Target Cost and Value Engineering as Modern Methods of Management Accounting

Managerial accounting has developed like other economic and social sciences, as a result of economic and social growth and has great value in commercial and industrial societies. According to the Institute of Management Accountants (IMA) 'managerial accounting is a profession that involves partnering in management decision making, devising planning and performance management systems, and providing expertise in financial reporting and control to assist management in the formulation and implementation of an organization¿s strategy. The current economic community is characterized by increasing competition, rapid technological development, shortening the life cycle of products, and consumers' desire for renewable products of a suitable price and high quality' (Zourob, 2016). Under these circumstances, each institution seeks to satisfy the wishes of the largest possible number of customers and thus maximize its market share and ensure its survival. This depends on several factors, including the ability to produce and market renewable products that meet consumer requirements in terms of quality and price.