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1.1 Background of the Study
The bedrock of accounting is an understanding of the underlying principles, and an appreciation of the techniques and state necessary for application.
According to Amos A. Abohi (2003), accounting is derived from the word “account” which is defined in Collins English Dictionary as to reckons; to give a reason; to give a financial reckoning; a statement of debts and credits in money transactions.
According to American Accounting Association (1961) accounting has been defined as the process of identifying, measuring and communicating of economic information to permit informed judgment and decisions by users of the information.
In the last ten years or more, Nigeria economy has been going through a turbulent or conflict phase, a development which has greatly affected the manufacturing companies in Nigeria today by reducing their profitability or causing losses to some in order for them to minimize the above problem, there is the need for adequate planning for proper use of the available method and or techniques needed by management of companies in the management sector in achieving its profit maximization aim and the need for his and other tings in the purpose of this write up.
1.2 Statement of the Problem
Considering the importance of cost accounting information dissemination in an economy, the Company and Allied Matters Act 1990 amended (2004), provide members with Annual General meetings as forum for questioning or even removing directors as the case may be over their activities in the administration of the company.
Cost accounting system has the major quantitative information system in almost every organisation.
As a private organisation there must be a financial reports or statements; the reports required by an organisation can be conveniently grouped into three classes being:
· Internal reports to managers for use in planning and controlling routine operations.
· Internal reports to managers for use in forming opinion or/and making strategic decisions and in formulating major plans and policies.
1.3 Objectives of the Study
The objective of this project work is to evaluate the impact of the cost accounting department in a private organisation in ascertainment of cost and in the analysis of savings or assesses as compared with previous experiences in Beta Glass Company Plc, Delta State.
Cost accounting (which is that part of management accounting that establishes budget and standard cost and actual cost of operations, process, department of products and the analysis of various profitability or social use of fund) will also be viewed in a broader sense.
1.4 Significance of the Study
Adherence to these cost accounting procedures has significant implications for the preparation and approval of budget materials for inclusion in the private organisation. The private organisation has to provide assurance.
a. That the costs incurred for the same purpose in like circumstances have been treated consistently as either direct or indirect costs.
b. It will consistently in estimating accumulating, and reporting costs.
c. Consistency in allocating costs incurred in the circumstances for the same purposes.
d. Identification and exclusion of specifically identifiable un-allowed costs.
e. Consistency in the selection and use of a cost accounting period.
1.5 Research Questions
i. Can the information contained in the cost statement be easily understand by shareholders?
ii. What is the level of compliance with these minimum requirements by Company and Allied Matters Act (2004)?
iii. How would you deal with this request and what advantage (if any) might accrues from the practice of cost accounting?
iv. For what broad purposes should accounting provide information to their shareholders?
1.6 Research Hypothesis
The following hypotheses could be tested based on the data received from respondents.
Ho: The information contained in cost statement is useful and will also aid potential and existing investors to a wise investment decision
1.7 Scope of the Study
This research project is limited to private organisation. This study covers mainly manufacturing companies in Nigeria which engaged in the manufacturing of different products. For the purpose of this study, one of the largest and oldest manufacturers of glasses in Nigeria, Beta Glass Company Plc, Ughelli, Delta State is chosen as a case study.
In this research study, particular emphasis would be placed on the impact of cost accounting statement in private organisation.
1.8 Limitation of the Study
This study faced financial problem and problem of time. Also the study encountered the problem of information hidden by management of Beta Glass Plc, Delta State from the researcher.
Despite these limitation, the research can as a reliable general framework from more intensive research on specific aspects of decision making process and serve as a basis for measuring the effectiveness of management decision based on the concept of costing methods and techniques towards planning and control.
1.9 Definition of Terms
a. Cost:- Cost is defined as the value of the resources given up in order to obtain or acquire desired resources.
b. Costing:- Costing is the technique and process of ascertaining cost.
c. Cost Center:- It is a place or a person and equipment or group of equipment around which costs are segregated.
d. Cost Code:- This is the series of alphabetical and/or numerical symbols that represent a descriptive title in a cost classification
e. Cost Unit:- Cost unit is a qualitative unit of product or services in relation to which cost is ascertained.
f. Cost Absorption:- Absorption refers to the process of dividing cost in some equitable ways among the numbers of cost centres.
g. Cost Audit:- It is the part of the work of the internal auditor as its name implied.
h. Cost Allocation:- This means tracing of cost to cost and then making transfer to reflect in wages of one cost center.
i. Fixed Cost:- A cost which occurred in relation to the passage of time.
j. Variable Cost:- A cost which is aggregate, trends to vary indirect proportion to changes in the volume of output or turnover.
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