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THE IMPACT OF COST ACCOUNTING IN A MANUFACTURING ORGANISATION A CASE STUDY OF BETA GLASS PLC

Table of content vi

CHAPTER ONE: Introduction

1.1 Background of the study 1

1.2 Statement of the problem 3

1.3 Objective of the study 3

1.4 Research question 4

1.5 Justification of the study 5

1.6 Scope of the study 5

1.7 Limitation of the study 5

1.8 Research Methodology 6

1.9 Plan of the Study 6

1.10 Definition of terms 6

CHAPTER TWO: LITERATURES REVIEW

2.1 Introduction 9

2.2 The Impact of Cost Accounting in a Manufacturing Organisation 9

2.3 Costing System and Cost Control 11

2.4 Cost Control Application 12

2.5 Steps in Cost Control 13

2.6 Merit of Cost Control 13

2.7 Problems/Constraints Faced by Entrepreneurs/Managers for

Applying Cost Accounting 14

2.8 Definition of Cost Accounting 17

2.9 Costing Techniques and Method 19

2.10The Importance of Cost Accounting System and Techniques 20

2.11 Specific Order Costing 21

2.12 Operational Costing 22

2.13 Super Imposed Techniques and Principles 23

2.14 Classification of Cost 26

2.15 Classification by Nature 26

2.15 The Scope of Cost Accounting 29

2.16 Financial Accounting Vs Cost Accounting 31

2.17 Application of Cost Accounting 32

2.18 The Role of Cost Accounting 33

2.19 Purpose of Cost Accounting 33

CHAPTER THREE: RESEARCH METHODOLOGY

3.0 Introduction 35

3.1 Research Design 35

3.2 Population of the Study 35

3.3 Sample Size/Sampling Technique 35

3.4 Method of data collection 35

3.5 Questionnaire Service 36

3.6 Validity of Instrument 36

3.7 Method of Data Analysis 36

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 Introduction 37

4.2 Data presentation and Analysis 37

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Summary of Findings 49

5.2 Conclusion 50

5.3 Recommendation 50

5.4 Suggestion for further study 51

Reference 52

Appendix I (Research Questionnaire) 53

CHAPTER ONE

INTRODUCTION

Background of the Study

The main concern of this work is the research on the impact of cost accounting in manufacturing organization. In the last ten years or more, the Nigeria economy has been going through a turbulent phase a development which has been going through greatly affected the manufacturing sector of the economy.

Ever since use of the money replaced “barter” people have been into one form of business of the other for direct exchange for money in the business world. This has made businesses out grown its boarder, businesses has grown from smaller unit into multinational because such businesses have applied simple cost accounting system and techniques.

Cost accounting help to allocate the expenditure of a business in such a way it is possible to ascertain the cost of each job, contract or process carried out per time. However, it is by no means its function amongst other benefit occurring from cost accounting, is that it helps to distinguished between unpredictable activities from the profitable ones. It indicated source of wastage or losses whether of time materials or in the usage of machinery equipment or tools decision making e.g. a function of management is a process that requires details, the past and present so that we can tackle future challenge so as to achieve organizational set goals.

Cost accounting is mainly concern with internal reporting to management so as to be able to plan control and make effective decision that will emanate to goals effectively and efficiently. It is therefore follow that the role of cost accounting in an organization such as hospitals, transportation companies, financial houses, manufacturing companies should no be over emphasized to goals effectively and efficiently. It is therefore follow that the role of cost accounting in an organization such as hospitals, transportation companies, financial houses, and manufacturing companies should not be over emphasized.

Statement of the Research Problem

From the foregoing it has been stated that, management has the responsibility of making decision in business entity and it should also be known that if a wrong decision is made, it will go a long way in affecting the output of such organization and when a right decision is made at the right time there will be positive result and organizational goals are achieved effectively and efficiently. It therefore means an efficient application of cost accounting techniques and method necessary for dry business concern. Despite this glaring and obvious facts, some entrepreneur/managers still complain of high cost of installation and maintenance of this vital system. Others too see this system as a mere duplication of financial accounting role.

It has observed that to a large extent that the major course of failure in business organization is due to the negatives of non application of these vital tools of costing techniques in its day to day operations.

The non application of costing techniques has led to the following problems.

Poor/inaccurate accumulation of product cost in other words, the cost of product is not truly know.

Poor/inadequate information that is needed to enable the company establish competitive selling price especially when in other words, the product cannot be ascertained.

Poor/inadequate information that is needed for planning, control and decision making.

Poor/inadequate information makes it difficult for proper control of activities thus leading to increase in waste, losses etc.

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