Volume: 21, Issue: 1

Page: 32-41
International Journal of Science and Business
2023
Journal homepage: ijsab.com/ijsb

Break-Even Analysis of Square Textile

Limited: An Empirical Study
Dr. Md. Rouf Biswas, Jobayra Afsana & Sk. Mahrufur Rahman

Abstract
Break-even point is the point at which company brings the same amount of
money need to cover expenses and run the business. At this point, business
does not have a profit and it also does not have a loss. The main objective of
this paper is to analysis the break-even point of Square Textile Limited during
the financial year 2015-2016 to 2019-2020. Data have been collected from
both primary and secondary sources. Mainly secondary data have been used
to analyze the break-even of the company. Various statistical tools like mean,
standard deviation, coefficient of variation (CV), variance, compound annual IJSB
growth rate (CAGR), index number, correlation analysis and test of Accepted 12 February 2023
Published 17 February 2023
hypothesis have been used to analyze the collected data. Various component DOI: 10.5281/zenodo.7650247
of break-even point like cost, revenue and contribution margin also have
been analyzed in details. Finally, some recommendations have been made on
the basis of analysis and findings.

Keywords: Break-Even, Contribution Margin, Sales, Profit, Decision Making.

About Author (s)

Dr. Md. Rouf Biswas (corresponding author), Associate Professor, Department of Business
Administration, North Western University, Khulna, Bangladesh.
Jobayra Afsana, Assistant Professor, Department of Business Administration, North Western
University, Khulna, Bangladesh.
Sk. Mahrufur Rahman, Assistant Professor, Department of Business Administration, North Western
32
University, Khulna, Bangladesh.
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

1.Introduction
Break-even analysis tells us exactly what we need to do to reach at the break-even and make a
profit from our investment. It is also a powerful tool that is used by management to plan and
to make decision regarding costs, units sold, prices, and so much more. Making a profit is one
of the main objectives of every business. For achieving the goal or objective of the company,
management must assemble all units of the company. For evaluating the risk in variety of
business activities like innovation of production, adding or dropping product from the product
line, management uses break-even analysis technique. Many business units don’t know that
how many units should be made or sales for making return of their investment. In this case,
break-even analysis is the way to find out the required numbers of units that needs to make
returns the investment. Production costs can be categorized into "variable" (costs that change
when the production volume changes) and “fixed" (costs not directly related to the volume of
production). Company always compared these two costs with their sales revenue to determine
the level of sales volume, sales value or production at which the business makes neither a profit
nor a loss (the break-even point). Company wants to determine the break-even point for a
product when they plan to introduce it to the market. This helps to determine the selling price,
total cost (both variable and fixed cost) and the number of total units requires to sale to reach
at the break-even point. With the help of the break-even analysis, companies can get help
regarding these various issues and can become profitable for their new introduced products or
services in the market. Break-even analysis is also a tool for management planning, decision
making, controlling and coordinating of various activities to achieve the organizational goals.
CVP analysis can be a valuable tool in identifying the extent and magnitude of the economic
trouble a company is facing and helping pinpoint the necessary solution (Hansen & Mowen,
2006)

The objectives of the study are to show the break-even point of the company for the study
period, to focus the contribution margin of the mills, to analyze the margin of safety of the
company and to show the relationships between various variables regarding break-even point.

2. Review of Related Literature

Alnasser et al. (2014) figured out the effect of using break-even point in planning, controlling,
and in the decision-making process, in the Jordanian industrial companies. They found out that,
most of the industrial companies are using break-even analysis for planning, leading,
controlling and decision-making process. They have found that in Jordanian industrial
companies, the relationship between break-even point and successful planning and decision
making is statistically significant. Statistical tools like mean, standard deviation and test of
hypothesis have used in their study. They had recommended that in order to get maximum
advantages from break-even analysis company should extend their knowledge of it. Fatmawati
et al. (2018) made a research and stated that the calculation of the break-even point in the
cultivation of oyster mushrooms is more important. The main objective of that paper was to
determine how the break-even point (BEP) analysis is important tool for profit planning
purpose. They used both primary and secondary data for their study. They suggested that every
business needs to carry out a cost calculation using the break-even point analysis. They also
suggested for using margin of safety analysis method to plan profits and targets. Jamaludin
(2019) conducted a research on balance sheet and income statement of CV Bata Cikarang
Indonesia. The author has shown the break-even point both in units and in amount. Researcher
has suggested that in order to become a benchmark in producing and marketing red bricks, the
leader of the company should make concentration on BEP both in units and in rupiah. Author
also suggested that the companies should increase sales so that their profit will increase.

33
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

Akmese et al. (2016) identified the use of cost volume profit analysis for controlling purposes.
They tried to analysis the impact of the volume factor upon revenue and costs of previous
periods and use of marginal profit as basis for setting menu prices in restaurants and bars. They
gave recommendation regarding their finding that the hotel managers should use CVP analysis
along with other management accounting tools in order to enhance their decision efficiency.
Jakupi et al. (2017) found that CVP analysis is a valuable tool in identifying the extent and
magnitude of economic problem faced by the company. They have mentioned that the break-
even analysis helps to locate the solution needed. Into their paper they have realized the
application of the theoretical concepts of the CVP analysis. To show the profitability point on
unit, they have used the method of operating income and contribution margin method. They
have shown sales mix and CVP analysis, changes in CVP variables and sensitivity analysis into
their paper. Tui et al. (2017) made a research and expressed that the costs data, production
data and price data affects the heavy equipment’s operation. Author also expressed that by
using break-even point, company analyzed their production data and through incremental
analysis company made decision on leasing or purchasing. Dewi et al. (2018) conducted a
research on cost-volume-profit (CVP) analysis of tour package at PT Tour East Indonesia,
Denpasar. The objectives of the study were to determine the number of tour package to
reach at the break-even point, to earn a target profit and to analyze the margin of safety. As a
result the company does not suffer for loss. Authors had collected data through interviews,
observation and documentation methods. In order to analyze contribution margin, target
profit, break-even point and margin of safety they had used descriptive quantitative methods
including least square. Finally they indicated that CVP analysis helps the manager to
understand the relationship among cost, volume and profit.

3. Materials and Method

When a researcher systematically design a study to find out the reliable result with addressing
the research objectives then it is called research methodology. Through well-defined research
methodology we can discover sound findings of the research. Research types like qualitative
or quantitative depends on the aim or objectives of the research.
3.1 Sources of Data
Primary and secondary sources have been selected to collect data. Mainly secondary data have
been used for analysis. The both sources are given below:
Primary Sources: Structured Questionnaires
Secondary Sources: Annual Financial Statements
3.2 Collection of Data
Primary data have been collected through structured questionnaire. Secondary data have been
collected from audited financial statements.
3.3 Period of the Study
The study covered 05 financial years from 2015-2016 to 2019-2020
3.4 Analysis of the Data
Various statistical tools have been used to analyze the collected data. These include mean,
standard deviation, coefficient of variation (CV), compound annual growth rate (CAGR), index
number, correlation analysis and test of hypothesis.

4. Theoretical and Conceptual Framework

4.1 Contribution Margin
Contribution margin can be defined as the amount after deducting variable expenses from
sales revenue. It can be stated both in total and per unit basis. With the contribution margin,
company can cover their fixed expenses and earn profit. Contribution margin measures the

34
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

profitability of a product or service. It helps the company to determine the selling price of a
product or service. A positive contribution margin is a good indicator for a company because
through this CM a profit may be occurred. The negative contribution margin is not a good
indicator for a company because through this CM a loss will be happened.
Contribution margin can be expressed as per unit, in total, and as a ratio. We can use the
following formula to calculate contribution margin in different ways:
Total Contribution Margin (CM) = Total Sales − Total Variable Costs
Contribution Margin per Unit (CMPU) = Selling price per unit – Variable expenses per unit.
4.2 Contribution Margin (CM) ratio
When we express contribution margin as a percentage instead of Tk. per unit then it is called
contribution margin ratio.
Total Contribution Margin
Contribution Margin(CM)Ratio = ∗ 100 or
Total Sales
Total Contribution Margin
Profit Volume (P/V)Ratio = ∗ 100
Total Sales
4.3 Break-Even Point
Break-even point is a point in which total revenues and total expenses are equal. Break-even
analysis is used to determine the numbers of units or total amount (in Tk.) needed to cover
both variable and fixed costs i.e. total costs.
Break-even point can be calculated on the following ways:
Fixed Costs (FC)
(i) Break − Even Point (in units) = Contribution Marging Per Unit
Fixed Costs (FC)
(ii) Break − Even Point (in sales Tk. ) = Contribution Marging Ratio
(Garrison, Noreen & Brewer, 2010)
Fixed Costs (FC)−Non Cash Expense
(iii) Cash Break − Even Point (in units) =
Contribution Marging Per Unit
Fixed Costs (FC)−Non Cash Expense
(iv) Cash Break − Even Point (in sales Tk. ) = Contribution Marging Ratio
(Compiled from
http://www.universalteacherpublications.com/univ/ebooks/accounts/Ch8/page3.htm)
4.4 Weakness of break-even analysis
Although break-even analysis can play vital role for planning and decision making purpose of
the company yet it has some limitations which are given below:
(i) It is assumed that sales prices are constant at all levels of output but the selling
prices are not constant at different levels of output.
(ii) It is also predicted that fixed cost will always be constant but fixed costs do vary
when output changes i.e. fixed cost is constant to a certain level of activity not all
level of activities.
(iii) In general it is observed that each and every business have inventory i.e. unsold
inventory at the end of specific period but at the time of break-even analysis, it is
assumed that production and sales are always equal.
(iv) Variable cost per unit is not always constant. When we purchase more units then we
can get a discount and at that time per unit cost will be reduced.
(v) If there is more than one product involved i.e. product mix is existed then it may be
difficult to allocate the fixed costs and calculation of break-even point may be
difficult.
4.5 Target Profit
Target profit is the amount that company expects to earn during a specific period. This amount
of profit is updated on the basis of regular progress of company’s activities. Target profit
analysis tells the management that the number of units to be sold to earn this profit.

35
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

Management makes a strategy to achieve this target profit. On the basis of this target profit,
company sets their selling price and tries to minimize the cost so that they can achieve this
amount of profit.

5. Result and Discussion

Table # 1: Break-Even Analysis Based on Actual Figures

Financial Year
Particulars 2015- 2016- 2017- 2018- 2019- Mean Standard CV CAGR
2016 2017 2018 2019 2020 Deviation
Actual Revenue (in lac 82505 77597 94171 105748 103793 92763 12525 14% 2%
Tk.)
Actual Variable 68107 66935 81014 89955 91022 79407 11532 15% 2%
Expenses (in lac Tk.)
Actual Fixed Expenses 6992 6548 8587 11503 12238 9173 2589 28% 5%
(in lac Tk.)
Contribution Margin 14398 10662 13156 15793 12771 13356 1915 14% (1%)
(CM) (in lac Tk.)
CM Ratio 17% 14% 14% 15% 12% 14% 0.02 13% (3%)
Actual Production (in 200 202 229 336 389 271 86 32% 6%
lac Kgs)
Actual Sales (in lac 201 200 228 336 384 270 85 31% 6%
kgs)
CM Per Kg (in Tk.) 72 53 58 47 33 53 14 27% (6%)
Variable cost per Kg 340 331 353 268 234 305 52 17% (3%)
(in Tk.)
BEP (in lac Kgs) 98 123 149 245 368 196 111 56% 12%
BEP (in Lac Tk) 24273 30833 41556 64796 91086 50509 27415 54% 12%
Source: Annual Reports
Table # 1 shows the break-even position in units and in Taka on the basis of actual figures of
Square Textile Limited for the study period. The table reflects the average actual production
271 lac kgs and average actual sales 270 lac kgs. The average actual BEP was 196 lac kgs during
the study period. As compared the average break-even sales with the average actual sales the
mills was reached the BEP during the study period. The mill has earned revenue over the break-
even point. It indicates that the concern is earning profit for each year during the study period.
The mills had reached break-even sales in 20015-2016 (201 lac kgs as compared to the break-
even sales 98 lac kgs), in 2016-2017 (200lackgs as compared to the break-even sales 123 lac
kgs),, in 2017-2018 (228 lac kgs as compared to the break-even sales 149 lac kgs),, in 2018-
2019((336lac kgs as compared to the break-even sales 245 lac kgs) and in 2019-2020 (384 lac
kgs as compared to the break-even sales 368 lac kgs). The table also showed the highest stable
position regarding CM ratio.)(CV 13%) and more fluctuation position regarding BEP (in lac kgs)
(CV 56%). In standard deviation, highest deviation has shown in BEP (in Lac Tk) 27415 and
lowest deviation has shown in CM Ratio 0.02.In case of growth rate highest growth rate was
12% both in BEP ( In lac kgs) and BEP (in lac Tk.) and lowest growth rate (6%) regarding unit
CM. The company has shown negative growth rate in case of contribution margin (CM) (in lac
Tk.), CM ratio, CM per kg (in Tk.) and variable cost per Kg (in Tk.). The other cases the company
has shown positive growth rate.

Table # 2 reflects the cash break-even position in units and in Taka on the basis of actual figures
of Square Textile Limited for the study period. The table reflects the average actual production
271 lac kgs and average actual sales 270 lac kgs. The average actual cash BEP was 105 lac kgs
during the study period. As compared the average break-even sales with the average actual
sales the mills was reached the cash BEP during the study period. The mill has earned revenue

36
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

over the cash break-even point. It indicates that the concern is earning profit for each year
during the study period.

Table # 2: Cash Break-Even Analysis Based on Actual Figures

Financial Year
Particulars 2015- 2016- 2017- 2018- 2019- Mean Standard CV CAGR
2016 2017 2018 2019 2020 Deviation
Actual Revenue (in lac 82505 77597 94171 105748 103793 92763 12525 14% 2%
Tk.)
Total Actual Variable 68107 66935 81014 89955 91022 79407 11532 15% 2%
Expenses (in lac Tk.)
Total Actual Fixed 3798 3133 4494 6491 6504 4884 1549 32% 5%
Expenses (in lac Tk.)
Contribution Margin (CM) 14398 10662 13156 15793 12771 13356 1915 14% (1%)
(in lac Tk.)
CM Ratio 17% 14% 14% 15% 12% 14% 0.02 13% (3%)
Actual Production (in lac 200 202 229 336 389 271 86 32% 6%
Kgs)
Actual Sales (in lac kgs) 201 200 228 336 384 270 85 31% 6%
CM Per Kg (in Tk.) 72 53 58 47 33 53 14 27% (6%)
Variable cost per Kg (in 340 331 353 268 234 305 52 17% (3%)
Tk.)
Cash BEP (in lac Kgs) 53 59 78 138 195 105 61 58% 11%
Cash BEP (in Lac Tk) 13186 14752 21750 36561 48406 26931 15150 56% 11%
Source: Annual Reports
The mills had reached cash break-even sales in 20015-2016 (201;lac kgs as compared to the
cash break-even sales 53 lac kgs), in 2016-2017 (200 lac kgs as compared to the cash break-
even sales 59 lac kgs),, in 2017-2018 (228 lac kgs as compared to the cash break-even sales 78
lac kgs),, in 2018-2019 ((336 lac kgs as compared to the cash break-even sales 138 lac kgs) and
in 2019-2020 ((384 lac kgs as compared to the cash break-even sales 195 lac kgs). The table
also showed the highest stable position regarding CM ratio.) (CV 13%) and more fluctuation
position regarding BEP (in lac kgs) (CV 58%). In standard deviation, highest deviation has
shown in BEP (in Lac Tk) 15150 and lowest deviation has shown in CM Ratio 0.02. In case of
growth rate highest growth rate was 11% both in BEP (In lac kgs) and BEP (in lac Tk.) and
lowest growth rate (6%) regarding unit CM. The company has shown negative growth rate in
case of contribution margin (CM) (in lac Tk.), CM ratio, CM per kg (in Tk.) and variable cost per
Kg (in Tk.). The other cases the company has shown positive growth rate.

Table # 3 demonstrates the comparative contribution margin and margin of safety (M/S) on
the basis of actual figures of the company. The average contribution margin of the company on
the basis of actual figures was 13356lacsTkand the average margin of safety (M/S) of the mills
was 42254lacs Tk. The company has shown margin of safety 58232 lacs Tk. during 2015-2016,
46765 lacs Tk during 2016-2017, 52615 lacs Tk. during 2017-2018, 40952 lacs Tk. during
2018-2019 and 12707lacs Tk. during 2019-2020. The company has shown positive margin of
safety in each year it indicates that the company is earning revenue over the break-even point.
It is good sign for the company. In case of compound annual growth rate, it was also found that
margin of safety (M/S) has shown negative growth rate (12%). Contribution margin has also
shown the negative growth rate (1%). In case of index number average index was 100 in
contribution margin and 80 was in margin of safety. The average index was below 100 in
margin of safety. During the financial year 2016-2017 and 2019-2020 in case of index number
the company was below 100 in both contribution margin and margin of safety i.e., these two
years the company was in below position than the previous year. The remaining years the
company was highest position than the previous tear.

37
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

Table # 3: Contribution Margin and Margin of Safety (M/S) on the basis of Actual
Figures
Contribution Margin of Contribution Margin of Safety
Financial Year Margin Safety Margin

Figure in Lac Taka Index taking base as previous year

2015-2016 14398 58232 100.00 100.00
2016-2017 10662 46765 74.05 80.31
2017-2018 13156 52615 123.39 112.51
2018-2019 15793 40952 120.05 77.83
2019-2020 12771 12707 80.86 31.03

Mean 13356 42254 100 80

SD 1915 17732
CV 14% 42%
Maximum Level 15793 58232
Minimum level 10662 12707
CAGR (1%_ (12%)
Source: Annual Reports

Table # 4: Correlation between Actual Sales (in Lac Kgs) and Break-Even Sales (in Lac
Kgs)
Actual Sales (in Break-Even Sales (in Lac
Lac Kgs) Kgs)
Actual Sales Pearson Correlation 1 .913*
(in Lac Kgs)
Sig. (2-tailed) .031
N 5 5
Break-Even Sales Pearson Correlation .913* 1
(in Lac Kgs) Sig. (2-tailed) .031
N 5 5
*. Correlation is significant at the 0.05 level (2-tailed).
Table # 4 indicates that the relationship between two variables i.e. between actual sales (in lac
kgs) and break-even sales (in lac kgs). There is a high degree of positive correlation between
two variables i.e. between actual sales (in lac kgs) and break-even sales (in lac kgs). This means
in one variable are strongly correlated with changes in another variable. Company has shown
Pearson’s r is 0.913 so, we can conclude that there is a high degree of positive relationship
between actual sales (in lac kgs) and break-even sales (in lac kgs). Since there is a positive
relationship between actual sales (in lac kgs) and break-even sales (in lac kgs) so, when the
number of total sales increases then the amount of total BEP also increases. Here Sig. (2-tailed)
is 0.031 which is less than 0.05, this means increase or decrease in totals sales do significantly
relate to increases or decreases in total BEP.

Table # 5 focuses the relationship between two variables i.e. between actual production (in lac
kgs) and break-even sales (in lac kgs) There is a high degree of positive correlation between
two variables i.e. between actual production (in lac kgs and break-even sales (in lac kgs). This
means in one variable are strongly correlated with changes in another variable. Company has
shown Pearson’s r is 0.982 so, we can conclude that there is a high degree positive correlation
between actual production (in lac kgs and break-even sales (in lac kgs). Since there is a positive
relationship between actual production (in lac kgs and break-even sales (in lac kgs) so, when
the amount of total production increases then the amount of total BEP also increases.

38
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

Table # 5: Correlation between Actual Production (in Lac Kgs) and Break-Even Sales (in
Lac Kgs)
Actual Production (in Break-Even Sales (in Lac
Lac Kgs) Kgs)
Actual Production Pearson Correlation 1 .982**
(in Lac Kgs)
Sig. (2-tailed) .003
N 5 5
Break-Even Sales Pearson Correlation .982** 1
(in Lac Kgs) Sig. (2-tailed) .003
N 5 5
**. Correlation is significant at the 0.01 level (2-tailed).
Here Sig. (2-tailed) is 0.003 which is less than 0.05, this means increase or decrease in totals
sales do significantly relate to increases or decreases in total BEP.

H0:1 There is a no significant difference between break-even sales and actual sales of the
company.

Table # 6: ANOVA [There is a no significant difference between break-even sales and

actual sales of the company.]
Model Sum of Squares Df Mean Square F Sig.
Regression 1.601 1 1.601 14.24 .005
Residual .899 8 .112
Total 2.500 9

Table # 6 indicates that the calculated value of F (14.24) is greater than the critical value or
table value of F (5.32) with (1,8) degree of freedom at 5 percent significance level. So, the null
hypothesis is rejected. Here the sig, value is .005 which less than the alpha i.e. 05 so, null
hypothesis is also rejected. We can conclude that there is a significant difference between
break-even sales and actual sales of the company.

H0:2There is a significant negative correlation between break-even analysis and

profitability of the company.

Table # 7: ANOVA [There is a significant negative correlation between break-even

analysis and profitability of the company.]
Model Sum of Squares Df Mean Square F Sig.
Regression 1.562 1 1.562 13.33 .006
Residual .938 8 .117
Total 2.500 9
Table # 7 shows that the calculated value of F (13.33) is greater than the critical value or table
value of F (5.32) with (1,8) degree of freedom at 5 percent significance level. So, the null
hypothesis is rejected. Here the sig, value is .005 which less than the alpha i.e. 05 so, null
hypothesis is also rejected. We can conclude that there is a significant positive correlation
between break-even analysis and profitability of the company.

Conclusion and Recommendation

The study revealed the actual sales of square textile limited is always over the break-even sales.
It is the positive indicator for the company. The relationship between sales revenue and total

39
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

costs are not always linear. Market analysis is also important in addition to the break-even
analysis and it will be more helpful for the decision-making purpose of the company, so the
company should carry-out market analysis with break-even analysis. Relationship among
sales, expenses, profit (loss) and production has also been highlighted in the paper. With the
break-even analysis company can figure out the changes in variable cost, selling price and
quantity sold that can impact the overall profitability of the business. Company should extend
the knowledge of break-even analysis and apply it in all place of the business in order to get
maximum advantages out of it. Company also needs to carry out a cost calculation through both
the break-even point analysis and margin of safety analysis methods to plan profits and targets.
Through this calculation, company can determine the profits they want to earn and can
increase the sales volume and profits going forward. The current research has explained the
break-even point of Square Textile Limited which is not explained in any research in before.
The weaknesses and strengths of the Square Textile need to be identified in order to provide
appropriate directions of reform and restructuring for the growth and development of this
concern.

References
Akmese, H., Buyuksalvarci, A., & Akmese, K. (2016). The use of cost-volume profit analysis in turkish
hotel industry.WEI International Academic Conference Proceedings, Boston, USA.
Alnasser, N., Shaban O. S. and Al-Zubi, Z. (2014). The effect of using break-even-point in planning,
controlling, and decision making in the industrial Jordanian companies. International Journal of
Academic Research in Business and Social Sciences. 4(5), 626-636.
Dewi, A.A.P.R., Ardina, C. & Suardani A.A.P. (2018). Cost-volume-profit (CVP) analysis as a profit
planning of tour packages at pt tour east Indonesia, Denpasar. Journal of Applied Sciences in
Accounting, Finance, and Tax, 1(1), 7-13.
Fatmawati, K. N., Martanti D. E. and Masrunik, E. (2018). Profit planning with breakeven point (BEP)
method (Case Study on Mr. Kantak's Oyster Mushroom Planting Media Making).. JOSAR, 1 (1),
52-65.
Garrison, R. H., Noreen E. W. & Brewer P. C., & (2010). Managerial accounting (14th Ed.). New York,
Americas: Mac Graw –Hill/Irwin.
Garrison, R. H., Noreen E. W. & Brewer P. C., & (2011). Managerial Accounting for Managers. New York,
Americas: Mac Graw –Hill/Irwin.
Garrison, R.H., Noreen, E. W., & Brewer, P. C. (2012). Managerial Accounting. 14th Ed. New York,
Americas: Mac Graw –Hill/Irwin.
Georgiev, D. (2014). Application of ‘cost-volume-profit’ analysis in the hotel industry (based on survey
data of high-ranking hotels in the north-east region of Bulgaria). Journal of University of Economics
– Varna. 3, 48-59.
Government of the People's Republic of Bangladesh (2016). Bangladesh economic review. Dhaka,
Bangladesh: Finance Division, Ministry of Finance.
Hansen, D.R. & Mowen, M.M. (2006). Cost Management Accounting & Control. (5th Ed.). USA: Thomson
South-Western.
Horngren, C. T. Datar, S, M. Rajan, M. V. (2014). "Cost Accounting" 14th Ed. Pearson Education Limited.
http://www.universalteacherpublications.com/univ/ebooks/accounts/Ch8/page3.htm
https://corporatefinanceinstitute.com/resources/knowledge/modeling/break-even-analysis/
https://www.encyclopedia.com/science-and-technology/computers-and-electrical engineering/computers-
and-computing/methodology
https://www.patriotsoftware.com/blog/accounting/what-is-the-break-even-point/
https://www.shopify.com/blog/break-even-analysis
https://www.tutor2u.net/business/reference/operations-introduction-to-break-even-analysis

40
 IJSB Volume: 21, Issue: 1 Year: 2023 Page: 32-41

Ihemeje, J, C., Okereafor, G. and Ogungbangbe, B, M., (2015). Cost-volume-profit Analysis and decision
making in the manufacturing industries of Nigeria. Journal of International Business Research and
Marketing. 1 (1), 7-15.
Jakupi, S., Statovci, B. & Hajrizi, B. (2017). Break-even analysis as a powerful tool in decision-making.
International Journal of Management Excellence. 9(3), 1169-1171.
Jamaludin, A. (2019). Analysis of break-even point In CV.Bata CikarangI ndonesia. International Journal
of Research - Granthaalayah, 7(9), 259-267.
Laitinen E.K. (2011). Extension of break-even analysis for payment default prediction: evidence from
small firms. Investment Management and Financial Innovation. 8(4):,96-108.
Moyer, McGuigan, Kretlow. (2005), Contemporary Financial Management. 10th, Tenth Edition. South
Western Publishers,
Munawir. 2014. Analisis Laporan Keuangan. Yogyakarta : Liberty.
Needles, B. E., Powers, M., Mills., S. K.& Anderson, H. R. (1999). Principles of Accounting. 7th ed.
Houghton Mifflin.
Ray; G. Eric; N. and Peter. B. (2011). "Managerial Accounting" 14th Ed. McGraw-Hill Irwin.
Sharma, M.P. (2014). Study of banking break-even point: an innovative tool for banking industry.
International Journal of Innovative Research and Development. 3(11): 164-168..
Tui, R. N. S. Anas, A. V. and Fitriani, N. (2017). Breakeven point and incremental analysis in decision
making of lease-purchase option of heavy equipment at nickel lateritic ore mining. ARPN Journal
of Engineering and Applied Sciences. 12 (13), 4084-4088.
Weygandt J. J., Kimmel P. D., & Kieso D. E. (2012). Accounting Principles (10th Ed.). Hoboken, United
States: John Wiley & Sons, Inc.

Cite this article:

Dr. Md. Rouf Biswas, Jobayra Afsana & Sk. Mahrufur Rahman (2023). Break-Even Analysis
of Square Textile Limited: An Empirical Study. International Journal of Science and Business,
21(1), 32-41. doi: https://doi.org/ 10.5281/zenodo.7650247

Retrieved from http://ijsab.com/wp-content/uploads/2074.pdf

Published by

41