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
ABSTRACT
This
research work is aimed at highlighting the role played by Cost accounting
information to the planning, control and decision making process of the
management of an organization using Nigeria bottling company (NBC) as a case
study. If identify the different costing techniques and methods available, the
type of information produced by an accountant and how each information fits
into the information need of management as stated in the alternative and as
discovered by the researcher through questionnaire and personal interviews.
That is, the prospect of a manufacturing company Endeavour is to found out,
that for any organization to be successful, there must be accounting department
to prove timely, adequate, relevant and correct information regarding the cost of
products, processes and general running of the firm and fix selling price for
products and services. An independent accountant and cost accountant need to be
present for possible production of relevant information.
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
FOUR
Data 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
Coca-cola,
the product that gives the world its best known taste, was first set up in Lagos
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
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