Abstract
In recent years, the Bangladesh cement industry is growing up comparing the other leading countries in Asia. By following this sequence, according to the report of Wikipedia which is mostly prepared based on "List of countries by cement production" in Hydraulic Cement Production– Asia & The Pacific, Bangladesh has occupied the third position in producing cement in the sub-continent of Asia. This happens only for the efficient and proper utilization of the management accounting practices in the cement manufacturing industry. The success of the industry mostly depends on those taken decisions which are most relevant to achieve the goal of this firm, therefore, these should be strategically different from the competitive market and they will lead to dominate the market for a longer period by getting competitive advantages rather than other leading companies.Nowadays all institutions are related to utilizing management accounting systems to assist managers in making a sound decision to achieve the goals of the organization. Thus, the necessity of management accounting has risen not only in the manufacturing industry but also service industry (Chenhall and Langfield-Smith, 1998; Abdel-Kader and Luther, 2006; Paggios and Pavlatos,2008; Ahmad, 2012). For making a rational decision, management tools and techniques are used to obtain proper & accurate information (Alleyne and Marshall, 2011). Among various rising industrial sectors in Bangladesh, the Cement industry is considered one of the greatest foreign currency earning sectors that contribute to the economic growth of Bangladesh (Md. Khalilur, Al Amin, Md. Abud, 2017). After fulfilling the demand of the local market every year, Bangladeshi leading cement company, MI Cement Limited which is one of the top cement exporters, export cement to the global countries including Europe and some other western countries. Unexpectedly, the implementation of management accounting practices in developing countries like Bangladesh remains unpleasant and studies on this field are very infrequent (Lin and Yu, 2002). Therefore, the study is designed to make an overview of the practices of management accounting especially on MI Cement Limited which has already taken up the significant position of cement manufacturing companies in Bangladesh. Keywords: Management, Managers, Tools, Performance, JIT, Differential costing, Target Costing. DOI: 10.7176/EJBM/13-18-09 Publication date: September 30 th 2021
Highlights
Ltd: Managers use the provision of accounting information in management accounting to better inform themselves before they decide matters within their organizations, which aids their management and performance of control functions
The activities relevant to the management accountants provide inclusive of forecasting and planning, performing variance analysis, reviewing and monitoring costs inherent in the business with the help of management accounting tools
Important policy implications for making up management accounting practices most effective: Some important policies are recommended for overcoming current problems which are found from the study. (a)
Summary
Due to the efficient practices of Management Accounting in MI Cement, it has secured the second position among 32 cement companies in producing and supplying products in Bangladesh and abroad (Bongonote). The main purpose of the research paper is to review the Management accounting policies, methods, and techniques that are applied by MI cement to maintain such a stable growth rate in developing countries like Bangladesh. It will examine the Management accounting procedures and performance of MI cement to sort out what kind of standard Management practices suitable for them and why they are preferred over other practices. It focuses on the problems of Management accounting performance in taking effective managerial decisions for both internal and external users and suggests strong policy and recommendations overcome existing impediments
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