U.S., Korea, & Japan: accounting practices in three countries

Article Abstract:

A survey was conducted to identify the similarities and differences among the accounting practices of Korean, Japanese, and US companies. Survey results reveal the similarities among management accountants in all three countries in many areas, including tendencies to be short-term oriented and to emphasize sales when determining objectives. US firms considered indirect labor costs to be variable, but Korean and Japanese firms considered these costs to be fixed. Some 43 percent of Korean firms used single plant-wide rates as their most widely used overhead application rate, while 68 percent of Japanese firms used work-center group rates, and 38 percent of US firms used individual work-center rates. Approximately 90 percent of all of the firms placed the most importance on sales in their income statements.

United States, South Korea, Japan, Corporations, Korea, South, Corporations, Japanese, Corporations, South Korean

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Cost accounting in large banks

Article Abstract:

A survey of the nation's 70 largest banks and savings and loan associations reveals that cost accounting remains an important management tool: 87 percent of respondents had cost accounting systems in place or were planning for them at the time of survey. Product development and pricing was the main perceived objective of cost accounting systems, receiving 219 or a possible 245 points as an identified goal in the survey. The next most popular goal was the achievement of cost reductions, with 186 points. A response rate of 69 percent was achieved for the survey, which is seen as an indication of the importance which managers attach to cost accounting practices and policies.

DEPOSITORY INSTITUTIONS, Banking industry, Cost accounting

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