Relevance of Cost Accounting Information for Management Decision Making
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Chapter one on Relevance of Cost Accounting Information for Management Decision Making
Cost accounting has long been used to help managers understand the costs of running a business. Cost accounting today is recording, budgeting, analyzing and determining cost for products manufactured.
Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking cost to help business owners and managers make decision.
The basic objective of this study is to examine comprehensively how cost accounting information is being presented in a large organization. Cost accounting system of any organization is the foundation of the internal financial information plan, to control and make decision.
The information provided by costing system are cost per unit of production, process cost of running a sector or department, wages cost of a unit of production scrap cost etc.
BACKGROUND TO THE STUDY
Guinness (Nig) Plc, Benin was opened in 1972 after the incorporation of its headquarter at Ikeja, Lagos State in the year 1962.
The original name of incorporation was Guinness (Nig) Ltd. It was changed to Guinness (Nig) Plc due to government directives to distinguish public limited liability companies from other limited companies.
Guinness (Nig) Plc, Benin is located along Benin-Agbor Oregbeni Housing Estate, Ikpoba Hill, Benin City.
The objective of the company are:
To provide employment for members of the community. To contribute to the general welfare of the community by providing good quality bear and non-alcoholic malt. To contribute to economical development of the economy.
STATEMENT OF PROBLEM
The growth of business activities in production process and information provision, aid management in taking timely, accurate and effective decision which brought out the need for an appropriate cost accounting system that will meet the need of the organization as an entity.
When an appropriate system is installed, output is increased efficiency and profit maximization is recorded, therefore, this study aims to highlight the relevant of cost accounting system using Guinness (Nig) Plc, Benin as a case study.
The following research questions were raised for the study:
Has there be any impact or relevant of cost accounting information in management decision making? Has cost accounting information helped to achieve the goals and objective of the organization? Has the implementation of cost accounting information helped in effective and efficient management decision making? Why are organizations interested in cost accounting information?
OBJECTIVE OF THE STUDY
i. To ascertain the place of cost accounting in business organization.
ii. To ascertain the system in use, appropriate for the need of the organization under study.
iii. To know the rationale behind the adoption of the use of the system.
iv. To ascertain the control system put in place by management.
STATEMENT OF HYPOTHESIS
The hypothesis of this research is divided into two as null (Ho) and alternative (Hi). If the null hypothesis were rejected, then the alternative hypothesis is accepted and vice-versa.
The hypothesis is to be tested as follows:
Ho: Cost accounting is not relevant in management decision making.
HI: Cost accounting is relevant in management decision making.
Ho: Cost accounting is not a management control system.
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