Abstract Technological advancement characterized by the space age has brought in numerous changes in industries in the U.S. The era has witnessed rapid growth in development programs associated with space, missiles and electronics. Impact of these changes are somewhat limited to engineering and scientific programs, however, it should not be inferred that these factors have not affected the business environment of all industries. In the wake of these changes, questions related to the manner in which this emphasis on research and development has modified the environment of business firms, and implications of these changes for businessmen and accountants are of significant importance. The article focuses on some of these questions fueled by technological changes, and their impact on the realm of management, financial control and cost accounting. The analysis related to these questions relates primarily to advanced technology programs which are typical of the aerospace era. Using this approach, it is easier to appreciate fully the impact of these environmental changes.