It also has a business segment offering financial services to its customers. Wal-Mart Canada is one of the international divisions of Wal-Mart Inc. in USA. It is considered to be the largest retail group in the world and offers wide range of products and services to its clients through its retail stores. Different cost management practices followed by these three companies have been studied here. All the three companies have been observed to follow expansion strategies. It results in the growth of sales at a higher pace than the increase in operating expenses of the companies. CIBC and Canadian Tire have been following the Activity Based Costing (ABC) system. JIT, wage management strategy while Wal-Mart has also effectively implemented other cost minimization strategies. Following these management accounting practices, all the three companies are expected to have a sustainable growth in future. Table of Contents Table of Contents 3 Introduction 4 Canadian Imperial Bank of Commerce (CIBC) 4 Canadian Tire 6 Wal-Mart Canada 7 Conclusion 8 References 10 Introduction Accounting relates to a process of recording of business transactions carried out by an organization. The information related to the business activities followed by an organization are first identified, evaluated and then communicated to the various users in order to facilitate the decision making process. Accounting can be divided into three parts, namely cost accounting, financial accounting and management accounting. Management accounting refers to those accounting information which is utilized by the managers of the company to perform their managerial activities within the organization (Khan, & Jain, 2006, p.1.3). Hence, management accounting is an integral part of any organization. Canadian Imperial Bank of Commerce (CIBC), Canadian Tire and Wal-Mart Canada are three of the large organizations operating their business activities in Canada. Some of the key management accounting practices followed by these three companies has been discussed in this study. Canadian Imperial Bank of Commerce (CIBC) CIBC is involved in the business of providing different kinds of financial services to various individuals, corporate, etc. in Canada and outside. It has in offer both retail and wholesale banking products for its clients. CIBC is headquartered at Toronto and was founded in the year 1867. There has been a recent change in the organizational structure of CIBC in the year 2011. As of now CIBC has three Strategic Business Units (SBUs), namely Retail Banking, Wholesale Banking and Wealth Management. Each of these SBUs is considered to be the profit centers of the company. The treasury activities associated with each of these SBUs have an impact on its financial performance. The revenue performance of each of the SBUs are affected because of the policy of using cost of funds based on market prices adopted by the company's management. Transfer pricing system is also prevalent in CIBC (CIBC, 2012, p.41). If we look at the overall cost structure of CIBC, it can be found that it has both interest and non-interest expenses. The interest expenses of the company mostly include interest on deposits. On the other hand its non-interest expenses include employee benefits and compensation, occupancy costs, advertising costs etc. In addition to this the company has a provision for credit losses. The provision for cre
ACCOUNTING PROJECT Abstract Management accounting is an integral part of any business organization. The information generated through management accounting procedures followed in an organization helps the managers of the company to take various strategic decisions for the organization…
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