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Cost Accounting Practices in Bangladesh: A Study of the Pharmaceutical Sector

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Cost Accounting Practices in Bangladesh: A Study of the Pharmaceutical Sector


Ibrahim Khan | Nahida Parvin | Nudrat Sayeeda



Ibrahim Khan | Nahida Parvin | Nudrat Sayeeda "Cost Accounting Practices in Bangladesh: A Study of the Pharmaceutical Sector" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-5, August 2019, pp.1864-1879, URL: https://www.ijtsrd.com/papers/ijtsrd26615.pdf

This study purports to present an investigation of the current cost accounting practices in the selected pharmaceutical companies of Bangladesh. Through a combination of illustrative and cumulative case study of five randomly selected pharmaceutical companies, this study finds that the sampled companies, in general, have a high ratio of product costs to period costs, a higher degree of operating leverage, a number of discretionary costs, absence of activity based management, reliance on budgets for planning and controlling costs and primarily apply process costing method for product costing, absorption costing for internal reporting and tend to avoid complex methods in favor of simply understandable methods even at the cost of accuracy. This study recommends the introduction of the concepts of activity based management, total quality management, life cycle costing, six sigma principles and balanced scorecard to reflect the recent developments in the cost accounting of the pharmaceutical companies to ensure better control, greater effectiveness and a more informed management. The major limitations of this study involve the lack of previous research concerning the same topic in Bangladesh, the unavailability of cost accounting information and inadvertence of management to share internal data on grounds of confidentiality. An important finding is that managers, in general, are less informed about the overall organizational practices of cost accounting and tend to concentrate on own areas. This study is expected to add value to the cost accounting stakeholders of the country along with academicians, corporations, management, students and the public in general through refining their views about the cost accounting practices in Bangladesh.

Financial Reporting, Cost Accounting, Cost Accounting Methods, Costing, Budgeting


IJTSRD26615
Volume-3 | Issue-5, August 2019
1864-1879
IJTSRD | www.ijtsrd.com | E-ISSN 2456-6470
Copyright © 2019 by author(s) and International Journal of Trend in Scientific Research and Development Journal. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0) (http://creativecommons.org/licenses/by/4.0)

International Journal of Trend in Scientific Research and Development - IJTSRD having online ISSN 2456-6470. IJTSRD is a leading Open Access, Peer-Reviewed International Journal which provides rapid publication of your research articles and aims to promote the theory and practice along with knowledge sharing between researchers, developers, engineers, students, and practitioners working in and around the world in many areas like Sciences, Technology, Innovation, Engineering, Agriculture, Management and many more and it is recommended by all Universities, review articles and short communications in all subjects. IJTSRD running an International Journal who are proving quality publication of peer reviewed and refereed international journals from diverse fields that emphasizes new research, development and their applications. IJTSRD provides an online access to exchange your research work, technical notes & surveying results among professionals throughout the world in e-journals. IJTSRD is a fastest growing and dynamic professional organization. The aim of this organization is to provide access not only to world class research resources, but through its professionals aim to bring in a significant transformation in the real of open access journals and online publishing.

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