COST ACCOUNTING AND ITS APPLICATION TO MANAGEMENT PLANNING, CONTROL AND DECISION MAKING (A Case Study of Nigeria Bottling Company (NBC) Kaduna)
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COST ACCOUNTING AND ITS
APPLICATION TO MANAGEMENT PLANNING, CONTROL AND DECISION MAKING (A Case Study
of Nigeria Bottling Company (NBC) Kaduna)
TABLE OF CONTENTS
Title page
- - -
- - -
- - i
Declaration - -
- - -
- - -
- ii
Approval - -
- - -
- -
- - iii
Dedication - -
- - -
- - -
- iv
Acknowledgement -
- - -
- - -
v
Table of contents
- - -
- - -
- - vi
Abstract - -
- - -
- - -
- vii
Table of contents
- - -
- - -
- - viii
CHAPTER ONE
Introduction
1.0
Introduction - -
- - -
- - -
1
1.1 Background of
the study - - -
- - -
1
1.2 Statement of
study - -
- - --
- 2
1.2 Objectives of
the study - -
- - -
- 3
1.3 Research
Hypothesis - -
- - -
- 4
1.4 Significance of
the Study - -
- - -
4
1.5 Scope of the
study - - -
- - -
- 5
1.6 Historical
Background of NBTE - -
- - 5
CHAPTER TWO
Literature Review
2.1
Introduction - -
- - -
- - -
7
2.2 Meaning of cost
accounting - -
- - -
8
2.3 Planning and
the application of cost accounting
- - 9
2.4 Control and
cost accounting - -
- - -
15
2.5 Standard cost
as a tool for control - -
- - 19
2.6 Decision
making - -
- - -
- - 24
2.7 The decision
making process - -
- - -
25
CHAPTER THREE
Research Methodology
3.0
Introduction - -
- - -
- - -
29
3.1 Population and
Sample Size - -
- - -
29
3.2 Sampling
Techniques - -
- - -
- 30
3.3 Sources and
Method of Data Collection - -
- 30
3.4 Method of Data
Analysis - -
- - -
- 31
3.5 Justification
for the Choice - -
- - -
31
CHAPTER FOURData Analysis and Interpretation
4.0
Introduction - -
- - -
- - -
32
4.1 Data
Presentation - - -
- - -
- 32
4.2 Analysis of
Questionnaire - -
- - -
33
4.3 Testing
Hypothesis - -
- - -
- 41
4.4 Summary of
findings - -
- -
- - 41
CHAPTER FIVE
Summary, Conclusion and Recommendations
5.1 Summary -
- - -
- - -
- 43
5.2 Conclusion -
- - -
- -
- - 44
5.3 Limitation of
the Study - -
- - -
- 45
5.4
Recommendations - -
- - -
- 46
Bibliography
- - -- - -
- - 48
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The main theme of this project is to bring to highlight the
importance of costing to the existence of any organization, using the Nigeria
Bottling company as a case study.
Every activity and operation of an organization involves
cost. In view of this, I intend to discuss the objectives, principles,
techniques and methods of costing relating to the analysis and gathering of
cost information for planning, control and decision making.
It must be emphasized, that the existence of a sound well
organized basic costing system is fundamental to whatever use is made of the
information whether for routine cost ascertainment purposes or for a one – off
decision.
Decisions depend on financial factors therefore it is of
utmost importance that proper costing methods and techniques suitable for an
organization operations to be ascertained, adopted and operated effectively and
religiously throughout the organizations` process and operations.
In essence, organization are established for a defined
purpose which objective can only be seen or shown to the world by the output
(product) it produces. For there to be an output the most necessary is the
input. Inputs do not come for free; payments have to be made on them. Taking
the Nigerian Bottling Company (NBC) as a case study, it needs inputs in the
form of raw materials, labour etc. to produce goods (soft drink) and payment
must be made for these inputs, this boils down to cost.
1.2 STATEMENT OF
THE PROBLEM
In the past, many companies have witnessed considerable
lapses and increasing changes in management disciplines. Costing an important
element in the overall operation of an organization through the provision of
relevant information about cost is one of the problems organizations are
facing. Because there are no satisfactory requirements to maintain detailed
cost records, some small firms keep only traditional financial accounts and
prepare cost information in an ad-hoc-fashion. In all but small firms this
approach is likely to be unsatisfactory.
There is a vast range of systems in operation ranging from
simple analysis to computer based accounting systems incorporating standards,
variance analysis and the automatic production of control and operating
statements. These different costing methods are meant to suit different organization
the adaptation of the wrong method, for a company will constitute a problem
instead of a solution. Also poor or inadequate knowledge of a particular method
of costing has constituted problems for many firms.
Most companies are still using the simple analysis system to
set cost while some companies do not even have a costing system. This no doubt
has led to poor planning, control and decision making.
1.3 OBJECTIVES
AND PURPOSE OF THE STUDY
This project is designed to provide a clear and concise
understanding of the importance of costing to the manager in carrying out
his/her responsibility for planning controlling and making decision which will
lead to achieving certain goals. This research work aim to highlight that
costing is
i. Indispensable
in determining the cost per unit of a product.
ii. A factor
in pricing decision, production planning and cost control.
iii. An
important tool in running a section, department or factory, that is,
organizational planning, decision on alternative methods, wages cost control
and material cost control.
iv. Important
in profit planning, make or buy decision etc.
1.4 RESEARCH
HYPOTHESIS
H0: Cost Accounting
is not an indispensable tool in management planning, control and decision
making.
H1: Cost Accounting
is an indispensable table in management planning control and decision making.
1.5 SIGNIFICANCE
OF THE STUDY
It is the desire of any management to maximize profit to
boast of high profit all expenses incurred must have to be deducted from
turnover; whether profit will be low or high largely depends on how much
deductions (expenses) will be. Excessive cost reduces turnover excessively this
in turn reduces profit. This project which is centered on the importance of
establishing adequate and proper cost for production will
(1) Be of
immense contribution towards helping managers to determine proper cost for
organizational operations
(2) Help
managers and others in industry, commerce, local authorities and similar
organization to gain a working knowledge of the principles and processes of
cost.
(3) Enable
managers to analyse, select and implement the principle, techniques and method
that best suit their firm.
1.6 SCOPE OF THE
STUDY
This study covers a general review of the different methods
and techniques of costing and how cost accounting affects the planning, control
and decision making process of an organization using the Nigerian Bottling
Company (NBC) as a case study.
1.7 HISTORICAL
BACKGROUND OF THE FIRM
The Nigeria bottling company [NBC] was incorporated in
November 1951, as a subsidiary of the A.G Leventis group with the franchise to
bottle and sell coca-cola product in Nigeria. From a humble beginning business,
the company has grow to become a prodominant bottler of non-alcoholic beverages
in Nigeria, responsible for the manufacture and sales of over 33 different
coca-cola brands. Other popular brands of beverages produced by the company are
Eva water, Five Alive fruit juice and the newly introduced Burn energy drink.
Coca-cola, the product that gives the world its best known
taste, was first set up in Lagos, Nigerian in the year 1953. This became the
beginning of an exciting story of growth and development particularly in the
recent past.
The company presently has 13 bottling facilities and over so
distribution warehouses located across the country. Since production started,
NBC PLC has remained the largest bottler of non- alcoholic beverages in the
country in terms of sales volume, with about 1.8 billion bottles sold per year
making it the second largest market in Africa.
Other products by the Nigerian Bottling Company (NBC) include
Fanta orange, Fanta Tonic, Fanta Apple, Soda water, Fanta pineapple Sprite,
Bitter Lemon and Coke etc. All of these are one of the most selling drinks in
the country and worldwide. In addition, it is today Nigeria number one bottler
of soft drinks selling more than 7,000,000 bottles per day. Currently, there
are about 20 plants in various parts of the federation and more are yet to
come.
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