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REVIEW ARTICLE
Abstract
The purpose of this study is to review the literature on cost accounting techniques being practiced by
manufacturing and service industry within the last decade. Virtually all techniques that are appropriate
for manufacturing companies are also appropriate for service companies. However, the most common
techniques in manufacturing companies include Just in Time (JIT), Activity Based Costing (ABC),
Target Costing, Life Cycle Costing, Throughput Accounting and Kaizen costing while Activity Based
Costing is the most commonly used technique in Service sector. However, Activity Based Costing,
Budgetary, Control, Cost Volume profit analysis, and standard costing are common to both
manufacturing and service sectors. In contrast to the postulations of many academic authors that the
traditional techniques have lost relevance and should be discontinued, this review shows that traditional
techniques including the heavily criticized Standard Costing, Absorption Costing and Marginal Costing
were still used frequently by many companies within the last decade. The modern costing techniques
used frequently within last decades include; Just in Time principle, Activity Based Costing, Target
Costing, Life Cycle Costing , Kaizen Costing and Throughput Accounting. The usage of the techniques
depends on the situation on the ground, that is, the level of technological advancement, the size of the
company, organizational culture and stage of the product.
Introduction
The information system that provides both emergence and rapid growth of railway with
financial and non-financial information subsequent new measures such as cost per
relating to the cost of acquiring or using the ton per mile, cost per passage per mile and
resources of the organization is a long ratio of operation expenses to revenue.
standing and inevitable part and parcel of
every business. Managers use cost The development of cost accounting and
accounting information to make decisions management control practices in U.S.
related to strategy formulation, research and corporations has been traced to the great
development, budgeting, production importance of cost and management control
planning, and pricing, among others. information to support the growth of large
transportation, production, and distribution
The advent of the industrialization era enterprises during the 1850-1925 periods [1].
marked the development of most cost Kaplan [2] also notes that the demand for
accounting techniques. The business cycle information for internal planning and
witnessed another metamorphic stage in the control which became inevitable in the first
era as manufacturing activities became the halve of the 19th century, when firms, such
order of the day and displaced agricultural as textile mills and railroads, had to devise
businesses. As observed by Waweru [1] the internal administrative procedures to
industrialization era was characterized by coordinate the multiple processes involved in
separation of owners from management, the performance of the basic activity (the
hiring of workers on long term basis and conversion of raw materials into finished
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But the wide use of the term JIT designed in the United-States during the
manufacturing throughout the 1980s 80s. It is a refined cost system which
faded fast in the 1990s, as the new enables classifying more costs as direct, to
term lean manufacturing became popular expend the number of indirect-cost pools and
[26]. As just one testament to the to identify cost drivers. ABC favours better
commonality of the two terms, Toyota cost allocation using smaller cost pools called
production system (TPS) has been and is activities. Using cost drivers, the costs of
widely used as a synonym for both JIT and these activities are the basis for assigning
lean manufacturing [27]. costs to other cost objects such as products
or services [34].
JIT production is a system of cutting
inventory that has been used for many According to CIMA [11,12] Activity Based
years. The application of JIT approaches has Costing is an approach to the costing of final
been successful in developed countries and output by monitoring the activities and
large businesses [28]. As observed by Omar tracing consumption of resources to the
and Zulkipli [29], in a just-in-time (JIT) activities. Resources are assigned to
system, the manufacturer must deliver the activities, and activities to cost objects based
products in small quantities to minimize the on consumption estimates. The latter
buyers holding costs at the warehouse and utilises cost drivers to attach activity costs
accept the supply of small quantities of raw to outputs [11]. A development of the
materials to minimize its own holding cost. principles of activity based costing (ABC) is
JIT concept is built based on the concept of activity based management (ABM). The
pull production, which eliminates the total concept of ABC was first defined in the late
inventory [30]. JIT philosophy is based on 1980s by Robert Kaplan and William Burns
the simple idea that wherever possible, no [18]. CIMA [14] posit that Activity Based
activity should take place in a system until Costing/Management eliminates the
there is a need for it [31]. activities that do not add value to customers
and the organization; and it minimizes or
Duclos, Siha and Luminus [32] posit that avoids distortions on product costs that
JIT principle is not only meant for the might occur from arbitrary allocation of
manufacturing companies, but also overhead costs. However, the
applicable in service companies such as implementation of ABC is expensive and
Banks, Insurance Companies, Hotels, time-consuming (Rojas and Media, nd).
Auditing firms, etc. Canel, Rosen and
Anderson [33] also argue that JIT is The US originated and manufacturing based
applicable in service companies the same technique, ABC innovation has diffused from
way it is applicable in manufacturing US to France, Japan and many countries
companies. Just in time approach focuses and it has also been adopted by service
on process and not on product. So as it is companies [35]. Nevertheless, many
applicable to manufacturing companies, it is practitioners explain that ABC systems are
also applicable to service industry [33]. expensive to implement, time consuming
and hard to adjust. For instance, Kaplan and
Activity Based Costing
Anderson [2] describe the ABC system of
The ABC method was conceived in the mid- Hendee Enterprises, a Houston-based
80 by Robin Cooper (a professor of manufacturer of awnings. They explain that
Management in the area of designing and the ABC software took three days to
practicing of costing systems) and Robert calculate costs for the companys 150
Kaplan (a professor of Management activities, 10 000 orders and 45 000 line
Accounting at Harvard University). It was items.
developed mainly to correct misleading
Target Costing
overhead allocations. At first, It was a
response to the inaccurate standard costing CIMA [11] traces the origin of Target
American methods. The ABC method was Costing to the response of the Japanese
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Target Costing followed by Activity Based The author evaluated the status of use of
Costing. both modern and traditional management
accounting techniques in 35 companies
Badem, Ergin, & Dury [17] investigated the which comprises 15 public sector companies,
relevance of standard costing in a study 15 private sector companies and 5
titled: Is Standard Costing Still Used? multinational firms. 105 respondents from
Evidence from Turkish Automotive the 35 companies rated the techniques; 30 of
Industry. The objective of their study is to them opine that the management accounting
find out the use of standard costing in the techniques are moderately satisfactory, 45 of
automotive industry, the leading them state they are not satisfactory, 15 of
manufacturing sector of Turkey. Three them consider the techniques satisfactory
survey methods were used in order to obtain while 15 considered them not satisfactory at
the data - electronic questionnaires, all. They found out those modern techniques
telephone and face-to face interviews .The such as Activity Based Costing, Just in
questionnaire was sent to all of the thirteen Time, Total Quality Management, Process
primary and 300 supplier companies in the Reengineering and Theory of constraints
automotive industry in Turkey. The are not used in public and private sector
findings show an average usage rate of 77 manufacturing enterprises, but a few
percent for standard costing. It is concluded multinational corporations use the modern
that the standard costing is still used in the techniques particularly Just- in- Time
automotive industry in Turkey, despite a system and Total Quality Management.
general belief by some academicians who
argue that the standard costing is out of However, their study indicates that the
date. The majority of non-users are local traditional techniques such as Financial
small supplier firms. The findings of the Statement Analysis, Standard Costing, Cash
study are similar to the findings of Flow Analysis are widely used followed by
Sulaiman, Ahmad and Alwi [39] in Malaysia Cost Volume Profit Analysis, Marginal
and Marie, Cheffi, Louis and Rao [41] in Costing, Fund Flow etc. His finding lends
Dubai. credence to the findings of Wijewardena and
De Zoysa [44] whose study reveals that
Karanja, Mwangi and Nyaanga [42] also Australian Manufacturing companies place
conducted a study on Adoption of Modern more emphasis on Cost control tools such as
Management Accounting Techniques in budgeting, Standard Costing and Variance
Small and Medium (SMEs) in Developing Analysis at the manufacturing stage while
Countries: A Case Study of SMEs in Kenya. their Japanese counterparts devote more
Their study shows that modern costing attention to cost planning and cost reduction
techniques such as target costing, Activity tools based on target costing at product
based costing (ABC), Just in Time method planning and design stage.
(JIT) as well as other non-conventional
methods were adopted as an attempt to Askarany [45] carried out a study on
enhance enterprise efficiency and innovation Technological Innovation, Activity Based
for better planning and improved Costing and Satisfaction. He used
product/service pricing. The findings showed questionnaire to survey all 200
that SMEs in Kenya have intuitively manufacturing firms registered with
adopted varying management accounting Australian Plastic Industry. The results of
techniques. From the sample, the majority of the study show that cost and management
the SMEs are faced with constraints of accounting changes lag behind technological
capital management. changes in manufacturing practices. The
findings show a significant relationship
Mazumder [43] carried out a study on between technological change in
Application of Management Accounting manufacturing practice and the diffusion of
Techniques in Decision Making in the ABC but no significant association between
Manufacturing Business Firms in the diffusion of ABC and the level of
Bangladesh.
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Cost Volume Profit Analysis (CVP), Fund environments. The results confirm that
Flow Statement, Target Costing, ABC/M has the capability to support
Responsibility Accounting, Variable Costing, corporate strategies through the supply of
Activities Based Costing (ABC) Management more accurate information that is used to
by Exemption (MBE), Balance Score card, design, develop and provide cost-effective
Theory of Constraints. Their findings reveal products and services, resulting in the
that five management accounting techniques creation and sustainability of competitive
comprising financial statement analysis, advantages. The empirical results
budgetary control, CVP analysis, variance demonstrated that ABC/M information
analysis and fund flow analysis are common supports business strategy in areas such as
to both industries and are used frequently in cost visibility, activity analysis, process
managerial functions. Three factors were reengineering, accurate cost information,
identified and used to determine the improved pricing on products and services,
variabilitys of the usage level in managerial reliable management reporting for proactive
functions. The study reveals that the usage decision-making, life-cycle costing of
level of management accounting techniques products and service and profitability. All
is very frequent in manufacturing industry these enhanced the management's capability
(73.343%) in comparison with the service in strategic planning, resulting in proactive
industry (54.396%). They concluded that decision making.
most of the organizations are favoring
quantitative techniques. Charafa and Rahmounib [52] also carried
out a study on using important performance
The study carried out by Van der Poll and analysis to evaluate the satisfaction of
Ndwiga [50] on the role of Management Activity-Based Costing adopters in Morocco.
Accounting in Creating and Sustaining a They examined the satisfaction of the users
Competitive Advantage in the Banking of Activity-Based Costing (ABC) in Moroccan
Industry used a sample of 40 respondents companies. They employed survey method to
from Equity Bank - A leading commercial study two types of companies: Activity Based
bank in Kenya. The study shows that costing (ABC) adopters and non -ABC
modern management accounting provides adopters. The results suggest that the ABC
skills and techniques that play a vital role in adopters were more efficient and more
the planning, developing, implementing and satisfied with their cost system but they did
evaluation of strategic competitive policies not fully benefit from the contributions of
that result in a competitive advantage. This the ABC system. Their study contributes to
study further reveals that the rapid growth explaining how companies can use IPA to
and competitiveness of Equity Bank, Kenya analyze their ABC systems to improve
can be attributed to the application of resource allocation and for better decision-
innovative management accounting making.
practices. The study found that management
accounting practices provide both internal
Critiques of the Literature
and external competitive strategies that
enable business organisations to create and A critical look at the literature shows that
sustain a competitive advantage both the traditional and modern costing
techniques are being used in practice. For
Dodmingd [51] studied the Application of instance, Ashfaq [48] study on the role and
Activity Based Cost and Management to usage of traditional and contemporary
Support Competitive Strategy in the management accounting techniques gives us
Banking Sector of South African economy. a good insight of relevance of both
This research investigated the effect of traditional and contemporary techniques.
activity-based cost management (ABC/M) on The study of shows that ABC supports
organizational strategies, specifically in the competitive strategy in many areas, likewise
context of cost effective supply of products Charafa and Rahmounib [52] did a good job
and services within the banking on the satisfaction of ABC by its adopters.
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Using Important Performance Analysis to To evaluate the satisfaction of ABC adopters ABC adopters are satisfied with the costing system
Evaluate the Satisfaction of ABC Adopters in in Morocco but they have not fully benefited from the
Morocco. Charafa and Rahmounib [52] contribution of ABC.
The traditional Versus contemporary To evaluate the role and usage of traditional Management accounting practices, particularly,
management accounting practices and their and contemporary management Accounting the traditional management accounting practices
Role and Usage across Business Life Cycle practices across business life cycle stages such as costing practices, budgeting practices are
Stages in Pakistani Financial Sector widely used
Ashfaq, Younas, Usman and Hanif [48]
The adoption of some recent cost To find out the adoption status of recent cost The is a reasonable level of awareness and
management tools and their perceived effects management tools and their perceived benefits adoption of Just in-Time Manufacturing , and JIT
on the performance of Jordan inventory, Activity Based Costing, Target Costing
manufacturing companies. and Kaizen Costing in their order of intensity.
Saaydah and Khatatneh [40]
The role of Management Accounting in To evaluate the role of Management Modern management accounting provides skills
Creating and Sustaining a Competitive accounting in creating and sustaining and techniques that play a vital role in the
Advantage in the Banking Industry. competitive advantage. planning, developing, implementing and
Van der Poll and Ndwiga [50] evaluation of strategic competitive policies that
result in a competitive advantage.
Is Standard Costing Still Used? Evidence The objective of their study is to find out the The findings show an average usage rate of 77
from Turkish Automotive Industry. Badem, use of standard costing in the automotive percent for standard costing. It is concluded that
Ergin, & Dury [17] industry, the leading manufacturing sector of the standard costing is still used in the automotive
Turkey. industry in Turkey, despite a general belief by
some academicians who argue that the standard
costing is out of date.
Adoption of Modern Management To find out the adoption rate of modern modern costing techniques such as target costing,
Accounting Techniques in Small and Medium costing techniques in SMEs in Developing Activity based costing (ABC), Just in Time method
(SMEs) in Developing Countries: A Case counties. (JIT) as well as other non conventional methods
Study of SMEs in Kenya. Karanja, Mwangi were adopted as an attempt to enhance enterprise
and Nyaanga [42] efficiency and innovation for better planning and
improved product/service pricing.
Management Accounting Practices between To examine the use of the management Five management accounting techniques
manufacturing and service industries in accounting techniques in discharging comprising financial statement analysis,
Bangladesh. managerial functions. budgetary control, CVP analysis, variance analysis
Yeshmin and Fowzia [49] and fund flow analysis are common to both
industries and are used frequently in managerial
functions.
Application of Activity Based Cost and To know the applicability of Activity Based ABC/M information, supports business strategy in
Management to Support Competitive Cost and Management to Support Competitive areas such as cost visibility, activity analysis,
Strategy in the Banking Sector of South Strategy in the Banking Sector process reengineering, accurate cost information,
Africa. improved pricing on products and services, reliable
Ddmingd [51] management reporting for proactive decision-
making, life-cycle costing of products and service
and profitability
Application of Management Accounting To find out the applicability of Management They found out those modern techniques are not
Techniques in Decision Making in the Accounting Techniques in decision making used in public and private sector manufacturing
Manufacturing Business Firms in enterprises but a few multinational corporations
Bangladesh. use them
Mazumder [43]
Technological Innovation, Activity Based To find out Technological Innovation and the Cost and management accounting changes lag
Costing and Satisfaction. satisfaction of ABC by its Adopters behind technological changes in manufacturing
Askarany [45]. Australia practices. There was no perceived difference
between the responses of firms employing ABC
and those which do not in terms of the level of
satisfaction.
Contemporary Management Accounting To find out the Management Accounting The old techniques are still being used alongside
Practices in UK manufacturing. Dugdale, Practices in UK the contemporary techniques
Jones and Green [46]
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However, a larger sample could have given The empirical evidences reveal that Just in
more reliable results. Most of the studies Time(JIT), Activity Based Costing( ABC),
are current studies which are based on the Target Costing, Life Cycle Costing,
perceptions of the respondents. There is a Throughput Accounting and Kaizen costing
need for longitudinal studies which look at are the most common modern costing
the situations before and after and with techniques in the manufacturing companies
more sophisticated statistical tests. [43, 45,46].
Discussion and Conclusion
The most used modern costing technique in
Our objective is to find out the cost Service Company is Activity Based Costing
accounting techniques that are being used in [52]. Accounting practices, for instance
the field by manufacturing and service costing practices; budgeting practices &
industry. Traditional accounting techniques decision- making practices are widely used
which include Standard Costing, Absorption in service sector, especially in Pakistan [48].
Costing and Marginal Costing have been Activity Based Costing, Budgetary, Control,
heavily criticized for their lack of capability Cost Volume profit analysis, Standard
to provide relevant information in the costing/Variance Analysis are common to
modern business environment that is manufacturing and service companies. The
characterized by advanced technology, stiff techniques being used in practice depend on
competition, globalization, customer some factors such as culture, technological
satisfaction and lesser demand for labour advancement, Size of the organization and
among others. Nevertheless the criticisms, stage of the product.
the empirical evidences show that standard
costing, Absorption Costing and Marginal Recommendations
Costing are still being practiced in the field. Companies should use the costing
techniques that are most suitable for their
The modern techniques proposed with environment. For instance, the level of
acclaimed benefits over the traditional technological advancement, size of the
techniques are Just in Time system, Activity company, stage of the product and culture.
Based Costing, Target Costing, Life Cycle There should be naturalistic research for
Costing, Throughput Accounting, Back flush the development of cost and management
Accounting and Kaizen costing etc. The techniques
empirical evidences show that most modern Companies should only adopt those
costing techniques e.g JIT and Target techniques that have practical basis and
costing originate in Japan and are more those techniques that their competitors
practiced in Japanese manufacturing firms have successfully adopted.
than non- Japanese manufacturing firm
while the traditional techniques are
practiced more in non-Japanese companies.
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