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ABSTRACT
The study examined management accounting and its application to management, planning, control and decision-making. Descriptive survey design was adopted and simple random sampling technique was used in the selection of the sample size. 120 copies of questionnaires were administered to workers all management and staff of the Nigeria Breweries Plc, 100 questionnaires were retrieved and found usable for the study.
Data were analyzed by ordinary least square regression analysis method;
Findings indicate that management accounting information supports managerial decision-making, Furthermore, management accounting is an important part of the economic information system, with a key role in decision making, whether in a small and medium enterprises or large companies. However, management accounting is superficially treated in most economic entities; there are entities in which professional accountants consider management accounting as optional.
For these reasons regarding different managerial decision-making behavior and different requirements it is recommended that, management accountants need to employ appropriate accounting techniques, organizations should endeavor to set up units within the accounting department that should handle management accounting matters.
TABLE OF CONTENT
Title page
Certification
Dedication
Acknowledgement
Abstract
Table of content
CHAPTER ONE:
Introduction
1.1 Background of the study
1.2 Statement of the research problem
1.3 Research objectives
1.4 Research questions
1.5 Significance of the study
1.6 Research hypothesis
1.7 Scope of the study
1.8 Definition of terms
CHAPTER TWO: Literature review
2.1 Conceptual review of the study
2.2 Theoretical review of the study
2.3 Empirical review of the study
CHAPTER THREE: Research methodology
3.1 Introduction
3.2 Research design
3.3 Research population
3.4 Sampling techniques and sampling size
3.5 Method of data collection
3.6 Method of data analysis
3.7 Decision rule
3.8Reliability of the research instrument
3.9 Validity of the research instrument
CHAPTER FOUR:
Data Presentation, Analysis and Interpretation
4.1 Introduction
4.2 The distribution of questionnaire and analysis of questionnaire
4.3 Analysis of demographic data
CHAPTER FIVE:
Summary, Conclusion and Recommendation
5.1 Summary of research finding
5.2 Conclusion
5.3 Recommendation
BIBLIOGRAPHY
APPENDIX
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Accounting helps the managers and business owners to take the right decision while providing necessary information about a company’s financial performance and position.Managerial or management accounting aims to provide financial information relating to cost of the goods and services, relations between sales volume and profit or some performance analysis.
The distinguished aspect of managerial accounting is that, it provides information for internal decision-making. This is importance since the use of managerial accounting is not obligatory for the businesses.
Any organization whether private or public has set objectives.Attainment of these objectives depends on how effectively the resources available to the organisation were deplored for the purpose for which they are meant to serve. In addition, deployment of these resources to appropriate area agreed in the organisation depends on the information availability to the management of the organisation.
Management accounting provides valuable information concerning segments and the entire organisation. Aku (1999.221) provides a clear demarcation between accounting generally and management accounting in particular, that it provides management information for the good of enterprise while accounting generally is concerned with reporting the entity’s performance at regular periods.
However, Magekun (2003.55) opined that the use of management accounting in the public sector is scarce due to unqualified nature of their accounting personnel. He is not alone in these regard, in a study carried out on management accounting and management strategic decisions in organisations, it was found that most public sector accountants are not qualified to hold the position of accounting (Achimugu,2010).
It was also noted in that study that management accounting are meant for strategic decisions in organisations. Most public sector organisations are resolved in taking strategic decision without prior analysis using the techniques in management accounting. For proficiency and productivity in any establishment, management accounting department is highly recommended to enable adequate administration and control of cost to take place.
To this extent it was observed by Achimugu (2010) that,care must however be taken, particularly in government establishments where at the detriment of the objectives of the establishments, more recognition is accorded to the audit department than cost account department.
This largely is because they fail to understand and acknowledged the difference between the function of audit department and a well established cost account department. Auditors or audit accountants are trained for post cost review while cost accountants are trained for pre-cost review. We can understand that the two functions cannot be combined and performed by one department effectively. Therefore there is need for cost account department in any organisation. (Achimugu,2010)
From the above perspective, the author is of the view that the existence of cost account department is necessary regardless of whether the entity is privately or publicity owned. A little effort will disclose that most public sector organisation has no established cost accounts department and hence management accounts functions are being neglected.We understand that most public sector organisations are meant for the welfare of the citizenry. To that extent they are expected to engage the use of management accounting techniques to maximise the welfare of the citizenry. Techniques such as “cost benefit analysis” and “performance budgeting” are most appropriate to public sector activities.
Management process is a set of interdependent activities used by an organization to carry out their functions which include, planning, organizing,staffing, leading, and controlling. Brech(2010)recommends the following definition of management as the most appropriate for general usage: “A social process entailing responsibility for the effectiveness and economic planning and regulations of the operation of an enterprise in fulfillment of a givenpurpose of task.” Such responsibilities involve:
(i) Judgment and decision in determining plansand in using data to control performance and progress against plans;
(ii) The guidance, integration, motivation andsupervising the personnel comprising theenterprise and carrying out its operations.
Management Accounting refers to that part of themanagement process which is focused on addingvalue to organizations by attaining the effective useof resources by people, in dynamic and competitivecontexts.It is an integral part of the management process,distinctly adds value by continuously probingwhether resources are used effectively by people andorganizations – in creating value for customers,shareholders or other stakeholders. (Adelegan, 1998).In this regard, resources include not only financialones, but also all other resources created and used by organizations as a result of financial expenditures.
Thus, information and knowledge, work processesand systems, trained personnel, innovative capacities,morale, flexible cultures, and even committed customers may be included as resources- along withspecial configurations of resources that may beidentified as strategic capabilities, core competenciesor intellectual capital. Management accounting tasksdeals with collection and provision of information formanagers to use in decision making. The purpose ofthe management accounting discipline is to aidmanagement decision making.
STATEMENT OF PROBLEM
The Manufacturers Association of Nigeria (MAN)has been complaining of societal attitude towardlocally manufactured goods, low patronage for locally made goods and preference for imported onessubstantiate because competition hasbecome stiff and fierce, the imperatives of globalization have all combined to force organizationto seek better ways of optimizing the competitive advantage. Companies lacking appropriatemanagement accounting skills may be unable toadjust to the pressure of this competition and may notsucceed in the long run as it is very critical tosurvival of business.
Some manufacturing companies in Nigeria are noteven aware of the importance of managementaccounting techniques which leads them to engagein activities which do not add value to their businessand in which they do not have competitive abilitythus leaving their core competent area to suffer andincur unnecessary costs. Moreover, it is observed thatthere has been tremendous work on topics related tothis, but most of them used descriptive analysis and afew among them that attempted to use models limitedthemselves to general applicability without themgiven consideration to socio-economic parameteraffecting selection of management accountingtechniques as planning and control decision makingtool and its impact in the effectiveness of thosetechniques. It is on view of this that the present studydecided to examine management accounting and its application to management, planning, control and decision making.
OBJECTIVES OF THE STUDY
The general objective of the study is to evaluatemanagement accounting and its application to management, planning, control and decision-making. The specificobjectives of this research are to:
- To examine the effect of management accounting and its application on managerial process.
- Examine the impact of management accounting techniques adoption for planning and control decision-making on firm performance.
- Examine the impact of management accounting techniques on corporate standardization and competitiveness.
RESEARCH QUESTIONS
- Does management accounting and its application have effect on managerial process?
- Does management accounting techniques adoption for planning and control decision-making have impact on firm performance?
- Do management accounting techniques have impact on corporate standardization and competitiveness?
SIGNIFICANCE OF THE STUDY
Small business owners are faced with countless decisions every business day. Managerial accounting information provides data-driven input to these decisions, which can improve decision-making over the long term. Small business managers can leverage this powerful tool to help make their business more successful by understanding how management accounting benefits common business decision contexts.
Also, the findings of this research would be important and useful to the managers and shareholders of companies to take efficient financing decision. Furthermore, this research will be useful for students who want to write on the effect of management accounting on business firm.
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