Cost Accounting (15th Edition)

Published by Prentice Hall
ISBN 10: 0133428702
ISBN 13: 978-0-13342-870-4

Chapter 1 - The Manager and Management Accounting - Assignment Material - Questions: 1-7

Answer

Management accountants can help improve quality by providing management with information relative to costs and revenue benefits of TQM initiatives. Management accountants can help achieve timely product deliveries by providing information to help quantify costs and benefits of increased capacity, as well as information to quantify the costs and benefits of new product development.

Work Step by Step

Total Quality Management (TQM) is a management philosophy for continuous improvements. Management should be aware of which initiatives will cost more relative to potential gains. New product development time and customer-response time are two of the most important dimensions of time. Management needs to make informed decisions with regards to improving both.
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