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Pages 6 (1506 words)
The present day business environment is so complex and competitive that increased use of automated production processes and advanced technological equipments are the order of the day. The management of the firms has to take into account the rapid technological changes the market undergoes to remain competitive…
Extract of sample
One of the major developments in the area of managerial accounting is the product life cycle costing which has gained serious recognition during recent periods to meet the challenges of changes in the production systems and procedures.
Product life-cycle costing being the new development in the management accounting system has been defined as "a new area of reporting in cost management systems which is the accumulation of costs for activities that occur over the entire life cycle of product"(Hilton, 1994, p.230). Product life cycle examines the life of the product from its development stage to the stage till the removal of the product from the usage. According to Horngren & Foster (1991), product life-cycle covers the life of the product from the time of initial research and development to the time when sales and support of the product to the customers is withdrawn.
Burstein (1988) observes that the life cycle costing becomes more and more crucial and important in the light of rapid changes in technology and the shortening of the product life cycle. There is a sharp distinction between the product's life cycle costs and the whole life cycle costs. ...
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