Download complete project material on Cost Accounting As A Tool For Effective Management Control In Manufacturing Industries from chapter one to five
CHAPTER ONE
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INTRODUCTION
BACKGROUND OF THE STUDY
The competitive nature of today’s business word coupled with the need for persistent cost reduction and continuous profitability have made it imperative for an organization to be aware of it’s cost components.
This is to ensure that its products and services are made and sold at the least possible price, and this is where cost accounting comes into act as a compass to the managers in their daily endeavor of achieving the corporate objective of the organizations and those of the share holders.
The institute of cost and management Accounting defined cost Accounting as “The application of professional accounting and costing principles, methods and techniques in the ascertainment of lost and analysis of saving and/or excess as compared with previous experiment or with standard .
Cost Accounting is part of management accounting which includes business finance presentation of information to managers, adhoc investigation, system design ant techniques which aid managers to make better decision and manage more efficiently. Cost accounting and cost accounting method supply the basis of factual information on which management can be base strategic planning and control decisions.
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Since modern business began, entrepreneurs have been alive to the importance of cost. It is a universal knowledge that profit equals scales less costs. The impact and success of industrial revolution in furrope depended on the reduction of unit cost by application of mass production machinery. This has become increasingly important in today’s commercial environment of automation and computerization.
Cost Accounting enables a business not only to find out what various jobs or processes have cost but also what they should have cost. It indicates where losses and wastes are accusing before the work finishes and therefore immediate action may be taken if possible, to avoid such loss or waste.
The Nigeria Bottling company (Coca-Cola) realizes the usefulness and importance of cost accounting and have therefore had a separate cost accounting department to handled costing and price fixing of the organization and applies various cost methods to cost their activities.
Cost accounting is essentially an extension of financial accounting which has been developed to handle financial management.
Cost accounting is not new entirely; It has been in use before the first world war it is therefore reasonable to suppose that many people have practiced one form of cost accounting or the other at different times.
During the industrial revolution of 1820 in Europe, interest in cost accounting was developed. History had it that “cost plus” which time and line contract was wisely used in building trade and firms engaged in government contract. During war time. It was learnt that this method was much in use before and during the first world war.
Many factors have accounted for the remarkable growth of cost accounting. These factors include, the production of war equipment during the war, justification of cost was required by government Europe, price control of the goods and services were imposed by the governments. Competition in export also created the necessity of analyze cost for pricing purpose.
Coupled with this factor was the increasing scale of business operation, which call for some forms of cost accounting.
The Nigerian Bottling company was established on 22nd of November 1951. It is the authorized bottler of coca-cola, fanta, sprite, bitter lemon, fanta orange, tonic water and other orange, soft drinks in Nigeria. The company started with an authorized share capital of N 15 million and a fully paid share of N 14.7 million as at 1982. Its heads office is located at Iddo in Lagos. The company is one of the members of Lagos chamber of commerce and industry.
The decision of the Nigerian Bottling company to establish a branch plant in Ilorin was born out of the need for growth and development in the business of the company. Coupled with the expansion programmes of the company was the demand by the consumers for the company’s products within Ilorin and other towns and villages in the then Kwara State (Now Kawar State and Kogi sate).
Before the establishment of Ilorin plant in 1979, Ilorin used to be a depot under Ibadan plant, with the increase in the demand for the company’s product in Ilorin and its environments Ibadan plant was unable to cope with the consumer demand and that was why the management of the Nigerian Bottling Company decided to start work on Ilorin plant in 1978, and started production in the plant in 1979.
1.2 OBJECTIVE OF THE STUDY
The main objective of this study is to find out cost accounting serves as a tool for effective management control in manufacturing industries using Nigeria Bottling Company Plc, Ilorin plant as a case study.
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