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Rapid changes in global market have influenced development of management accounting. How does role of management accounting differ from past? Traditional management accounting practices assumed a simple model of cost behavior. This is no longer viable in present competitive business environment of rapid economic changes, where consumer tastes are constantly changing, causing rapid changes in costs and need for innovative manufacturing processes. Consequently, current management accounting practices need to respond to increasing complexity of business operations as they attempt to embrace a rapidly changing and highly competitive global marketplace. This report will discuss some of changes which have occurred in marketplace and will suggest suitable management accounting practices as a response to such changes. Further, recommendations will be made on basis of this discussion.

(From: P.V. Cotesta, G.M. Crosling and H.M. Murphy, Writing for Accounting Students, 1998, Butterworths, Australia, pp. 26-27.)

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