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THE SIGNIFICANCE OF COST ACCOUNTING IN THE MANAGEMENT OF BUSINESS

About This Project

Download the complete accounting project topic and material (chapter 1-5) titled THE SIGNIFICANCE OF COST ACCOUNTING IN THE MANAGEMENT OF BUSINESS. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one. Click the DOWNLOAD NOW button to get the complete project work instantly.

PROJECT TOPIC AND MATERIAL ON THE SIGNIFICANCE OF COST ACCOUNTING IN THE MANAGEMENT OF BUSINESS

 

The Project File Details

  • Name: THE SIGNIFICANCE OF COST ACCOUNTING IN THE MANAGEMENT OF BUSINESS
  • Type: PDF and MS Word (DOC)
  • Size: 125kb
  • Length: 51 Pages

 

TABLE OF  CONTENTS

Title  page

Certification

Dedication

Acknowledgement

Table of contents

CHAPTER ONE

  • Introduction
    • Objective and  purpose of the study
    • Significance of the study
    • Scope and limitation of the study
    • Organization plan of study
    • Definition terms and concepts

CHAPTER TWO

  • Literature Review
    • Meaning of Cost Accounting
    • Method of costing
    • Cost Accounting and Planning
    • Cost Accounting and Controlling
    • Cost for Business and Organization Survival
    • Cost Accounting as an Aid to Survival of an Organization
    • Cost Accounting as an Aid to Profitability
    • Cost Accounting as an Aid to Management of an Organization
    • Labour as an aid to control cost
    • Conclusions

CHAPTER THREE

  • Research Methodology
    • Research Design
    • Sources of Information
    • Research Population Method of Data Collection
    • Sampling and Limitation of Data Collection

CHAPTER FOUR

  • Data Presentation, Analysis and Interpretation
    • Brief History of Nigeria Bottling Company Plc
    • History of the NBC Ilorin Plant
    • Management of Business Organization
    • Hypothesis Testing
    • Opinion test or Comparison

CHAPTER FIVE

  • Summary, Conclusion and Recommendation

5.1   Summary

5.2   Conclusion

5.3   Recommendation

BIBLIOGRAPHY

 

CHAPTER ONE

  • INTRODUCTION

The role of cost accounting cannot be over emphasized as it is needed to assist the management in planning, controlling and organizing the business activities in order to achieve its objectives.

Ever since the use of money replaced barter, people have been concerned with costs.  However, it was the concentration of manufacturing facilities in the factories which gave impulse to the development or recognizable costing systems.  In other word cost accounting is probably the field of account which has developed most within the half – century and there can be no doubt its growing importance.  This is partly a reflection methods which results in greater capital investment and higher proportion of indirect costs and partly a reflection of growing completion and widening markets.  All these factors necessitate the keeping of systematic and accurate records which will show the cost of goods produced.

There is constant level of activities in any industry engaged in manufacturing and sales of products manufacturing industries are made up of different sections in which people are continuing toward changing the form of raw – material in order to supply the customers with desirable product.

In addition, the highest level of management should receive management reports on various aspects operation to show actual results against estimates or projections.  This will enable to management to know whether things are not moving as planned and to make necessary corrective measure or obtain on time or otherwise to adjust its plans.

Costing is a scientific tool in management; it involves the classifying recording and allocating expenditure for the determination of cost of production and services and the relation of these costs of the scale value and the determination of profits.  Costing enable a business not only to find out what various jobs or processes have costs, it indicates where losses and waste are occurring before the work is finished and there immediate action may be taken, if possible to avoid such loss or waste.

 

 

1.1   OBJECTIVE AND PURPOSES OF STUDY

The primary objective of this study “ Cost accounting significance to the management” is to show people  in the management hierarchy and all person s concerned and interested  on how cost information can  be used as an aids to planning, controlling, profitability, decision  making  and survival of business organization within the frame work of the manufacturing  concern.

It is  also desired that management  should be provided with a basis for pricing  policy for which  it may require information  with regard to margin cost or the calculation of the “ break-even points”.

In a nutsh ell, the study intend to make a review assessment  and analysis to the r effective and efficiency management of business organization as well as a critical  analysis of costing  with a view to spoil using problems in the implementation   and possible solution .

It is hope that this project work will be of importance not only to the case study, but generally all  organization  and  to the student  in various schools of business administration  and management who  may come across it.

1.2   SIGNIFICANCE OF THE STUDY

Due to the constant increase in size of the business organization, these organization demand costing system for example cost  accounting helps in indicating  to the management  any inefficiencies and the extent of various forms of waste whether of materials, time and expenses or in the used of machinery, materials, time and expenses or in the use of machinery , analysis of the  causes of unsatisfactory  result may indicate  remedial action.

Meanwhile, the main significance of  this project is to provide information and understanding on the use of  information  the cost accounting provides on the affairs of the  company and how it serve as aid to management of business  organization.

  • SCOPE AND THE LIMITATION TO THE STUDY

Cost accounting is generally considered or seen as being applicable only  to the manufacturing  operation alone, this should not be the case . All kind of activities, regardless  of the size in which monetary   value is involved should consider  the use of cost accounting techniques  and concepts.

Cost accounting  of any organization  is the foundation of the internal  financial aspects of performance  is provided by the cost  system.

In this project, the significance of cost  accounting to the management  will be considered within the frame work of manufacturing  concern alone, that is the study will be carried out  in Coca-Cola ( Nigeria Bottling Company) Ilorin Branch. Therefore, the geographical limit is intended to be at Ilorin Branch only.

Despite the limitation, it is hoped that the study will serve as a good, supplement to the contribution made by various authors of cost accounts.

  • ORGANIZATION PLAN OF STUDY

The study is structured to five chapters

Chapter one: it contains the introductory part of the study, the objective and purpose of the study, scope  and limitation, the significance of the study and lastly the basis  terms and concepts.

Chapter two : contain  the review of relevant  literature, such as textbooks, journals and periodic  publication on the  on the  research topic.

Chapter three: It entails the brief history of the  case study, re search design  and historical background  of Ilorin Branch of
coca- coal company, the source of  information used, method of data  collected for the research and sampling and limitation of data collected.

       While chapter four deal with management of  business organization justification of cost accounting  in business and presentation  and analysis  of the data collected form th e case study. And finally.

Chapter five contains the summary of findings, the conclusion and the recommendation.

  • DEFINATION OF TERMS AND CONCEPTS

PLANNING: In all organization , planning is the first and perhaps the most important function of management. It is the process by which the managers set the business  objective and look into future  to discover  them. Planning is necessary at all managerial level in organization.

CONTROL: This is the process assuring efficient use of organizational resources and achieving  their goal. It is also seen as process that guide activities  towards some pre-determined  goal.

MANAGEMENT: Management  is the act of getting things done through  people involving decision –making. This definition call the attention to the fact that managers need to achieve the organization goal by arranging for  other to perform  whatever task may be   necessary not by performing the task themselves.

COST  ACCOUNTING: This  is a quantitative  unit product or service  in relation to which costs are ascertained  or expressed.

COST CENTRE: This is a location, person  or items of equipment  in respect of which cost may be ascertained  and related to cost  unit for control purposes.

COST CODE: A system  of symbols  designed to  be a applied to a classified set of items, to give brief accurate reference  facilitating entry, collection and analysis.

COST CONTROL: This is the application  of appropriate costing techniques  to enable management compare actural cost with  planned cost  and take necessary  action in  case  of unfavourable trend.

LABOUR COST: This  is the cost of effort contributed by the employee towards production. Direct labour cost is the remuneration of employee’s efforts and skills applied directly to a product of saleable in product costs.

COST BEHAVIOUR: This  refers to the way in which cost  vary  with the level  of output   and activity in the organization , the level  of activity is refers to the  amount  of work  done  or number of work that have occurred .

COST ESTIMATION: This is the term used to describe the measurement of historical cost with a view of helping in prediction of future cost of management’s decision making.

MATERIAL COST: The cost of commodities applied to an undertaking.

Expenses:– The cost of services provided to an undertaking and the national cost of owned assets.

 

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