Department of Accounting organized a visit to Outpace Spinning Mills Limited

Department of Accounting organized a visit to Outpace Spinning Mills Limited

Process costing is an imperative part for students learning cost accounting in their advance level of erudition process of cost and management accounting knowledge. Therefore, acquaintances of production process of a manufacturing firm that follow process costing become necessary for the students. To address this thrust, Department of Accounting organized a factory visit on 27th November, 2010 for its students to Outpace Spinning Mills Limited, Sreepur, Gazipur. Outpace Spinning Mills Limited is engaged in production and sale of cotton yarn with an emphasis on the production of 100 % cotton combed & carded yarn. To cope with the pace in harmony of modern textile world, Outpace Spinning Mills Limited is equipped with the world’s state of the art machinery and technology, which allow them to produce high quality cotton yarns with a capacity of 17 tons per day. The visit aimed to observe the production process of a spinning mill. However, the students also observed very closely the inventory management system, different phases of production process or cost flow process, supply chain, quality control and compliance, energy and power plant, process of production budget, process of cost accumulation under different cost center and process of preparing production cost report.  The Department of Accounting would like to convey its profound thanks and appreciation to the management of Outpace Spinning Mills Limited for providing full support and cooperation to make the visit successful and productive. Particularly, we like to thank Engr. Razeeb Haider, Managing Director, Outpace Shinning Mills Limited who personally explained all the phases of the factory to our student in details. Our appreciation and thanks also goes to Mr. Saiedur Rahaman, Special Assistant, Department of Computer Science, AIUB who facilitated the tour in a fruitful way.  The students were accompanied on the visit by Mr. Md. Zakaria Masud, Assistant Professor and Head, Department of Accounting, FBA, AIUB.