THE ROLE OF MANAGEMENT ACCOUNTANT IN MANUFACTURING COMPANY
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TITLE PAGE
THE ROLE OF MANAGEMENT ACCOUNTANT IN MANUFACTURING COMPANY
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, "the role of management accountant in manufacturing company" 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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A well developed manufacturing strategy is becoming increasingly important to many manufacturing organizations. A major feature of such a strategy is the definition of a manufacturing infrastructure that is consistent with how products and services compete in the selected market. The managerial accounting system is a key component of this infrastructure. Reports the results of a survey of 85 manufacturing companies. Finds that many companies use an accounting system that appears to be inappropriate. The systems are often ill suited to their marketplace and inconsistent with an appropriate manufacturing strategy. Discusses recommendations for change for companies currently developing a manufacturing strategy.
TABLE OF CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgement iv
Table of Contents vi
CHAPTER ONE:
- Introduction 1
- The Statement of the Problem 3
- The Objective of the Study 3
- Significance of the Study 4
- Methodology of the Study 4
- Scope and Limitation 4
- Plan of the Study 5
CHAPTER TWO:
- Literature Review 7
- Management Accounting 7
- Type of Accounting 8
- Nature of Manufacturing Concern 12
- Production Control 13
- Material Costing 14
- Labour Costing 17
- Overhead Costing 25
- Cost Reduction Scheme 26
- Value Analysis 28
- Management Accounting Behaviors 29
- Difference between Management Accounting and Financial Accounting. 31
- Full cost Management Accounting 33
- Differential Management Accounting 34
- Responsibility Management Accounting 35
CHAPTER THREE:
- Brief History of Guinness Plc 37
- Type of Management Accounting Information and their Uses 38
- Research and Methodology 40
- Population Sample Plan 40
- Data Collection 41
- Primary Collection 41
- Secondary Collection 41
- Conduct of Field Work 41
CHAPTER FOUR:
- Data Analysis 44
- Hypothesis 51
CHAPTER FIVE:
- Summary 54
- Recommendation 54
- Conclusion 55
References 56
Bibliography 57
Questionnaire 58
CHAPTER ONE
1.1 INTRODUCTION:
Management Accounting is the application of professional knowledge and skill in the preparation and presentation of accounting information, in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertaking.
Cost accounting is the application of accounting and costing principles, methods and techniques in the ascertainment of cost and the analysis of saving and /or excesses as compared with previous experience or with standards. It is this link i.e., the subject matter of this project. Costing and costing method supply the basis of factual information on which the management accountant can built up his presentation of planning and control. In this project, I will first look into the following cost items:
a) Expenditure on material, wages, and overhead is recorded, classified and allocated so that the cost of product may be accurately ascertained.
b) This cost may be related to sales values.
c) Profitability may be determined.
The accounting system collates and coordinates all the activities of the organization that is the total cost incurred, by adding the cost incurred in factory floor or overhead cost from other section of the organization used in pre-determined rate. The industry operates through branches or product unit as they are better known, with such products unit reporting to the head quarters.
The aims of any business enterprises (Sole proprietor, partnership or limited liability company) is to maximize profit minimize costs. Thus, project is specialized in the area of management account information as an inevitable instrument for effective and efficient running of an enterprise in our society.
Guinness Nigeria Plc is a manufacturing company, manufacturing in any form affect to a great extent the life of many people. In a country like Nigeria, majority of her economy activities is comprises by enterprises and mostly manufacturing enterprises.
Apart from its contribution to the country’s Gross National Product (GNP), it plays a very important role in the life of the people of Nigeria. The brewery industry has in employment over a million workers and is formally committed to the training and development of many Nigerians.
There are many other groups of people that are indirectly employed by the brewery industry; these are service industries which supports the brewery industry. There are transporters who convey the beer products from the factory to the depots which are strategically situated in all part of the country. It is from these depots that the sales men sell the beer product to their distributors who in turn supply the retailers who sell to the consumers.
1.2 STATEMENT OF THE PROBLEM
The problem of this research work is how to understand the role of management accountants in manufacturing industries.
The function goes like this:
- Keeping and maintaining an efficient management accounting system.
- Controlling of organization structure in such a way as achieve the desired profit.
1.3 OBJECTIVES OF THE STUDY
The main objective of my study is to determine the appropriate or otherwise of the management accounting procedures undertaken by Guinness Nigeria Plc.
To be able to form an opinion on this issue, I will critically examine financial accounting reports, the cost control system i.e. accounting for fixed costs, and absorption cost i.e. wages/salary, factory retail/item of machinery, general administration cost e.t.c. upon the critical examination of these records this research work will point area of weakness. If they exist and recommend probable alternative which in my opinion will enhance the company effective internal control and promote maximum efficiency.
Another objectives of my study is to determine the role of the management accounting as tools for management decision and policy formulation i.e. production policy one-off decision taking and relevance of variance analysis as a tool for future production.
1.4 SIGNIFICANCE OF THE STUDY
This study is to ensure effectiveness and efficiency of the manufacturing industries. On the completion of this project, I have contributed to knowledge through:
i. Justification or otherwise of my hypothesis
ii. Credibility of management accounting as a tool for management decision making.
iii. Foundation for future study of the topic.
1.5 METHODOLOGY OF THE STUDY
My study on this issue is limited to the head office of Guinness Nigeria Plc, Ikeja brewery and the Ogba brewery.
These two have been carefully selected because they are brewerying of both Stout and Harp larger beer are undertaken there.
Data used for this project were collected through two sources primary and secondary sources. Primary sources involve questionnaires and personal interview with responsible officers. The secondary sources involve company journals, factory publications and manuals as well as past projects.
1.6 SCOPE AND LIMITATION
The role of management accountant can not be eliminated in any business organization. Management plays a vital role in decision making, planning and control of all business ranging from soles proprietor business to partnership and also joint companies.
In this study, I limited my area of coverage to manufacturing company due to the under listed hindrances;
- Financial difficulties
ii. Time factor problem
iii. Geographical location; and
iv. Other academic works.
1.7 PLAN OF THE STUDY
This project work comprises of five chapters; chapter one of the project work deals mainly with the introduction of the study, which comprises of background of management accounting in manufacturing company, the aims and objectives of the study, scope and limitations of the study, the statement of the problem of research and also plan of the study. Chapter two of this project also deals with the review of past literatures where various author who had contributed to the topic: “the role of management accounting in manufacturing industries” was consulted. Also, terms of management, nature of management accountants, types of management accountants, production control, material costing, Labour costing, overhead costing and cost reduction. Scheme, value analysis and management accounting and financial accounting, full cost management accounting, differential management accounting and responsibility management accounting.
Chapter three of this project deals with the brief history of Guinness plc, type of information and their uses of management accounting, research methodology, population sample plan, data collection, primary and secondary data and conduct of field work.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "the role of management accountant in manufacturing company" is also available. Order full work to download. Chapter two of "the role of management accountant in manufacturing company" consists of the literature review. In this chapter all the related work on "the role of management accountant in manufacturing company" was reviewed.
CHAPTER THREE: The complete chapter three of "the role of management accountant in manufacturing company" is available. Order full work to download. Chapter three of "the role of management accountant in manufacturing company" 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 "the role of management accountant in manufacturing company" is available. Order full work to download. Chapter four of "the role of management accountant in manufacturing company" 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 "the role of management accountant in manufacturing company" is available. Order full work to download. Chapter five of "the role of management accountant in manufacturing company" consist of conclusion, recommendation and references.
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