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Essay on effective management accounting
Essay on effective management accounting
Challenges In Management Accounting
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Debenhams starts its history in 1778 when William Clark opened a store, selling expensive fabrics, bonnets and parasols. In 1813 renamed to Clark and Debenhams because William Debenhams invest in the business, and in the following years the firm was profitable from the Victoria fashion. In 1851 Clement Freebody invested in the business and renamed to Debenhams and Freebody. A wholesale business was born, selling cloth to dressmakers and other large retails. In 1905 Debenhams Limited was incorporated, and in 1919, the business joined with Marshall and Snellgrove. In 1928 Debenhams became a public company. By 1950, Debenhams owned 84 companies and 110 stores with result to be the largest department store group in UK. Debenhams was part of the Burton Group from 1985 to 1998, and during that period the firm was repositioned with the introduction of exclusive merchandise, and its stores increased in number. Then in 1997 the first international franchise store opened in Bahrain [1]. In now days Debenhams PLC is a top department group of 166 stores in the UK, Republic of Ireland and Denmark, and employs 25.000 people. In addition, it controls 60 international franchise stores in 23 countries. Debenhams offers products for women, men, children and houses. It seeks to complete the in-store and online business in order for customers to have the maximum of choices for their shopping [2]. Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information... ... middle of paper ... ...Cited http://www.debenhams.com/?CMP=KNC-GoogleAd&tmcampid=6&tmad=c&_$ja=kw:debenhams|cgn:Debenhams+Single+Term|cgid:1346875988|tsid:16252|cn:Brand+Terms|cid:45823838|lid:21835340|mt:Phrase|nw:search|crid:7487034308 [1] History of Debenhams Plc http://www.debenhamsplc.com/phoenix.zhtml?c=196805&p=history [2] Overview of Denenhams Plc http://www.debenhamsplc.com/phoenix.zhtml?c=196805&p=overview [3] Management Accounting Definition http://www.businessdictionary.com/definition/management-accounting.html [4] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 3, Cost Assignment, p. 54-59 [5] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 17, Standard costing and variance analysis, p. 425-436 [6] Colin Drury, Management and Costing Accounting, (7th edition), Chapter 8, Cost-volume-profit analysis, p. 165-173
... and Busters to continue their competitive advantage and record breaking profits they must do a number of things. First of all, the company must remain on the leading edge of technology. A large portion of their clientele is dependent on the new technology and innovative designs of Dave and Busters’ video games. If they lose this edge, they have lost their niche in the market. Second, the company must maintain it’s high priority involvement towards customer satisfaction. As any company knows, customer satisfaction means everything. And as of now, Dave and Busters is maintaining an A+ as far as customer satisfaction goes. Finally they have to adapt to the many different needs their clientele demands. Customer needs and wants are not subject to stay constant. Dave and Busters must continually research what their customers want and what they demand. There are many different methods they can use; demographics, surveys, questionnaires, etc. Dave and Busters Inc. is on the forefront of the restaurant/entertainment business. With their competitive attitude and award winning drive and ambition it seems inevitable that they will continue to be the elite leaders of the newly founded market.
In the 1930s, with the Great Depression approaching Europe, Selfridges felt the consumer confidence decreasing and eventually the recession came over. However, Harry Gordon was still being praised by his work: “He has not merely transformed Oxford Street into one of the world’s finest shopping centres, he gave a lead to the entire store trade”, wrote Drapers Record magazine (Woodhead, 2013). After thirty years of revolutionising London’s retailing, in 1939 Mr Selfridge was in deep debt to the store, which forced him to retire with the title of
Debenhams’s currently holds 154 stores throughout UK and is classed as a British retailer. Stores are also placed in areas like Denmark and the Ireland. Debenhams’s is a British retailer who also has franchise stores in other countries. Debenhams’s is a company which was founded in the 18th century as a single store. It has now stretched to 160 different locations. Debenhams’s was formerly shaped by Messrs Flint and Clark in the 1778. This department store is a renowned store known for merchandising well-known brands like Chanel and Dior. These are valued at high street prices. Debenhams’s has currently in the year 2012 built a 27,000 square meter store in Karachi. They built this after finding success as the second most successful department store.
Marks&Spencer brand (M&S) has become world famous as the largest British clothes manufacturer. The company now has more than 800 stores. In the UK itself there are about 700 stores, and the rest are in 40 other countries. Modern M&S is a multidisciplinary network cooperating with the best manufacturers and leading designers. It provides its customers with various groups of goods.
Marshall, M.H., McManus, W.W., Viele, V.F. (2003). Accounting: What the Numbers Mean. 6th ed. New York: McGraw-Hill Companies.
1. “Academicians as well as practitioners have long debated the issue of historical cost accounting versus current value accounting. It seems like this is a never-ending story.” (Abu Bakar & Mohd.Said, 2007, p.20)
"College Accounting Coach." Process Costing-Definitions And Features(Part1) « Process Costing « Cost Accounting «. Feb. 2007. Web
Garrison, R. H., Noreen, E. W., & Brewer, P. c. (2010). Managerial Accounting. New York: McGraw Hill/Irwin.
Rishinek, A., 1983. Control Aspects of Standard Costing: Variance Analysis, Inflation Adjustment, The Learning Curve and their Computer Applications. Managerial Finance, 9(1), pp. 14-18.
The overall purpose of cost accounting is to advise top administration and the management team on the most suitable and cost effective methods and actions to employ based on cost, capability and efficiencies of a given product or service. It can be defined as the method where all the expenditures used during execution of business activities are gathered, categorized, examined and noted down (Horngren & Srikant, 2000). Once these numbers are gathered and recorded the information is used to determine a selling price and/or to identify possible investment opportunities. Although the principal aim or function of cost accounting is to help the business administration with their decision making and business planning process, the cost accounting data
13. Romano, P.L. "Trends in Management Accounting." Management Accounting, August 1990, pp. 53-56. 14.
Heisinger, K., & Hoyle, J. B.(2012). Accounting for Managers. Creative Commons by-nc-sa 3.0. Retrieved from: https://open.umn.edu/opentextbooks/BookDetail.aspx?bookId=137
Schroeder, Richard G., Myrtle Clark, and Jack M. Cathey. Financial Accounting Theory and Analysis: Text and Cases. 10th ed. Hoboken, NJ: John Wiley & Sons, 2009. 97. Print.
Lila J. Truett & Dale B. Truett (1992). Managerial Economics 4th edition Analysis Problems Cases. South-Western publishing co.
Stephen P. Robbins and David A.Decenzo, Fundamentals of management: essential concepts and applications (USA: pearson prentice hall, 2003), PP.13-14.