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THE ROLE OF MANAGEMENT ACCOUNTANT TO
COST-CONTROL-AND-PROFIT-PERFORMANCE-IN-AN-ORGANIZATION
Abstract
Accountants
have been bestowed with the role of providing information to the management
regarding the affairs of the organization in particular and to the stakeholders
in general. Internally, in manufacturing organization, management has always
relied on the management accountant for cost evaluation and performance
efficiencies of cost element. This role of management accountant to the
management has been in doubt because of incessant increase in the cost elements
of goods manufactured in Nigeria which in cause has resulted in constant
increase in the price of goods. The aim of this research study is to evaluate
the role of management accountant to cost control and profit performance in an
organization. a quasi-experimental research design was adopted for this
research study and the sample size was selected using the Taro Yamane sampling
technique. Primary and secondary sources of data were used in collecting
information which was analyzed using simple percentages.
The
hypothesis was tested using chi- square statistical method at 0.05 level of
significance for validity and decision making. The findings from the analysis
of the research study depicts that organizational strategic managers should
rely on management accountant information for decision making. Management of
any manufacturing company cannot make profitable decision without quality
information. The researcher can confidently conclude based on the findings that
the availability of skilled, knowledgeable and informative management
accountant in an organizational profit performance promotes productivity.
Therefore, this research work recommends that management accountants should
provide information on time so as to hasten up in making vital decision because
undue delay in decision making will definitely undermine the firms‟ goal of
profit maximization. Also, it recommends that adequate exposure should be given
to management accountants through training programmes, appraisal and evaluation
of seminars in order to acquaint them with the new technologies in vogue and
keep pace with new knowledge.
TABLE OF
CONTENTS
Title page i
Certification
Page ii
Dedication
iii
Acknowledgement
iv
Abstract v
Table of
contents vi
CHAPTER ONE:
INTRODUCTION
1.1
Background of the study 1
1.2
Statement of the study 2
1.3
Objectives of the study 3
1.4 Research
Question 4
1.5
Formulation of hypotheses 4
1.6
Significance of the study 5
1.7 Scope of
the study 6
1.8
Limitations of the study 6
1.9
Definition of terms 7
CHAPTER TWO
2.1
Definition of profit performance. 9
2.2 The
concept of profit performance. 10
2.3
Functions of Management Accountants in relation to profit making in an
organization. 12
2.4 Basic
tools employed by Management Accountants in
Profit
maximization. 14
2.41
Standard Costing 14
2.42
Marginal Costing 20
2.43
Budgeting and Variance analysis 22
2.44 Cost
Volume Profit Analysis 28
2.5 The
Concept of Cost in Profit Maximization 29
2.6 Ways of
Regulating Cost in a Manufacturing Company. 31
CHAPTER
THREE: RESEARCH METHODOLOGY
3.1 Research
Design 36
3.2 Sources
of Data 37
3.3 Area of
study 38
3.4
Population of Study 38
ix
3.5
Determination of Sample Size 38
3.6
Reliability Test 40
3.7 Validity
Test 41
3.8 Method
of Data Analysis 41
CHAPTER
FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1
Presentation of Data 43
4.2 Analysis
of Data 43
4.3 Testing
of Hypotheses 60
CHAPTER
FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.
5.1
Introduction 67
5.2 Summary
of findings 67
5.3
conclusion 69
5.4
Recommendations 70
Bibliography
72
Appendices
74
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Prices of
goods and services are gradually increasing day by day, and due to the fact
that the sole aim of a businessman, producer or manufacturer is to make profit
they end up making use of low quality materials for production so as to reduce
cost of production and maximize profit. Moreover, with the increase of
competitors around, most of the producers have thought it wise to manufacture
or package a quality product and also enhance their profit level. This elevated
the interest of the researcher to bring to light of how this goal can be
achieved through intensive study of the role of management accountants to cost
control and profit performance in an organization. Apart from cooperate scandals;
there has been anosmatic pressure for better profit maximization as the
business environment became more volatile.
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