THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN MANUFACTURING INDUSTRIES [A CASE STUDY OF NORTHERN CABLE PROCESSING MANUFACTURING CORPORATION (NACACO)]
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THE IMPORTANCE OF COST ACCOUNTING SYSTEM IN
MANUFACTURING INDUSTRIES [A CASE STUDY OF
NORTHERN CABLE PROCESSING MANUFACTURING CORPORATION (NACACO)]
TABLE OF CONTENT
Title
page
Declaration
Approval
page
Acknowledgement
Abstract.
Chapter one
Introduction
1.1
Statement
of general problem
1.2
Objective
of the study
1.3
Statement
of Hypothesis
1.4
Significance
of the study
1.5
Limitation
of the study
1.6
An overview
of the organization
Chapter two
Literature review
2.1
Definition
of cost accounting
2.2
Standard
cost introduction
2.3
Variance
analysis and classification
2.4
Budget and
budgetary control
2.5
Marginal
cost
2.6
Break even
point analysis
Chapter three
Research methodology
3.1
Interview
3.2
Population
and sample size
3.3
Sampling
technique
3.4
Personal
observation
3.5
Justification
of choice
Chapter four
Data
analysis and presentation
4.1
Cost
accounting department
4.2
Financial
department
4.3
Production
department
4.4
Output come
of hypothesis
Chapter five
Summary, findings, conclusion and recommendation
5.1
Summary
5.2
Findings
5.3
Conclusion
5.4
Recommendation
5.5
Appendix
5.6
Bibliography
5.7
Reference
CHAPTER ONE
1.0 INTRODUCTION
Cost accounting is
considered as the managerial planning and control activities furnishing
management with the necessary accounting tools to plan, control and evaluate
operation. The term cost accounting as however published by the institute of
cost and management accountant is define as “the application of costing and cost
accounting principles, methods and techniques to the science art and practice
of cost control and the ascertainment of profit”. It includes the presentation
of information derived for the purpose of management decision making.
The basic difference
between a merchandized business and a manufacture is that merchant purchases
merchandise in a ready – to sell condition whereas the manufacturer produce the
good it sells. In a merchandising business the cost of goods available for sale
is based upon the cost of purchase in a manufacturing business on the other
hand the cost of manufacturing the finished goods, as a result of this, there
is the needs for every manufacturing business to be cost conscious in the
course of manufacturing goods.
The cost accounting
system depends upon the purpose for which the management requires the
information for many Purposes such as control, decision making and
determination of price.
1.1
STATEMENT OF GENERAL PROBLEMS
The production of items
is not problem but knowing the cost involved during such production is the
issue at stake. One just have to recover the investment committed in the
production of an item through accounting for such cost and passing it to either
the middle men or consumers Iclho pay for the items. This has created room for
the existence of a production circle in most of our industries now. To account
for the production of an items materials, labour and overhead must have their
own share of cost which resulted to be the complete production of the
production.
To this end,
manufacturer find it littie bit difficult to adequately account for the
production cost they incurred and not being able to recover from the item
produced, he refinancing power of the organization concerned is reduced in one
way or the other, therefore, the producer has to be conscious of cost incurred
in the cost at a certain period of time the financing of the project plan becomes adversely
affected or ever not possible.
1.2
OBJECTIVE OF THE STUDY
The aims and objective of this study are to
evaluate the cost accounting system, which brings out the real situation and
existence of an organization. It is aimed at the determining the level of
adequacy of cost accounting in the organization’s production activities.
Through evaluating the system, the efficiency or inefficiency of such system will
come to light which will create opportunity for discussing the ways by which an
organization can account for cost of production adequately.
Without excluding certain cost incurred during the
production. The study is aimed at providing solution to the problems of process
cost accounting in industries which one way or the others do affect performance
within the industry. It’s aimed at analysis the relevant of cost accounting
system an industry and providing solution weaker system.
1.3
STATEMENT OF HYPOTHESIS
1. Alternative Hi –
effective use of cost accounting as a means of control in manufacturing
industries cannot minimize cost – Un11Ho – effective use of cost accountings as
a means of control manufacturing industries cost minimize cost – UU! IHO
effective use of cost accounting as a mean of control.
2. Alternative – an efficient costing system helps an undertaking
to ascertain it’s cost of operation.
1.4
SIGNIFICANCE OF THE STUDY
The significance of the study can be reviewed in
different perspective. The study serve am importance toward the writers
programme as a part of the Kaduna
1.5
LIMITATION OF STUDY
Limitation of study are the constrains that
restricts the writer from elaborating more on the project. In other words, they are restriction encounter by the
writer in course of writing his project, which are beyond his control. The
study was made based upon the presence of some restrictions. It will have been
more them what it is but due to the constraints, this is what the writer was
able to achieve.
The major obstacle is the co-operation of
respondent quite a number of responses were made but not to the extent of
warranting a through knowledge of the organization’s activities as a result,
the study unable to meet the writer’s objective. The writer was faced with
financial constraint and as a result could not go round getting more
information for writing the project. This to some extent hampered the study.
Further more, availability of time for the research
work was also a constraint to the study. This is due to the fact that the most
writers time was spend in attending lectures writing semester test and
assignment.
1.6
AN OVERVIEW OF THE ORGANIZATION
Northern cable processing manufacturing company
limited (NOCACO) was incorporated in June with the aim of supplying vehide
assembly plant with locally made cable and wires. The company’s equity share
capital were distributed 40% the Nigeria Germany Nigeria Nigeria NIS
The firm carries out rigorous quality control test
on its products at every stage of the production process rather – then at the
first inspection, so as to maintain the high standard throughout the length of
conductor of cable.
The high quality maintenance in the organization
can be proved the award worn by the company during one period or the other, the
award are:
Correctly, NOCACO has won the Nigeria Kaduna
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