Application of Material Flow Cost Accounting to Soybean Oil Production Process: A Systematic Review

Ayotola Joel, Mishelle Doorasamy and Gbenga Wilfred Akinola

Journal of Accounting and Finance in Emerging Economies, 2024, vol. 10, issue 2, 165-176

Abstract: Purpose –This study aims to provide an in-depth review of the application of the material flow cost accounting (MFCA) technique. It also provides a detailed account of how the technique can be applied in soybean oil processing, emphasizing its significance, key components, and potential benefits.Methodology - This paper adopts the literature review approach to explain the impact of applying the MFCA technique to the soybean oil production process. It provides insights into how MFCA can be effectively applied and implemented in this context. It aims to identify and quantify the environmental and economic costs associated with material usage, waste generation and management, and energy consumption.Findings - When applied to soybean oil production, MFCA provides insights into process efficiency, waste reduction opportunities and potential cost savings. It is concluded that applying the MFCA technique to the soybean oil production process will bring about cost reduction, waste reduction and environmental sustainability.Implications – The study’s scope and focus did not include a practical application of the MFCA technique to the soybean oil production process. However, if all the steps discussed in this study are diligently followed, it is believed that the technique can be successfully applied in soybean oil production.Originality – The study provides an original insight into the application of the MFCA technique, which is yet to be done to the best of the researchers’ knowledge.

Keywords: Material flow cost accounting; Soybean oil; Soybean oil production process; Waste reduction; cost reduction (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
https://publishing.globalcsrc.org/ojs/index.php/jafee/article/view/2939/1739 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:src:jafeec:v:10:y:2024:i:2:p:165-176

DOI: 10.26710/jafee.v10i2.2939

Access Statistics for this article

More articles in Journal of Accounting and Finance in Emerging Economies from CSRC Publishing, Center for Sustainability Research and Consultancy Pakistan Contact information at EDIRC.
Bibliographic data for series maintained by Rabia Rasheed ().