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Tesco Plc Key Techniques and Methods of Management Accounting - Case Study Example

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This paper 'Tesco Plc Key Techniques and Methods of Management Accounting" focuses on the fact that Tesco Plc is one of the leading hypermarkets in the world, and the company’s largest market in the United Kingdom. It offers a range of products in its general merchandising…
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Tesco Plc Key Techniques and Methods of Management Accounting
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Download file to see previous pages Tesco's global competitors are Wal-Mart (US), Carrefour (France), and Metro while its domestic competitors (UK) are Asda, Sainsbury, and Safeway. Tesco has been more profitable both in the global and domestic markets because of its powerful force like one-stop shopping and marketing mix expenditure. Globally, it is the fourth-largest retailer and the second profitable retail chain (Deloitte, 2010, p.19). Despite the recession, Tesco is doing even better, in fact, it managed to cut its price and offered-money off as part of its strategies. This promotion has paved the company to a larger increase in sales volume, an increase in profit margin, and most of all, it gains the biggest market share in the UK with about 30% (Finch, 2010). Tesco has been a successful corporation because it knows how to deal with its management accounting system. However, it has been thrown with so many criticisms in terms of its unjust practices with its suppliers.

According to Horngren, et al., (2007, p.5), management accounting is the “process of identifying, measuring, accumulating, analyzing, preparing, interpreting, and communicating information that helps managers fulfill organizational objectives.” It is also one of accounting’s specialties whose nature has changed and expanded over time, and its scope has been wider. Management accounting is mostly associated with information, and this information is particularly available only to those in a managerial position (Coombs, et al., 2005, p.10). Every now and then, the interest in management accounting is increasing because it does not only deal with record keeping but in a much broader concept of the decision-making process. It is closely related to the internal structure of an organization with a purpose to overcome inefficiencies. Management accounting and financial statements are different in various ways and the most common is the nature of its usage. Unlike the financial statement, the outcome of management accounting is not intended for the stakeholders of the organization; however, it is solely designed for managers for them to be more equipped in their management and control functions as well as to serve organizations internally. ...Download file to see next pagesRead More
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