Cost Management Strategies of RSS Thread and Accessories

Chapter-1
INTRODUCTORY PART

1.0 Introduction:
Cost management means a lot for a company. It represents how a company maintain
resources and control the expenditure in order to create a product or produce a service,
deliver it to the customer and receive a sale. But these costs involve much more than
simply the price of raw materials or the monthly rent for your store. To truly handle cost
management for business, it is better to familiar with each and every cost that goes into
business’s day-to-day activities.
Cost is defined as the monetary valuation of effort, material, resources, time consumed,
risk and opportunity forgone in production / delivery of a good or service. It is simply put
as the amount that has to be paid or given up for something to be acquired. Cost
management helps in identifying, collecting, classifying and collating information that
can be used by managers in planning, controlling and taking decisions to keep costs in
the desirable limits.
In Bangladesh, especially in Dhaka division areas there have some garments
accessories manufacturing company but not enough according to the local and global
demand. Now this sector covers 8 to 10 billion dollar of total garments exports but has
the possibility of making 20 to 22 billion dollars by 2020, according to BGAPMEA. Here
in Bangladesh almost in every area we have enough cheap labor and the opportunity to
start a garments accessories manufacturing company. However the existing companies
like R.S.S can take the opportunity to expand their business to fill the global increasing
demand of garments Accessories and can contribute to the growing economy of
Bangladesh.

1.1 Objective of the Report
The objectives of preparing this report are explaining below:
1.1.1 Broad Objectives:
The broad objective of this report is ensuring true and fair presentation on “An analysis
on Cost Management of RSS Thread and Accessories Limited”
1.1.2 Specific Objectives:
Other specific objectives have also given for this report:
 To present an overview of R.S.S Thread and Accessories Limited.
 To discuss about the cost management of R.S.S Thread and Accessories
Limited.
 To identify the existence of cost plan in R.S.S Thread and Accessories Limited.
 To know if R.S.S Thread and Accessories Limited stablished benchmark or not.
 To justify if the internal auditing process R.S.S Thread and Accessories Limited
is complicated or not.
 To know if the top management of R.S.S Thread and Accessories Limited
communicate with operating level while budgeting or not.
 To identify if the functional division of R.S.S Thread and Accessories Limited
understand the cost management strategy or not.
 To identify cost management problem and to give some recommendation.
In conclusion, through accomplishing of the stated objectives, the requirement of the
internship program will be fulfilled.

1.2 Scope of the report:
As a student, overall I have learned about commercial and financial activities of a
company (R.S.S). I also have learned about how to make a formal report. However I
believe all these information which are included in this report, will help the management
to identify various scopes and limitations of the Cost management. It will be also
beneficial for those who are interested to know Cost management of an export oriented
garments accessories manufacturing company and also about RSS Thread and
Accessories Limited.
1.3 Limitations of the Report:
I have tried my level best to provide with all necessary information about the RSS from
my personal service experience as well as information supplied by the manager (Abul
Kalam Azad Manager-Commercial & Finance Dept.), but due to the comprehensive
nature of this study most secret information could not be brought in this reports.
Therefore the study considers following limitations:
 R.S.S’s website was not that much rich to collect data largely.
 Unfortunately due to the company’s limitations (business secrecy and
confidentiality), unable to acquire sufficient information.
 Lack of previous experience in preparing such formal report.
 Load at the work place in R.S.S was also a barrier to prepare this report.
 Non-availability of some preceding and latest data.
1.4 Ethical Consideration:
To complete research with appropriate research guidelines research ethics is very
important. Considering ethical aspect of research, I have given enough time to the top
level and operating level workers and managers (respondents) of RSS for my study so
that they can give fair view on my research questions. Primary and secondary data has
been used for my study. Moreover, Permission from the respondents (top level and

operating level workers and managers of R.S.S) has been taken and appropriate
permission has also been ensured for usage of their given data. Confidentially of their
responses and identity has been maintained strictly to ensure privacy of their data.
Besides most importantly I have ensured the full secrecy of the information that I have
collected for my study during my internship working period in R.S.S Thread and
Accessories limited. Beyond the fact, usage of any secondary data from any sources
has been acknowledged with appropriate references (Harvard). Hence, the ethical
aspects of my research have been followed very strictly for my research.

Chapter 2
Organizational Part

2.0 Background of the Organization:
R.S.S T&A a company which is dedicated to provide quality garment trims &
accessories, on time every time at the most competitive prices to meet the present and
future needs of the market. Over the course of 24 years, they have diversified into an
all-in-one supplier of brand identification solutions for the apparel industry. Today, R.S.S
is a prime dealer in the apparel brand identification market. This has allowed them to
become the partner of choice for top names in global manufacturing and to serve a
multitude of clients through their skilled workforce around the subcontinent.
R.S.S T&A integrates an extensive offering of brand identification products and services
into complete solutions to meet their customers’ needs. From worldwide consistent
woven and printed labels, jacquard ribbons, and thermal printing solutions, to heat
transfers, paper products, eco-friendly products and anti-counterfeit solutions, they
provide an entire suite of services to meet the needs of their clients. Their designers
capture the latest trends, colors, even textures, and literally, weave or print them into
the best products on the market.
R.S.S recognizes its responsibilities for the labor and human rights practices within its
supply chain and sets out key business practices that are the basis of its Ethical Trading
Code of Practice.
The R.S.S Ethical Trading Code of Practice is at the core of the company’s procurement
processes and is embedded in its vendor selection process. The company recognizes
that it has a significant role to play in the management of its supply chain and will
endeavor to ensure that this policy is adhered to at each link in the chain. This code
applies to all suppliers. The provisions of the code extend to all workers, regardless of
their status or relationship with a supplier. The code therefore also applies to workers
who are engaged informally, on short-term contracts or on a part-time basis. This code
is based on the general principles contained in the Universal Declaration of Human
Rights (UNDHR), ILO Conventions and other relevant international human rights and
labor standards.

2.1 Corporate Information of R.S.S:
Corporate Head Office
Iris Noorjehan Tower
Suite # A/3 , 3rd Floor,
104 - New Kakrail Road
Dhaka 1000, Bangladesh.
Phone :+88 02 8318536
Email: info@rssbd.com
Web: www.rssbd.com
Factory Location:
Unit 1(Offset & Narrow Fabric): 1121 Eid Gah
Road,Pagar, Tongi, Gazipur, Bangladesh.
Unit 2(Woven Label): 20/1/1 Tejgaon Industrial
Area, Dhaka, Bangladesh
Phone: +88029814346
Eastern Bank Ltd-SME Unit Branch
Account No. 1141290072871
SWIFT:EBLDBDDH
Banking Partner
Brac Bank Ltd., Gulshan Branch
Account No: 1501202105158001
SWIFT CODE: BRAKBDDH
Pubali Bank Ltd., B.B. Avenue Corporate
Branch,
5, B.B. Avenue, Dhaka-1000, Bangladesh.
Account No.0106901099950.
Swift Code: PUBABDDH196.
Md. Sheikh Abdun Noor
(Chairman)
Cell No.: +88 01819274567
Email: rssdhk@yahoo.com
Sheikh Mohammad Khobir Uddin (Tuhin),
Managing Director
Cell No- +88 01973 004264; +88 01612
004265
Email: rssdhk@gmail.com
Mohammad Abu Zafar,
Director – Finance
Cell No- +8801979948888
Email:zafar.rssbd@gmail.com;
Sheikh Ali Zulfikar,
Director – Marketing
Cell No- +8801979948888; +88 01681 550330
Email: ali.rssbd@gmail.com; ali@rssbd.com
Export/Import Inquiry ali.rssbd@gmail.com export@rssbd.com
General Inquiry info@rssbd.com
Table 1: Corporate Information of R.S.S

2.2 Corporate Governance:
Corporate governance is the system by which companies are directed and controlled.
R.S.S Board of directors is responsible for the governance of the company. The
responsibilities of the board include setting the R.S.S’s strategic aims, providing the
leadership to put them into effect, supervising the management of the business and
reporting to the legal authority.
Generally corporate governance includes the board of directors and top management.
Now those in separate diagram are given below:
2.2.1 Board of Directors of RSS:
Diagram 1: Board of Director
Md. Sheikh Abdun Noor
(Chairman)
Mohammad Abu Jafor
( Director - Finance )
Sheikh Ali Zulfiqar,
( Director - Marketing )
Sheikh Mohammad
Khobir Uddin
(Managing Director)

2.2.2 Management Hierarchy of RSS:
Diagram 2: Management Hierarchy
2.3 Mission and Vision:
Like other leading thread and accessories manufacturing company in Bangladesh, RSS
has also its own mission and vision. Now the mission and vision of RSS are given
below:
Chairman
Director of
Marketing
Delivery
Incharge
Production
Manager
Admin
Manager
FSC
Manager
QC
Manager
Floor
Incharge
Director of
Finance
Head of
Purchase
Manager
BOND
Account
Officer
Payroll
Officer
Manager
Commercial
Managing
Director
AGM

2.3.1 Vision of RSS:
“To be the leading service provider in brand identification solution in Bangladesh and
the South Asian markets. We strive to be recognized as an excellent example in the
industry by offering superior quality products, competitive pricing, and unparalleled
customer service”
- According to RSS.
2.3.2 Mission of RSS:
“We add superior value to your brand by classifying your products”
- According to RSS.
2.4 Products of RSS:
RSS mainly manufactures Label, Narrow Fabric & Threads:
Diagram 3: RSS’s Products
Offset Label
Printed Label
Woven Label
Non-Woven Label

Offset Label:
Woven/Non-Woven Label:
Leather labels:
Synthetic leather:
Image 1: Paper Tag
Image 2: Leather Label

Rubber PVC labels:
Printed Labels:
Image 3: Synthetic Leather Label
Image 4: Rubber Label
Image 5: Printed Labels

Besides, Weaving & Knitting Products:
2.5 R.S.S’s Financial Performance at a Glance
Table 2: R.S.S’s Previous Financial Data
N.B: All the figures of the above table are in millions of taka.
SL. Particulars 2015(BDT) 2016(BDT) 2017(BDT)
01 Total Capital 93,592,868.23 106,124,358.333 134,258,213.7
02 Total Assets 450,964,237.29 502,359,736.14 586,069,952.83
03 Total Liabilities 212,780,042.28 239,199,112.52 249,563,892.25
04 Net Profit 144,591,326.78 157,036,265.287 202,247,846.804
05 Total Equity 336,506,060.58 263,160,623.62 336,506,060.58
06 Total Sells 670,998,202.00 683,242,967.00 722,210,782.00
06 Return on Assets(ROA)
%
32.06% 31.26% 34.50 %
Image 6: Weave and Knitted
Fabrics

2.6 Graphical Analysis of Financial Performance of RSS
All the figures of the graphs are in millions of taka in the followings.
A. Total Capital: In Millions of taka
Clustered Column Chart 1: Total Capital
B. Total Assets: In Millions of taka.
Clustered Column Chart 2: Total Assets.
0.00
20,000,000.00
40,000,000.00
60,000,000.00
80,000,000.00
100,000,000.00
120,000,000.00
140,000,000.00
160,000,000.00
2015 2016 2017
Total Capital
Total capital
0.00
100,000,000.00
200,000,000.00
300,000,000.00
400,000,000.00
500,000,000.00
600,000,000.00
700,000,000.00
2015 2016 2017
Total Assets
Total Assets

C. Total Liabilities: In Millions of taka
Clustered Column Chart 3: Total Liabilities
D.Net Profit: In Millions of taka
Clustered Column Chart 4: Net Profit.
190,000,000.00
200,000,000.00
210,000,000.00
220,000,000.00
230,000,000.00
240,000,000.00
250,000,000.00
260,000,000.00
2015 2016 2017
Total Liabilities
Total Liabilities
0.00
50,000,000.00
100,000,000.00
150,000,000.00
200,000,000.00
250,000,000.00
2015 2016 2017
Net Profit
Net Profit

2.7 Ratio Analysis:
1. Quick Ratio= (Total Current Assets – Inventory)/Current liabilities
Quick Ratio (2015) = (207,093,753.29 - 6,200,261.00) / 153,204,232.54
= 1.311 times
Quick Ratio (2016) = (225,032,382.15 - 7,315,367.00) / 170,777,816.52
= 1.275 times
Quick Ratio (2017) = (268,194,617.17 - 8,515,367.00) / 187,922,364.42
= 1.382 times
Stacked line with Markers chart 1: Quick Ratio
Interpretation: The quick ratio is an indicator of a company’s short-term liquidity, and
measures a company’s ability to meet its short-term obligations with its most liquid
assets. The higher the quick ratio, the better the company's liquidity position. But too
high is not good. We see in 2015 it is 1.311,2016 it is 1.275 and in 2017 it is
1.382.company is in very good position.
1.22
1.24
1.26
1.28
1.3
1.32
1.34
1.36
1.38
1.4
2015 2016 2017
Quick Ratio
Quick Ratio

2. Return on Total Assets (ROA) = Net Income / Total Assets
Return on Total Assets (ROA) (2015) = 144,591,326.78/450,964,237.29
= .3206 or 32.06%
= .31259 or 31.26%
= .3450 or 34.50 %
Stacked line with Markers chart 2: Return on Asset
Interpretation: In 2015 ROA is 32.06%, in 2016 it is 31.26% and in 2017 it is
34.50%.we see it is increasing and it is good for the company.
3. Return on Equity (ROE) =Net Income/Total equity
Return on Equity (ROE) (2015) = 144,591,326.78/238,184,195.01
= .6070 or 60.70%
= .5967 or 59.67%
= .6010 or 60.10%
29.00%
30.00%
31.00%
32.00%
33.00%
34.00%
35.00%
2015 2016 2017
Return on Asset
Return on Asset

Stacked line with Markers chart 3: Return on Equity
Interpretation: In 2015 ROE is 60.70%, in 2016 it is 59.67% and in 2017 it is 60.10% .
Company is in good position.
4. Net Profit Margin=Net Income/Sales
Net Profit Margin (2015) = 144,591,326.78 / 670,998,202.00
= 0.2154 or 21.54%
= 0.2298 or 22.98%
= 0.2800 or 28%
Stacked line with Markers chart 4: Net Profit Margin
59.00%
59.50%
60.00%
60.50%
61.00%
2015 2016 2017
Return on Equity
Return on Equity
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2015 2016 2017
Net Profit Margin
Net Profit Margin

Interpretation: In 2015 NPM is 21.54%, in 2016 it is 22.98% and in 2017 it is
28.00%.Company is in good situation
5. Assets Turnover=Sales/Total assets
Assets Turnover (2015) = 670,998,202.00/450,964,237.29
=1.49 Times
Assets Turnover (2016) = 683,242,967.00/502,359,736.14
=1.36 Times
Assets Turnover (2017) = 722,210,782.00/ 586,069,952.83
=1.23 Times
Stacked line with Markers chart 5: Assets Turnover
Interpretation: Asset turnover ratio measures the value of a company’s sales or
revenues generated relative to the value of its assets. In 2015 Asset turnover ratio is
1.49 times, in 2016 it is 1.36 times and in 2017 it is 1.23 times. It is decreasing.
6. Debt to Total Assets Ratio=Total debt (Non CL+CL)/Total Assets
Debt to Total Assets Ratio (2015) = (59,575,809.45 + 153,204,232.54) / 450,964,237.29
= 0.4718 or 47.18 %
0
1
2
3
4
Category 1 Category 2 Category 3
Total Assets Turnover
Total Assets Turnover

= 0.4762 or 47.62 %
= 0.4261 or 42.61 %
Stacked line with Markers chart 6: Debt to Asset Ratio
Interpretation: The debt to total assets ratio is an indicator of financial leverage. It tells
us the percentage of total assets that were financed by creditors, liabilities, debt. In
2015 Debt to total assets ratio is 47.18%, in 2016 it is 47.62% and in 2017 it is
42.61%.We see it is decreased in 2017 and it is good for the company.
40.00%
41.00%
42.00%
43.00%
44.00%
45.00%
46.00%
47.00%
48.00%
2015 2016 2017
Debt to Total Assets
Debt to Total Assets

3.0 Cost management
Cost management is the process of planning and controlling the budget of a business.
Cost management is a form of management accounting that allows a business to
predict impending expenditures to help reduce the chance of going over budget.
Many businesses employ make cost management plans for specific area, as well as for
the over-all business model. When applying it in an area, expected costs are calculated
while the job is still in the planning period and are approved beforehand. During the job
processing, all expenses are recorded and monitored to make sure they stay in line with
the cost management plan. After the job is finished, the predicted costs and actual costs
can be compared and analyzed, helping future cost management predictions and
budgets.
3.1 Cost
Cost is the expenditure required to create and sell products and services, or to acquire
assets. When sold or consumed, a cost is charged to expense. In the case of an asset,
the charge to expense could be significantly deferred. The cost concept underlies the
transition of assets from the balance sheet to expenses in the income statement.
If anyone try to make profit in business than he must have think about right price of his
product and here comes the job costing part. Job costing involves the accumulation of
the costs of materials, labor, and overhead for a specific job. This approach is an
excellent tool for tracing specific costs to individual jobs and examining them to see if
the costs can be reduced in later jobs. An alternative use is to see if any excess costs
incurred can be billed to a customer.
3.1.1 Job-Costing and Process-Costing Systems
There are two basic systems used to assign costs to products or services:
1 Job costing in a job-costing system, the cost object is an individual unit, batch, or lot
of a distinct product or service called a job.

2 Process costing in process costing, the cost object is masses of identical or similar
units of a product or service. Process costing allocates costs among all the products
manufactured during that period.
3.1.2 Cost management Strategy
When RSS starts its business then it had a very strict policy of Cost management and
still now they follow those. RSS use two types of accounting, they are financial
accounting and managerial accounting.
Financial accounting: In Financial accounting process R.S.S record, summarize and
report the myriad of transactions resulting from business operations over a period of
time. These transactions are summarized in the preparation of financial statements,
including the balance sheet, income statement and cash flow statement that
encapsulate the company's operating performance over a specified period.
Managerial accounting: In Managerial accounting process R.S.S identify, measure,
analyze, interpret and communicate information for the pursuit of their organization's
goals. This branch of accounting is also known as cost accounting. The key difference
between their managerial and financial accounting is managerial accounting information
is aimed at helping managers within the organization make decisions, while financial
accounting is aimed at providing information to parties outside the organization.
In financial accounting R.S.S follow financial reporting format. They start it by using
financial statements. From financial statements they take five main classifications of
financial data: revenues, expenses, assets, liabilities and equity. Revenues and
expenses are accounted for and reported on the income statement. Financial
accounting results in the determination of net income at the bottom of the income
statement. Assets, liabilities and equity accounts are reported on the balance sheet.
The balance sheet utilizes financial accounting to report ownership of the future
economic benefits of the company.
RSS is a manufacturing oriented business organization. So they are mainly following
product oriented costing system. Job costing is the system they follow most.

Job costing: Job costing is defined as a method of recording the costs of a
manufacturing job, rather than process. Generally, means a specific accounting
methodology used to track the expense of creating a unique product. With job costing
systems, a project manager or accountant can keep track of the cost of each job,
maintaining data which is often more relevant to the operations of the business.
3.1.3 Actual Costing and Normal Costing
Actual Costing is a job-costing system that uses actual costs to determine the cost of
individual jobs.
 Actual costing is a method of job costing that traces direct costs to a cost object
by the actual direct-cost rate(s) times the actual quantity of the direct cost
input(s)
 and allocates indirect costs using indirect costs to a cost object by using the
actual indirect-cost rate(s) times the object by using the actual indirect-cost
rate(s) times the actual quantity of the cost allocation base
Normal Costing allocates indirect costs based on the budgeted indirect-cost rate(s)
times the actual quantity of the cost allocation base(s).
3.1.4 Cost control
Cost control is the practice of identifying and reducing business expenses to increase
profits, and it starts with the budgeting process. A business owner compares actual
results to the budget expectations, and if actual costs are higher than planned,
management takes action. As an example, a company can obtain bids from other
vendors that provide the same product or service, which can lower costs.
Benchmark: Standard, or a set of standards, used as a point of reference for
evaluating performance or level of quality. Benchmarks may be drawn from a firm's own
experience, from the experience of other firms in the industry, or from legal
requirements such as environmental regulations.

Budget: A budget is an estimation of revenue and expenses over a specified future
period of time; it is compiled and re-evaluated on a periodic basis. Budgets can be
made for a person, a family, a group of people, a business, a government, a country, a
multinational organization or just about anything else that makes and spends money.
Among companies and organizations, a budget is an internal tool used by management
and is often not required for reporting by external parties.
Internal Audit: An internal audit is the examination, monitoring and analysis of activities
related to a company's operations, including its business structure, employee behavior
and information systems. Audits are important components of a company's risk
management as they help to identify issues before they become substantial problems,
such as attempts to steal intellectual property.
Building-Block Concepts of Costing Systems
The following five terms constitute the building blocks that will be used in this chapter:
1. A cost object is anything for which a separate measurement of costs is desired.
2. Direct costs of a cost object are costs that are related to the particular cost object and
can be traced to it to the particular cost object and can be traced to it in an economically
feasible way.
3. Indirect costs of a cost object are costs that are related to the particular cost object
but cannot be traced to it in an economically feasible way.
4. Cost pool is a grouping of individual cost items.
5. Cost allocation base is a factor that is the common denominator for systematically
linking an indirect cost or group of indirect costs to a cost object.
3.1.5 The following seven-step approach is used to assign actual costs to
individual jobs
a) Identify the chosen cost object(s).b) Identify the direct costs of the job. c) Select the
cost-allocation base(s).d) Identify the indirect costs associated with each cost-allocation

base. e) Compute the rate per unit of each cost-allocation base used to allocate indirect
costs to the job. f) Compute the indirect costs allocated to the job. g) Compute the cost
of the job by adding all direct and indirect costs assigned to it.
Cost Pool: A cost pool is a grouping of individual indirect cost items. Cost pools can
range from broad, such as all manufacturing plant costs, to narrow, such as the costs of
operating metal-cutting machines. Cost pool are often organized in conjunction with cost
allocation basis.
Cost object: Anything for which a measurement of costs is desired. For example, a
product, such as an iMac computer, or a service, such as the cost of repairing an I Mack
computer.
Direct costs of a cost object: costs related to a particular cost object that can be
traced to that cost object in an economically feasible (cost-effective) way. For example:
the cost of purchasing the main computer board or the cost of parts used to make an
iMac computer. Costs can be traced because making more computers directly causes
more computer board costs to be incurred.
Indirect costs of a cost object: Costs related to a particular cost object that cannot be
traced to that cost object in an economically feasible (cost effective) way. For example,
the costs of supervisors who oversee multiple products, one of which is the iMac, or the
rent paid for the repair facility that repairs many different Apple computer products
besides the iMac. Indirect costs are allocated to the cost object using a cost-allocation
method.

3.2 Process of cost management in RSS
Diagram 4: Process of cost management in R.S.S
3.2.1 Cost Estimating
Cost estimating is the process of assembling and predicting costs of a project over its
life cycle. It encompasses the three phases included in the initial function chart; namely,
economic evaluation, project investment cost and cost forecasting.
3.2.2 Cost Budgeting
The cost budgeting process is one of establishing budgets, standards and a monitoring
system by which the investment cost of the project can be measured and managed.
This process is the planning phase once project approval is obtained. It includes all of
Cost Estimating and
Forecasting
Cost Budgeting
Cost Controls
Cost Applications

the accounting functions required to establish procedures and systems to monitor the
project.
3.2.3 Cost Controls
Although the control function appears in all of the Project Management function charts,
the activities associated with each are not universal and hence the term Cost Control is
used to differentiate from the other functions. The process of cost control is the
gathering, accumulating, analyzing, monitoring, reporting and managing the costs on an
ongoing basis.
3.2.4 Cost Applications
This is the process level associated with special applications of cost techniques that are
not included in the other cost processes. It also includes associated topics that affect
cost management such as computer applications, value analysis, etc.
3.3 Objective of cost management in RSS
 To increase total sales.
 To increase profits.
 To meet increasing Competition.
3.3.1 Cost management –the key areas RSS always consider:
 Analyzing the Current Situation Using Financial Analysis.
 Maintain Different types of cost pull.
 Monitoring Actual cost and budgeted/normal cost.

3.4 R.S.S recent cost management situation
R.S.S- Actual cost and documented cost
August 2017 to November 2017
Details: Total cost Amount (bdt) Amount (bdt) Details:
Documented cost
August 31 Balance
September 30 Balance
October 31 Balance
November 31 Balance
9,22,806.25
8,34,628.32
11,46,453.54
7,95,431.32
5,22,806.25
6,55,478.32
9,96,453.54
5,45,431.32
August
Documentation
September
Documentation
October
Documentation
November
Documentation
Table 3: RSS’s Actual cost and Documented cost Situation of Four Months in 2017
The above given statement of RSS Actual cost and Documented cost from August 2017
to November 2017 (Collected from R.S.S) is clearly showing the amount of total Actual
cost (9,22,806.25+8,34,628.32+11,46,453.54+7,95,431.32 = 33,70,169.43) and total
Documentation (5,22,806.25+6,55,478.32+9,96,453.54+5,45,431.32= 27,20,169.43).
So (Total Actual cost 33, 70,169.43- total Documentation 27, 20,169.43 = Total
uncollected amount 6, 50,000) that means the percentage of differences between actual
and documented cost in R.S.S is (6, 50,000/3370169.43= .1929 or, 19.29%) 19.29%.

Chapter -4
Actual task part

4.0 Internship Experience:
I joined in RSS Thread and Accessories Limited on 5th September 2017 to work for
three months as an intern (from 5th September, 2017 to 10th December, 2017). First day
I reached there at 8.30’O clock and reported to manager who introduced about the
functioning of the office and all staff. During these three months I was facilitated by
R.S.S’s transport system for little time. I worked in different sections to learn the
maximum practices of R.S.S Thread and Accessories Limited.
First of all, I worked in different sections of Commercial Department of R.S.S Thread
and Accessories Limited. Here I worked with export processes and also with accounts
activity. This is a very interesting because here I experienced different commercial
activities from LC process to realization. Most importantly, in R.S.S I was attached with
the following two amazing people especially Abul Kalam Azad (Sir); who had good
command on this commercial and Finance department:
Therefore in commercial department, I have learned the following things by
working as an intern in RSS Thread and Accessories Limited:
Image 7: Abul Kalam Azad (Manager-
Commercial & Finance Dept.)
Image 8: Md Muzahid-ul-Islam (tareq) (Sr.
Executive HR & Admin)

4.1 Indirect Learning
 Organizational Culture
The values and behaviors that contribute to the unique social and psychological
environment of an organization. R.S.S organizational culture is very well
furnished. They maintain every rules and regulation of their organization very
strictly.
Image 9: while working Image 10: In front of organization
 How to behave with colleagues
In my internship period I learn how to behave with colleagues. I learned if I want
to behave good with colleagues than I should come in on time, take reasonable
lunches/breaks, and don't leave early. Talk with every colleagues and do not
blame others for personal issues. Make sure to dress presentably. It is better to

be slightly over dressed than under dressed in most situations. Always, try to be
punctual in meeting.
 How to behave with client
In my internship period I learnt that, I should behave professionally to have a
successful career. I can behave professionally by arriving to work prepared,
having good morals, and honing my skills and always try to give the highest
respect to the client.
 How to behave with clients in a challenging situation
Always we should keep calm in challenging situation and listen to the client
objection. Solve the client problem as early as possible
 Time Management
Good organizational and time management skills are always helpful to any
people. It is an essential skill for the workplace.
4.1.1Direct Learning:
 I learned about R.S.S cost management.
 I learned about the BSCI Audit.
 I learned about the salary sheet making process.
 I learned about LC process used for import and export purpose in RSS.
 I worked to know SWIFT fields.
 I learned about the UCP, Incoterms.
 I worked with PI (Pro forma Invoice)
 I learned about the CI (Commercial Invoice)
 I learned about how to handle Amendment.
 I worked to know CHALAN making for Documentation.
 I worked to know some statement making like consumption sheet and
checking TTI.

4.2 Different Aspects of My Job Performance:
Now I will try to give some details of my learning that I have already mentioned
above in RSS with real snaps (collected from RSS commercial department) in the
following:
4.2.1 UCP Latest Version (600, 2007):
Very first day of my internship I have learned about the UCP latest version because
AGM of RSS, Abul Kalam Azad sir (basically under whom mainly I have done internship
in RSS) wanted to teach me the LC process from very root.
Actually UCP is the short form of Uniform Customs and Practice for Documentary
Credits and the set of international rules that govern the letter of credit (LC) transactions
throughout the world. Latest version of UCP is UCP-600.
4.2.2 BSCI Audit
After learning about UCP I work in process of BSCI audit. R.S.S Thread And
Accessories LTD try to get the certificate from BSCI, so they arrange this Audit.
The Business Social Compliance Initiative (BSCI) Monitoring System is the European
approach to improving social performance in supplier countries through a uniform social
standards monitoring solution.

Snap 1: BSCI Checklist

4.2.3 Salary Report
I have learned to make Salary Report. Below I gave the snap of salary Report.
Snap 2 : Salary Report

4.2.4 SWIFT Fields for Standard LC Format:
I have also learned about the SWIFT fields. It is very important to know and even
memorize the fields to handle the export and import activities. Most letters of credit are
issued by electronic means. The following is a list of the fields in a SWIFT format. Only
a few fields are mandatory; most are optional and depend on the nature of the
transaction. The fields are like:
27 Sequence # (Page number within th4e total sequence)
40A Form of Documentary Credit (Irrevocable or Revocable)
20 Issuing bank’s reference number
31C Date of issue
50 Applicants
59 Beneficiaries
32B Currency code and amount
44C Latest date of shipment
45A Description of goods and/or services
47A Additional conditions
4.2.5 Incoterms:
After learning about the SWIFT fields, I have learned through working about the
Incoterms. In Incoterms there have rules which considered as the daily language of
trade. Generally Incoterms are trade terms or laws published by the International
Chamber of Commerce (ICC) that are commonly used in both in import and export.
Although there have so many chart of Incoterms with different years but rules are
same just 11 according to ICC Business Bookstore. Now a widely used Chart
Incoterms-2010 are given below which I have learned in RSS:

Snap 3: Incoterms 2010

4.2.6 L/C Process (Real example used both in Export and Import in
RSS):
After working on those, I have worked with the real PI and LC which has been used for
export (RSS’s Product) and import (Raw Material and machinery) purpose in RSS.
As for example in case of RSS Export, Suppose an importer or buyer first sent s a PO
(Purchase Order) to RSS (Exporter), after receiving the PO RSS sent the PI (Pro forma
Invoice) to importer, now after receiving the PI the importer prepares and apply for LC
open in their commercial bank and sent the LC through commercial department to the
(RSS) exporter bank. Now the RSS bank that means the exporter bank sometime check
sometime directly sent the LC to the RSS (Exporter). Finally after auditing the LC, RSS
(Exporter) sent the BOE to the importers bank and prepare for purchase to produce the
product according to the importer demand. In case of Import the opposite things just
happen.
Now some real snaps are given below used in RSS Export: Pro forma Invoice of $
5115.27 sent by RSS to M/ S. Sweater Tech Ltd. after receiving the PO:
Snap 4: P I (Pro forma Invoice)
Invoice)

After receiving the above PI, M/ S. Sweater Tech Ltd applies for opening LC to their
listed commercial bank and sent the LC to the RSS listed commercial bank through
commercial department and then RSS collects the LC from their bank.
Snap of the example are given below: Original copy of a L/C which is sent to RSS
from M/ S. Sweater Tech Ltd. Total Amount $5115.27. First RSS get this kind of L/C
paper and then RSS submitted some documents to the indicated bank like BOE.
Snap 5: LC page no 1 used in RSS for Export purpose

Now some real snaps are given below in case of RSS Import:
Pro forma Invoice of $ 35,430.00 sent by Indoroma Import and Export Company Ltd. to
RSS after receiving the Pro forma:
Snap 6: PI sent by exporter to RSS.

After receiving the above PI, RSS Ltd. applies for opening LC to their listed commercial
bank and sent the LC to the Indorma Import and Export Company Ltd listed commercial
bank through commercial department and they collect the LC from their bank.
Snap of the example are given below: Original copy of a L/C which is sent to Indoroma
Import and Export Company Ltd from RSS. First the exporter company receives this
kind of L/C paper and then submitted some documents to the indicated bank like BOE
and also sent the CI
Snap 7: LC page no 1 used for RSS import purpose

Snap: 8 CI (Commercial Invoice).
After working sometime on the export, import process which includes UCP, SWIFT
fields, Incoterms, PI, CI, LC. I have worked to know about BOE, Amendment and also
making ‘Challan’ for custom purpose, consumption sheet in excel statement of UP LC,
Now some real snaps of those which I have also collected from RSS are given below

Snap 9: BOE (bill of exchange)
Snap 10: Amendment page no 1 from Norp. Knit Ltd

4.2.7 Delivery Report:
I also made Delivery report in RSS in hard copy and soft copy for 6 months for
documentation and also custom used purpose.
Snap 11: Delivery Report

4.3 Other Jobs
Presentation on Offset printing and Packaging: Finally, in the end of my internship
period they asked the internship students to make a presentation about R.S.S Offset Printing &
Packaging (Output Analysis of May, 17-October, 17) this is the presentation.
Snap 12: Presentation on Offset Printing & Packaging

Chapter-5
Research Part

5.0 Problem statement:
The focus of the research is designed to analysis the problematic areas of the
cost management and its current situation.
5.1 Project Timeline:
To prepare this project report I had to spend total one month. The project
activities have shown in the following:
Description of Activities Week -1 Week- 2 Week -3 Week-4
Develop the Research Plan
Developed the Hypothesis
Conduct Survey Research
Data Analysis and Interpretation
Table 4: Gantt chart for Project Timeline
5.2 Budget Information:
In the internship period from 5th September, 2017 to 10th December, 2017 in this three
months, I had to spend this amount of money shown in the below-
Table 5: Budget Information
Name Taka
Transportation Cost (2) Monthly 900 (30tk * 30days) 1,800
Lunch (2) Monthly 2400 (80tk * 30days) 4,800
Printing (2 )Times (One for Study and Another for Submission
Purpose)
500
Others 200
Total 7,300

5.3 Research Methodology:
The study requires a systematic procedure from selection of the topic to preparation of
the final report. To perform the study, the data source were to be identified and
collected, classified, analyzed, interpreted in a systematic manner and key points were
to be found out. The overall process of methodology has been given as bellow:-
Data Sources:
Primary Data:
 The primary data has been collected from survey through the questionnaire
structure. This questionnaire structure has been solved face to face interview
with the selected sample.
Secondary Data:
 For this survey I do not use any secondary data. But I have used some
statistical tools for analyzing the result.
5.3.1 Population and Sampling Method:
 Population: Population of my study is the existing and active Top level
managers, employee and operating level managers, workers, of R.S.S Thread
and Accessories Ltd. Total population is 160.
And, Sampling Method
 Sampling Method: Probability Sampling (Simple Random Sampling). A total of
35 Top level managers, employee and operating level managers, workers, have
been selected randomly.
(Probability sampling is one in which every unit in the population has a chance (greater
than zero) of being selected in the sample. Besides probability sampling includes simple
random sampling, systematic sampling etc. but I selected simple random sampling in
which each member of my population had an equal chance of being included in the
sample).

5.3.2 Research Approach:
 Research Approach : Quantitative (Statistical Test Base)
(I have used quantitative research approach because it is most commonly used
by the students like me where I have conducted my research by questionnaire
survey, observation and structure interviews).
5.3.3 Research Philosophy:
The research philosophy is very important part of research which refers to the belief
about the way in which data about the research should be gathered. This research is
based on positivism philosophy where transparency of my research has been ensured
through usages of true sense to make reproduction of information. The positivism
philosophy mainly employs scientific tools and techniques or statistical tools to extract
information from observation, survey or, interviews. The research philosophy that
stands against my research philosophy is anti-positivism philosophy which prefers not to
use statistical tools. Moreover according to the positivism research philosophy I have
used statistical tools to generate numeric information from questionnaire survey,
observation and structured interviews.
5.3.4 Type of Research:
 Type of research: Descriptive(Exploratory)
(Descriptive type of research is a research in which I have used questionnaire
survey to collect specific data from specific group of people (Top level managers,
employee and operating level managers, workers)).
5.3.5 Method of Data Collection:
 Data Collection Method: Questionnaire Survey.
(It’s a set of question presented to the top level managers, employee and
operating level managers, workers of R.S.S for their responses besides it is best
suited for descriptive research).

5.3.6 Data Analysis:
 Result Findings: MS Word, MS Excel and some Statistical Tools to gain
meaningful conclusion.
 Hypotheses Test: Z test (since sample size is more than 30)
The following formula has been followed:
We know that,
Z test (One Tailed Z Test) =
Where,
µ = Mean Value
n = Sample Size
σ = Standard Deviation
X = Average.
5.4 Hypothesis Scale (Likert):
To analysis the data a 5 point Likert scale has been used which was developed by
Rensis Likert where 1 stands for highly disagreed respondents, 2 stands for only
disagreed respondents, 3 stands for the neural respondents, 4 stands for agreed
respondents, and 5 stands for highly agreed respondents.
Opinion Weight
Strongly Disagree 1
Disagree 2
Neither Agree nor Disagree 3
Agree 4
Strongly Agree 5
Table 6: Five Points Likert Scale.
n
X
/


5.5 Research Limitations:
The main limitations of this research are:
 Time limitation.
 The data obtained in some cases may be biased.
 The information obtained from the top level managers, employee and operating
level managers, workers of R.S.S based on questionnaire survey was assumed
to be factual.
 Since the survey is based on probability sampling method, it does not disclose
the opinion of the entire top level managers, employee and operating level
managers, workers of R.S.S.
Analysis, Findings and Recommendations
5.6 Hypothesis Development (Close Ended Hypothesis):
List of Hypothesis: With a view to fulfill the research some relevant hypothesis has
been formulated for this study:
1. HA: R.S.S have cost control plan.
2. HA: R.S.S establishes Bench Mark for cost controlling of different cost pool.
3. HA: R.S.S management maintains a complicated internal Auditing process for
cost controlling.
4. HA: R.S.S’s top management regularly communicates with operating level
management during the process of budgeting.
5. HA: Cost management strategy is clearly/well defined and understood by relevant
functional division in R.S.S.
6. HA: Any change in budgeting and costing method is difficult to be aligned with
company’s (R.S.S) cost management strategy.

5.7 Hypothesis Testing:
Table 7: Hypothesis Testing
Source: Questionnaire Survey
Liker Scale H1 H2 H3 H4 H5 H6
1= Strongly
disagree
3 6 4 0 1 1
2=Disagree 5 5 6 4 2 2
3= Neither Agree
nor Disagree
4 2 3 6 4 4
4= Agree 10 14 7 10 11 8
5= Strongly agree 13 8 15 15 17 20
Total 130 118 128 141 146 149
Average 3.71 3.37 3.65 4.03 4.17 4.26
Standard Deviation 1.32 1.41 1.45 1.02 1.03 1.05
Z-test value 5.42 3.65 4.69 8.81 9.95 11.32

5.8 Graphical Interpretation:
Hypothesis- 1
Ho: R.S.S does not have cost control plan.
HA: R.S.S have cost control plan.
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 3.71
σ = 1.32
Z Cal = (X – μ)/ (σ/√n) = 5.42
At 5% level of significance, follows Z distribution Z 0.05 = 1.645
Since Z Cal > Z Tab, the null hypothesis is rejected. So at 5% level of significance, it can
be said that R.S.S have cost control plan.
In 5 point scale the mean value is 2.5
Exploded 3D Pie Chart 1: Respondents view towards R.S.S have cost control plan.
Interpretation: Around 66% respondents had identified that R.S.S have cost control
plan.
9%
14%
11%
29%
37%
Hypothesis:1
Strongly Disagree
Disgree
Neither Agree nor Disagree
Agree
Strongly Agree

Hypothesis no.02
HO: R.S.S does not establish Bench Mark for cost controlling of different cost pool.
HA: R.S.S establishes Bench Mark for cost controlling of different cost pool.
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 3.37
σ = 1.41
Z Cal = ( X – μ)/ (σ/√n) = 3.65
Since Z Cal > Z Tab, the null hypothesis is not acceptable. So at 5% level of significance, it
can be said that R.S.S establishes Bench Mark for cost controlling of different cost pool.
Exploded 3D Pie Chart 2: Respondents view towards R.S.S establishes Bench Mark for cost
controlling of different cost pool
Interpretation: Around 63% respondents had identified that R.S.S establishes Bench
Mark for cost controlling of different cost pool
17%
14%
6%
40%
23%
Hypothesis: 2
Strongly Disagree
Disgree
Agree
Strongly Agree

Hypothesis no.03
Ho: R.S.S management does not maintain a complicated internal Auditing process for
cost controlling.
HA: R.S.S management maintains a complicated internal Auditing process for cost
controlling.
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 3.65
σ = 1.45
Z Cal = ( X – μ)/ (σ/√n) = 4.69
Since Z Cal > Z Tab, the null hypothesis is rejected. So at 5% level of significance, it can
be said that R.S.S management maintains a complicated internal Auditing process for
cost controlling.
Exploded 3D Pie Chart 3: Respondents view towards R.S.S management maintains a complicated
internal Auditing process for cost controlling.
11%
17%
9%
20%
43%
Hypothesis: 3
Strongly Disagree
Disgree
Agree
Strongly Agree

Interpretation: Around 63% respondents had identified that RSS management
maintains a complicated internal Auditing process for cost controlling.
Hypothesis no.04
Ho: R.S.S’s top management does not regularly communicate with operating level
management during the process of budgeting.
HA: R.S.S’s top management regularly communicates with operating level management
during the process of budgeting.
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 4.03
σ = 1.02
Z Cal = ( X – μ)/ (σ/√n) = 8.81
Since Z Cal > Z Tab, the null hypothesis is not acceptable. So at 5% level of significance, it can be
said that R.S.S’s top management regularly communicates with operating level management
Exploded 3D Pie Chart 4: Respondents view towards R.S.S’s top management regularly
communicates with operating level management during the process of budgeting.
0%
11%
17%
29%
43%
Hypothesis: 4
Strongly Disagree
Disgree
Agree
Strongly Agree

Interpretation: Around 72% respondents had identified that R.S.S’s top management
regularly communicates with operating level management during the process of
budgeting.
Hypothesis- 5
Ho: Cost management strategy is not clearly/well defined and understood by relevant
HA: Cost management strategy is clearly/well defined and understood by relevant
functional division in R.S.S
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 4.17
σ = 1.03
Z Cal = ( X – μ)/ (σ/√n) = 9.59
Since Z Cal > Z Tab, the null hypothesis is rejected. So at 5% level of significance, it can be said
that Cost management strategy is clearly/well defined and understood by relevant functional
division R.S.S.
3% 6%
11%
31%
49%
Hypothesis: 5
Strongly Disagree
Disgree
Agree
Strongly Agree

Exploded 3D Pie Chart 5: Respondents view towards Cost management strategy is clearly/well
defined and understood by relevant functional division in R.S.S
Interpretation: Around 80% respondents had identified that Cost management strategy
is clearly/well defined and understood by relevant functional division in R.S.S.
Hypothesis no.06
Ho: Any change in budgeting and costing method is not difficult to be aligned with
HA: Any change in budgeting and costing method is difficult to be aligned with
HO: μ = 2.5
HA: μ > 2.5
n = 35
Here X = 4.26
σ = 1.05
Z Cal = ( X – μ)/ (σ/√n) = 11.32
Since Z Cal > Z Tab, the null hypothesis is not acceptable. So at 5% level of significance, it
can be said that any change in budgeting and costing method is difficult to be aligned
with company’s (R.S.S) cost management strategy.
3% 6%
11%
23%57%
Hypothesis: 6
Strongly Disagree
Disgree
Agree
Strongly Agree

Exploded 3D Pie Chart 6: Respondents view towards any change in budgeting and costing
method is difficult to be aligned with company’s (R.S.S) cost management strategy.
Interpretation: Around 80% respondents had identified that any change in budgeting
and costing method is difficult to be aligned with company’s (R.S.S) cost management
strategy.

5.9 Findings:
1. R.S.S have cost control plan. In this hypothesis 37% of respondent are strongly
agreed, 29% are agreed, 11% respondents are neither agreed nor disagreed and
14% respondents are disagreed and 9% respondents are strongly disagreed.
(Hypothesis no.01)
2. R.S.S stablishes Bench Mark for cost controlling of different cost pool. In
this hypothesis 23% of respondent are strongly agreed, 40% are agreed, 6%
respondents are neither agreed nor disagreed and 14% respondents are
disagreed and 17% respondents are strongly disagreed. (Hypothesis no.02)
3. R.S.S’s management maintains a complicated internal Auditing process for
cost controlling. In this hypothesis 43% of respondent are strongly agreed, 20%
are agreed, 9% respondents are neither agreed nor disagreed and 17%
respondents are disagreed and 11% respondents are strongly
disagreed.(Hypothesis no.03)
4. R.S.S’s top management regularly communicates with operating level
management during the process of budgeting. In this hypothesis 43% of
respondent are strongly agreed, 29% are agreed, 17% respondents are neither
agreed nor disagreed and 11% respondents are disagreed and 0% respondents
are strongly disagreed.( Hypothesis no.04)
5. Cost management strategy is clearly/well defined and understood by
relevant functional division in R.S.S. In this hypothesis 49% of respondent are
strongly agreed, 31% are agreed, 11% respondents are neither agreed nor
disagreed and 6% respondents are disagreed and 3% respondents are strongly
disagreed.( Hypothesis no.05)
6. Any change in budgeting and costing method is difficult to be aligned with
company’s (R.S.S) cost management strategy. In this hypothesis 57% of
respondent are strongly agreed, 23% are agreed, 11% respondents are neither
agreed nor disagreed and 6% respondents are disagreed and 3% respondents
are strongly disagreed.( Hypothesis no.06)

5.10 Recommendation:
 It is good for the company that cost control plan is existing. But they should
consider a regular update of cost control plan.
 R.S.S should keep in mind that bench mark can be changed based on time and
situation. So it has to be revised every year and update accordingly.
 In here almost 63% managers are agreed to their complicated internal auditing
system. R.S.S should make a digital inventory tracking system to make easier
auditing and can resolve this issue.
 As the operating level management influence the budget through the top
management, so operation level management should train regarding the
operation management and strategies.
 R.S.S uses a simple cost management so it is easier for them to make everyone
understand about it. They should use simple strategy in future too and an
updated cost management training should be arranged for the functional division.
 R.S.S mainly follows international business, and in here cost is fixed from the
very beginning. Sometimes they need to change some issue for client
requirement. So they should develop a contingency cost plan to fulfill the sudden
client need.

Chapter -6
Concluding Part

6.0 Conclusion:
I have completed my Practicum report successfully by the grace of Allah. Intern is an
important and essential part of education as through this way I have learned all the
implementations of the processes which I have studied theoretically. It gives me an
opportunity to compare the theoretical knowledge with practical facts and thus develop
my knowledge and skills.
Organizational Internship sends me to the expected destiny of practical life. The
completion of the three months Internship at R.S.S Thread and Accessories Limited, I
conducted my research on “An analysis on Cost management of R.S.S Thread and
Accessories Limited”. Every company should have a good Cost management process.
R.S.S follows a process that has four step they are, Cost estimating and forecasting,
Cost budgeting, Cost Controls, Cost applications.
R.S.S Thread and Accessories Limited established to become a leading company in
Bangladesh. It is a new generation organization with latest machinery. It is committed to
provide high quality products to contribute to the growth of GDP of the industrialization,
boosting up export, creating employment opportunity for the educated youth, rising
standard of living of limited income group and overall sustainable socio-economic
development of Bangladesh.
The company vision to be the leading service provider in brand identification solution in
Bangladesh and the South Asian markets. R.S.S strive to be recognized as an excellent
example in the industry by offering superior quality products, competitive pricing, and
unparalleled customer service. It is now one of the top most profitable private sector
Industrial sectors.
In the internship period I noticed that accessories companies demand is increasing day
by day. But I have found some problem to cost management and I have done the
research and I have given some recommendations to recover few problems. By this

way I conclude my report on “An analysis on cost management of R.S.S Thread and
Accessories Limited.”
And at the end of my realization I say that practicum internee program in R.S.S has
prepared me as a challenging person for the job market and will guide to my future.

6.1 References (Format: Harvard Reference Format)
 R.S.S Thread & Accessories Ltd., about, http://rssbd.com/, Retrieved October
18th, 2017.
 Brigham Eugene F & Houston Joel F, (2004), Fundamental of financial
management, 10th edition,Thomson learning.
 Horngren Charles T & others, (2009), Cost accounting-A managerial emphasis,
13th edition,Pearson education inc.
 Ivancevich, John M., and Steven J. Skinner, (2003), “Business for the 21st
Century”, 12th edition, Richard D. Irwin.
 Zikmund, G. William, (2010), Business Research Methods, 8th edition, Cengage
Learning, Chicago: Dryden Press.
 Gupta.D.S.P., Gupta.D.M.P,(2008),”Business Statistics”,8th edition, Educational
publishers New Delhi.
 Kieso Donald E & others, (2009), Accounting Principles, 9th edition, George
Hoffman.
 Madhura Jeff, (2010), International financial management, 11th edition, Cengage
Learning.
 Investopidia,cost, https://strategiccfo.com/job-costing/, Retrieved November 25th
2017.
 Business dictionary,
http://www.businessdictionary.com/definition/benchmark.html, benchmark,
Retrieved November 25th 2017

6.2 Bibliography
 R.S.S Thread & Accessories Ltd., about, http://rssbd.com/, Retrieved October
18th, 2017.
 Brigham Eugene F & Houston Joel F, (2004), Fundamental of financial
management, 10th edition,Thomson learning.
 Horngren Charles T & others, (2009), Cost accounting-A managerial emphasis,
13th edition,Pearson education inc.
 Ivancevich, John M., and Steven J. Skinner, (2003), “Business for the 21st
Century”, 12th edition, Richard D. Irwin.
 Zikmund, G. William, (2010), Business Research Methods, 8th edition, Cengage
Learning, Chicago: Dryden Press.
 Gupta.D.S.P., Gupta.D.M.P,(2008),”Business Statistics”,8th edition, Educational
publishers New Delhi.
 Kieso Donald E & others, (2009), Accounting Principles, 9th edition, George
Hoffman.
 Madhura Jeff, (2010), International financial management, 11th edition, Cengage
Learning.
 Investopidia,cost, https://strategiccfo.com/job-costing/, Retrieved November 25th
2017.
 Businessdictionary,http://www.businessdictionary.com/definition/benchmark.html,
benchmark, Retrieved November 25th 2017

Appendix A:
6.3 Abbreviations
SWIFT – Society for Worldwide Interbank Financial Telecommunication.
BSCI- Business Social Compliance Initiative
PI – Pro forma Invoice
CI - Commercial Invoice
COC - Chain-of-Custody
PO- Pro forma Order
L/C- Letter of Credit
TTI- Total Tax Incidence
ROA- Return on Asset
ROE- Return on Equity
UCP- Uniform Custom and Practice
RSS- Really Simple Sourcing
BGAPMEA- Bangladesh Garments Accessories and Packaging Manufacturing and
Export Association

Appendix B
6.4 Survey Questionnaires
Sir,
I am Istiak Ahmed Abir, student of BBA; from IUBAT (International University of
Agriculture and Technology). I am conducting a report on topic, “An analysis on cost
Management of R.S.S Thread and Accessories Limited”
For – (BUS-490): Practicum course. I need your valuable opinion. Let me assure you
that all the information provided by you will be used only for academic purpose and kept
under strict secrecy.
Information of Respondents:
Name:
Gender: □ Male □ Female
Age: □ 20 – 25 Years □ 26 – 45 Years □ More than 45 Years
Occupation: Gmail / Mobile No:
1. R.S.S have cost control plan.
1) Strongly disagree
2) Disagree
3) Neither Agree nor Disagree
4) Agree
5) Strongly Agree
2. R.S.S establishes Bench Mark for cost controlling of different cost pool.

2) Disagree
4) Agree
5) Strongly Agree
3. R.S.S management maintains a complicated internal Auditing process for cost
controlling.
2) Disagree
4) Agree
5) Strongly Agree
4. R.S.S’s top management regularly communicates with operating level management
2) Disagree
4) Agree
5) Strongly Agree
5. Cost management strategy is clearly/well defined and understood by relevant
2) Disagree
4) Agree
5) Strongly Agree

6. Any change in budgeting and costing method is difficult to be aligned with company’s
(R.S.S) cost management strategy.
2) Disagree
4) Agree
5) Strongly Agree
------- End -------

Cost Management Strategies of RSS Thread and Accessories

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