“Zero Defects” means quality control that strives for a perfect production process, resulting in flawless products. This method is very useful to those companies where holding cost for inventor is very high. Just In Time (JIT) is a production and inventory control system in which materials are purchased and units are produced only as needed to meet actual customer demand. Total Quality Management is commonly expressed in conjunction with business excellence. “TQM is a set of systematic activities carried out by the entire organization to effectively and efficiently achieve company objectives. Activity-based costing (ABC) has become one of the most popular methods of costing by using activities to allocate indirect costs, such as overhead. ABC & TQM are the lucrative and very important techniques in management accounting. In management accounting has several contemporary issues are presenting in concurrent world. As an organization, the degree of adaption with the new techniques or procedures it depends successful. Cost and Management Accounting practice helps an organization to survive in the competitive, ever-changing world, because it provides an important competitive advantage for an organization that guides managerial action, motivates behaviors, supports and creates the cultural values necessary to achieve an organization’s strategic objectives.
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