Cost Accounting and Control in the Agricultural Sector Problems and Solutions
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Chapter one on Cost Accounting and Control in the Agricultural Sector Problems and Solutions
INTRODUCTION
The importance of the agricultural sector in Nigeria economy is generally well known. The most public policy makers especially since independence in 1960, has expected the sector to satisfy the bulk, if not all, the food requirement of the country supply. Most of the agricultural raw material needed by the manufacturing sector, provide adequate employment and income to the farmers and investors as well as earn substantial foreign exchange for the country. Olieh (1984) shared the same view, before independence said “Agricultural products formed the major component of the country’s export.
The livestock subsector is supposed to provide high quality rich in protein products. Ukpong (1993) conclude that the livestock sub-sector in Nigeria has been depressed for many years and its output declined by about 18.2 and 4.4% in 1982 and 1983. There is high cost of finished feeds, low value of naira needed or import of raw material and equipment, also government neglect and abandonment of the sector has led the nation to economic stagnation. The cost control will be used as a case study, since it has a great role to play in the production of animal feeds and concentrates in Nigeria.
BACKGROUND OF STUDY
Livestock Feeds Plc was incorporated in 1953. The company’s principle activity is the manufacture and marketing of animal feeds and concentrates. In other words, the company is basically engaged in poultry farm business, production of finished feeds for birds.
OBJECTIVE OF THE STUDY
The cost accounting and control problems inherent in the production of finished fees of livestock feeds Plc. These objectives will enable the sector to return to the part of growth and profitability.
1. To know whether enough cost accounting information is generated by Livestock Feeds Plc.
2. To identify the cost control techniques adopted in the company.
3. To investigate whether line managers are involved in setting standard cost of production.
4. To ascertain whether standard cost are frequently reviewed by the company.
THE SCOPE AND LIMITATION OF THE STUDY
The study will be centered on cost control problems inherent in the agricultural sector of the Nigerian economy with particular reference to the production of finished feeds for livestock. The researcher does not intend to cover such areas as farming and animal rearing. This is considered in a limitation, since the death of the researchers could lead to the death of the research. Other limitation could be time, money. Also absence of willingness on the part of some individuals within the organization to provide information on some operation of the company inhabited the progress of the research. However, the presence of these difficulties, the researcher was able to do great job, which can be validity relied on by any interested party.
STATEMENT OF HYPOTHESIS
1. Hi cost accounting and control is as a result of effective internal control.
Ho cost accounting and control is not as a result of effective internal control.
2. Ho prudent allocation and fraud elimination are not as a result of effective cost accounting and control system in the agricultural sector
Hi prudent allocation and fraud elimination are as a result of effective cost accounting and control system in the agricultural sector.
3. Ho:- Cost accounting and control is not necessary in Livestock feeds Ltd.
Hi: Cost accounting and control is necessary in Livestock feeds Ltd.
DEFINITION OF TERMS
ANIMAL FEEDS: This means the various productions produced by the company such as finisher, starter and grower mash. It is also referred to finished feeds.
AGRICULTURE: This is taken to mean the production feeds for birds and concentrates.
MARGINAL COSTING: This is a costing method whereby only variable manufacturing costs are allocated to produces and included in the stock valuation.
DECENTRALIZED BUDGETING: This is a process of budgeting whereby the various units are allowed fully participation as regards in budgeting.
SYSTEM: This is a recognizable whole made of components parts (departments) that works together to achieve a common goal.
CENTRALIZED BUDGETING: This means a budgeting system whereby the budgets are prepared by the head office and gives to the plants of divisions within the organization to implement with little participation from units.
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