EVALUATION OF COST ACCOUNTING TECHNIQUES A TOOL FOR MANAGEMENT CONTROL
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TITLE PAGE
EVALUATION OF COST ACCOUNTING TECHNIQUES A TOOL FOR MANAGEMENT CONTROL
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "evaluation of cost accounting techniques a tool for management control" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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The study evaluates Management Accounting Techniques as tools for Planning and Control Decision-Making in the selected manufacturing business in the study area. It has are specific objectives as: to examine the socio-economic parameters influencing selection of MATs, to examine effect of socio economic parameters on the effectiveness of MATs, to identify the extent of adoption of MATs. Thirty (30) manufacturing companies were selected as the sample size through stratified random sampling technique. Descriptive analysis was employed through the use of tables, percentages, ranks e.t.c. However the hypotheses were tested using of Chi Square (X2) at 5% of significance, Correlation and Regression analysis through the use of Stata 10. The result revealed that socio economic parameter has significant effect on its adoption and effectiveness Based on findings, the study therefore recommends that management accounting techniques should be embraced thoroughly by manufacturing businesses developing countries such as such as Nigerian manufacturers in order to better their portfolio and improve their planning and control decision-making. The study therefore help managers of manufacturing companies to know the importance of management accounting techniques, impact of socio economic parameter in is adoption and its effect as planning and control decision-making tools.
TABLE OF CONTENT
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
TABLE OF CONTENT
CHAPTER ONE
1.0 Introduction
- Background of the study
- Statement of the problem
- Purpose of the study
- Significance of the study
- Scope of the study
- Research methodology
- Research question/hypothesis
- Plan of the study
- Definition of the terms
CHAPTER TWO
2.0 Literature framework
2.1 conceptual frameworks
2.2 The role of control in management
2.3 Cost accounting techniques
2.4 Cost accounting techniques as an aid to management
2.5 The impact of breakeven point analysis in management control
- Analysis of total cost
Reference
CHAPTER THREE
Research methodology
- Brief history of Doyin investment Nigeria Limited
- Population size
- Sample and sampling technique
- Method of data analysis
CHAPTER FOUR
ANALYSIS AND INTERPRETATION OF DATA
- Brief survey
- Data presentation
- Data analysis
- Analysis of other data
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary
5.2 Conclusion
5.3 Recommendation
References
Questionnaire
CHAPTER ONE
- INTRODUCTION
As a matter of fact, all aspect of accountancy has arisen from practical necessity. Ever since the use of money to replace barter, people have been concerned with costs. However, it was the concentration of manufacturing facilities into factories which gave impetus to the development of recognizable costing systems.
In other word, cost accounting is probably the field of accounting which has developed mostly within the half of this century and there can be no doubt about its growing importance. This is partly a reflection of the growing complexity of modern production methods, which result in a greater capital investment and a higher proportion of competition widening markets. All these factors necessitate the keeping of systematic and accurate records which will show the cost of goods produced or contract fulfilled.
In summary whilst the early development were almost entirely related to manufacturing concerns, nowadays costing is used very widely indeed, in hospitals, transport undertakings, local authorities offices, banks as well as in every manufacturing concern.
- BACKGROUND OF THE STUDY
Ever since the use of money is used to replace barter, people have been concerned with cost. As early as 4500BC in Mesopotamia, accounting documents such as stock inventories, wages list and tax assessment were in use. It is true to say that accounting methods have always reflected the degree of sophistication of the economic circumstances in which they were used.
By the end of middle ages, the main use of accounting method was by government in assessing settlements and individuals for taxation purpose. From the last 13th century awards, there was a tremendous increase in trading activity in Europe. The existing rudimentary methods of accounting were not sufficient to deal effectively with the many transactions that took place.
Cost accounting provides key data to managers for planning and controlling, as well as costing products and services, and cost accountant are increasingly becoming integral members of decision making teams instead of just data providers. Modern cost accounting provides information to managers for their decision making. It cuts across all facts of the organization which gives insight into both the manager’s roles and the accountant’s roles. It measures and reports financial and non financial information that relates to the costs of acquiring consuming resources by an organization.
1.2 STATEMENT OF THE PROBLEM
Cost accounting methods established in any organization do have some constraints that militate against its objectives despite its indispensability. When new costing system is introduced either in part of production control or either function employers may resent the system. This ensures if they were not consulted before the system is employed or just as a result of more hostilities from workers.
It has been argued that cost accounting means spending money which will both produce tangible benefit. The cost of installing costing system tends to be high and those of operation even higher.
However, in modern times there is recognition that efficient production requires planning and control. Workers often expect the result of a newly introduced system too soon. Once their expectations are not met, they tend to give up on the system and will not be ready to cooperate on the next trail. Some manufacturing industries in Nigeria do not recognize the value of cost accounting and take it as a more time wasting and do not create a department for it.
1.3 OBJECTIVE OF THE STUDY
The main purpose of the study is to evaluate cost accounting techniques as it aid management control.
Management has an important role to play in ensuring that the organization is kept solvent through it control measures as in ascertaining the better price for its goods and services, ensuring that the desired volume of production is secured at the last possible cost in relation to the schedules quality of the product etc.
The measurement of the degree of which these objectives attained depends largely on the existence and effectiveness of the cost accounting system in the organization
1.4 SIGNIFICANCE OF THE STUDY
The research work will help in widening the researcher’s knowledge of the application of cost accounting techniques in an organization for effective management control. This research work will as well add to the existing knowledge on this topic.
The study will also enhance the appreciation to cost accounting techniques as an effective tool for management control in manufacturing industries having taken DOYIN INVESTMENT NIGERIA LIMITED as case study and will also enable the readers to appreciate the importance of cost accounting system in any organization
1.5 SCOPE OF THE STUDY
The research work covers a wide range of selected textbooks and other materials as regards the topic particular reference to DOYIN INVESTMENT NIGERIA LIMITED.
The study covers the role of material control in the company and the various raw materials used for its product. How efficient is the company in the adequate use of raw materials?
Moreover, the operation of the company’s budget was also examined. Most importantly is the examination of the company’s standard costing in the effective management control?
The study also covers the aid of accounting technique as an effective means for management control in the company.
1.6 RESEARCH METHODOLOGY
To achieve the objective of this study evaluation of the trading activities of Doyin Investment Nigeria Limited and appraisal of the listing requirement are very important. The examination would be based strictly on the Doyin Investment Nigeria Limited.
The study will also examine the performance of the manufacturing on the area of all industry.
1.7 RESEARCH QUESTION\HYPOTHESIS
The researcher used both the primary source of information and the secondary source of information to gather the information required for the study.
The primary information is obtained from the case study. The personnel manager is interviewed and questionnaire was given out to be filled by some of the key officers of the company to gather information on the cost accounting existence and system in the company .The information gathered through the questionnaire is analyzed in chapter four using percentage method.
1.8 PLAN OF THE STUDY
Chapter one deals with the background of the study. It introduces the readers to the topic. It discusses the statements of the problem and highlights the purpose of the study. The scope of the study is also discussed in the chapter as well as the research question.
Chapter two incorporates the literature review of the subject matter and analysis of the importance of cost accounting for effective management control. References are made in this chapter from textbook which will help in testing the researchers finding in chapter four.
Chapter three gives brief historical background of the Doyin Investment Nigeria Limited as well as data collection method, sample selection, questionnaire design and data processing techniques.
Chapter four deals with the facts obtained from the investigation analysis of the issues involved in the subject matter are embodied in the chapter. This chapter however proves the test of the researcher’s findings.
Chapter five deals with the summary, conclusion and recommendation with references.
1.9 DEFINATION OF TERMS
COST ACCOUNTING: According to ICMA, it is defined as the establishment of budget ,standard cost and actual costs of operations, process, activities or product and the analysis of variance, profitability or the social use of fund
COSTING: According to ICMA, it is the technique or process of ascertaining cost.
COST: is defined as the amount of expenditure actual/national incurred on or attributable to a specified thing or activity.
COST UNIT: According to the institute of cost and management accounting ICMA, It is “a quantitative unit of product or services in relation which cost is ascertained”.
1.10 PROJECT WORK ORGANISATION
The work is organized as follows: chapter one discuses the introductory part of the work, chapter two presents the literature review of the study, chapter three describes the methods applied, chapter four discusses the results of the work, chapter five summarizes the research outcomes and the recommendations.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "evaluation of cost accounting techniques a tool for management control" is also available. Order full work to download. Chapter two of "evaluation of cost accounting techniques a tool for management control" consists of the literature review. In this chapter all the related work on "evaluation of cost accounting techniques a tool for management control" was reviewed.
CHAPTER THREE: The complete chapter three of "evaluation of cost accounting techniques a tool for management control" is available. Order full work to download. Chapter three of "evaluation of cost accounting techniques a tool for management control" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of "evaluation of cost accounting techniques a tool for management control" is available. Order full work to download. Chapter four of "evaluation of cost accounting techniques a tool for management control" consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a "evaluation of cost accounting techniques a tool for management control" is available. Order full work to download. Chapter five of "evaluation of cost accounting techniques a tool for management control" consist of conclusion, recommendation and references.
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