27(1). pp.123-132.
Van der Stede, W. A. 2016. Management accounting in context: Industry, regulation and
informatics. Management Accounting Research. 31. pp.100-102.
Wijaya R. E. and Prihatiningtias, Y. W. 2015. Paradigm Blurred: Opera Cake in Management
Accounting Information Research. Procedia-Social and Behavioral Sciences. 211. pp.859-
865.
Williams, J. 2014. Financial accounting. McGraw-Hill Higher Education.
Online
Difference between management accounting and financial accounting, 2018. books, [online]
<https://www.google.co.in/search?
q=difference+between+management+accounting+and+financial+accounting&source=lnms
&tbm=isch&sa=X&ved=0ahUKEwisopPBjsPYAhXDuY8KHRSlDlkQ_AUICigB&biw=1
742&bih=806#imgrc=PQPOSu4c07nP7M:>
Management accounting definition, 2018. books, [online] <https://www.google.co.in/search?
q=management+accounting+definition&source=lnms&tbm=isch&sa=X&ved=0ahUKEwi
d7oPqkMPYAhVCvY8KHQn2BkwQ_AUIDCgD&biw=1742&bih=806#imgrc=0Yw8sX
UGkC8JFM:>
Management accounting, 2018, books [online]
<http://www.businessdictionary.com/definition/management-accounting.html>
Marginal cost, 2018. books, [online] <http://www.businessdictionary.com/definition/marginal-
cost.html>
21

22