Management Accounting: Samsung UK

Management Accounting: Samsung UK

Management Accounting: Samsung UK

Background

If we discuss about the companies with modest beginnings, the record of Samsung can provide a perfect example. It all began in March 1938, when Lee Byung-Chull, the founder of the Samsung, started a business in Korea. Main products of what was then Samsung were Korean fish, vegetables and fruits traded from Beijing and Manchuria.

For the etymology of Samsung, it has the core words “three stars." The business expanded and then he purchased candy machines, increased its sales functions and as we have recognized at this time, has become a worldwide company now offers a variety of products, brands, everywhere worldwide. Samsung Electronics, which generally produces Samsung mobile phones and other mobile phone deals today, is similar to the Samsung Corporation that was present in 1970.

Samsung's strategic bases in the 1970's, became more established when it was committed to various investments in petrochemical industries and from 1974 continued to enlarge its shipbuilding business of the company as Samsung. And then Samsung entered the production of home electronics outside the semiconductor manufacturing industry has gained later.

Samsung Electronics produces equipment like calculators, televisions, air conditioners, refrigerators, and washers. In 1981, the company has manufactured more than 10M black and white television sets. In 1988 it merged with Samsung Communications & Semiconductor. Samsung Electronics is a most appreciated brand and information in various reports. (Steve, P. 2005, pp. 73-80)

There is no doubt that Samsung became diversified in the production of products and services. However, the progress of Samsung products became marvelous when it entered again the telecommunications industry. He became known for their innovations and was proclaimed as the second largest seller of mobile phones. In 2007, Samsung became the largest mobile phone maker second largest, overtaking Motorola. Samsung Group competitors are mainly in the semiconductor industry. Samsung Group also competes in agriculture chemicals, Automotive & Transport, Construction and Design Services, basic and intermediate petrochemical and chemical manufacturing, shipbuilding and related commercial coatings and paints, and other works for manufacturing finished products. Samsung's main competitors are Sony, LG Group, SK Group. (Baba, H. 2002, pp. 732-46)

Samsung follows a simple philosophy: to allocate their talent and technology to generate quality products and services that contribute to a better society.

Every day at Samsung, people convey this philosophy to life. The research leader of the best global talent gives them the resources they need to be the best at what they do. The result is that all its memory chip products that allow companies to store vital data for mobile phones that connect to people worldwide, have the power to enhance life. And that's what makes the world a better company in question. (Steve, P. 2005, pp. 73-80)

Management Accounting

Management Accounting is "the method of measurement, identification, analysis, accumulation, interpretation and communication of information used by management to plan, control and evaluate within an entity and efficient use of resources and accountability. Accounting management including the preparation of financial reports for non management groups such as creditors, ...