Contents {text:bookmark-start} 1.0 Introduction {text:bookmark-end} Management accounting is defined as the provision of accounting information to management to help managers make decision, better control operating function and assuring the appropriate use for its resources (Yasuhiro and Michiharu 1989). The emergence of Toyota production system is one of the framework which aid many managers to better make decision and manage the organisation. This framework which include, Just-In-Time (JIT) is now being widely adopted by many western companies. In this report, we will discuss the significance of JIT and Total Quality Management (TQM) approaches witnessed in Toyota’s management accounting. Many frameworks would be drawn from the Toyota production system (TPS). TQM requires a culture which adopts continuous learning and recognising the efforts for a suggestion rather than punishing. With the appropriate skills, tools and authority, problems would be identified and improved (Munro-Faure and Munro-Faure 1992). Managers must be open for suggestion and demonstrate that every employee can make an important contribution thus gaining commitment and team spirit. Likewise, they must be able to lead by examples and demonstrate new way of working (Atkinson 1990). However, achieving the previous mentioned would unlikely to happen overnight. Successful implementation of TQM would result in improved customer satisfaction, elimination of errors and waste, reduced operating expenses, a more cohesive and motivated team, better position in the competitive industry against the competitor and profitability of the firm. Furthermore, it would reduce the time taken to introduce new products into the market and improving the manufacturing flexibility encompassing short ...