EFFECTIVE AND EFFICIENT COST MANAGEMENT IN MANUFACTURING INDUSTRIES
ABSTRACT
There is no doubt that any manufacturing organization that has an account and reliable cost accounting records would definitely have an effective and efficient cost management which would of cause strengthen the organization.
The purpose of this research is to pin-point on the numerous important encounter by manufacturing industries in cost management.
As a result of this research, I will find out the steps to ensure and the features of effective and efficient cost management.
This research is done on the area that every existing organization would definitely have effective and efficient cost management.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Scope of the Study
1.5 Limitation of the Study
1.6 Definition of Terms
CHAPTER TWO
2.1 Review of Related Literature
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Source of Data
3.2 Sample and Sampling Technique (Population)
3.3 Method of Data Collection
3.4 Instrument for Data Collection
3.5 Method of Data Analysis
CHAPTER FOUR
Data Presentation and Analysis
CHAPTER FIVE
5.1 Summary and Findings
5.2 Conclusion
5.3 Recommendation
References
CHAPTER ONE
INTRODUCTION
Cost management is all about the proper control and applications of cost accounting principle which is an integral part of accounting and has rapidly developed in recent time, and as a result has attached great important to the modern manufacturing industries.
The increasing need of cost accounting in manufacturing business organization is a result of huge financial involvement, higher occurrence of production expenses, growing market, competitions and technological advancement.
This factor however, calls for effective and efficient cost management which entails the proper and accurate keeping of records for purpose of cost ascertainment.
Generally, cost accounting historical costs to units of products and department aimed at providing stock or inventory valuation and profit ascertainment.
Besides, it is essentially refer to as the gathering and provision of information to the management for it’s daily operations, effecting decisions, formation of policies for present and future activities of the organization. It also helps to fulfill the legal requirement of reporting to shareholders, creditors, investors, government agencies and other external users. It is no doubt that these essential functions of cost accounting can only be made functional through effective and efficient cost management – effective and efficient cost accounting, control and implementation.
Therefore effective and efficient cost management should be the major objective of the cost accounting department if any manufacturing oriented organization.
The problem of this statement of effective and efficient cost of management in manufacturing industries are as follows.
Problems of Return of investment measure - The return of investment provided on overall measure of the commercial success of each operating unit and of the entire industries.
Lack of decentralization – Decentralization was necessary and central managers function shifted to running an efficient internal capital and labour market for the industries.
Lack of coordinating, motivating and evaluating the performance of their divisional managers in an industry.
A situation when the return of investment does not play a vital role in permitting the internal market for managers and capital to function. Industries are unlikely to survive without extensive management accounting and effectiveness if their decentralized operations.
The objective of this course of study covers many areas of importance with respect to the subject matter. These include among other things:-
The scope of the study are summarized as follows:-
The limitation of the study is summaries as follows:
Since this work was done un\sing cost terms, it therefore become necessary to make a brief definition of the relevance terminologies to ensure an obsolete comprehension of the work.
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ABSTRACT
There is no doubt that any manufacturing organization that has an account and reliable cost accounting records would definitely have an effective and efficient cost management which would of cause strengthen the organization.
The purpose of this research is to pin-point on the numerous important encounter by manufacturing industries in cost management.
As a result of this research, I will find out the steps to ensure and the features of effective and efficient cost management.
This research is done on the area that every existing organization would definitely have effective and efficient cost management.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Scope of the Study
1.5 Limitation of the Study
1.6 Definition of Terms
CHAPTER TWO
2.1 Review of Related Literature
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Source of Data
3.2 Sample and Sampling Technique (Population)
3.3 Method of Data Collection
3.4 Instrument for Data Collection
3.5 Method of Data Analysis
CHAPTER FOUR
Data Presentation and Analysis
CHAPTER FIVE
5.1 Summary and Findings
5.2 Conclusion
5.3 Recommendation
References
CHAPTER ONE
INTRODUCTION
- BACKGROUND OF THE STUDY
Cost management is all about the proper control and applications of cost accounting principle which is an integral part of accounting and has rapidly developed in recent time, and as a result has attached great important to the modern manufacturing industries.
The increasing need of cost accounting in manufacturing business organization is a result of huge financial involvement, higher occurrence of production expenses, growing market, competitions and technological advancement.
This factor however, calls for effective and efficient cost management which entails the proper and accurate keeping of records for purpose of cost ascertainment.
Generally, cost accounting historical costs to units of products and department aimed at providing stock or inventory valuation and profit ascertainment.
Besides, it is essentially refer to as the gathering and provision of information to the management for it’s daily operations, effecting decisions, formation of policies for present and future activities of the organization. It also helps to fulfill the legal requirement of reporting to shareholders, creditors, investors, government agencies and other external users. It is no doubt that these essential functions of cost accounting can only be made functional through effective and efficient cost management – effective and efficient cost accounting, control and implementation.
Therefore effective and efficient cost management should be the major objective of the cost accounting department if any manufacturing oriented organization.
- STATEMENT OF THE PROBLEM
The problem of this statement of effective and efficient cost of management in manufacturing industries are as follows.
Problems of Return of investment measure - The return of investment provided on overall measure of the commercial success of each operating unit and of the entire industries.
Lack of decentralization – Decentralization was necessary and central managers function shifted to running an efficient internal capital and labour market for the industries.
Lack of coordinating, motivating and evaluating the performance of their divisional managers in an industry.
A situation when the return of investment does not play a vital role in permitting the internal market for managers and capital to function. Industries are unlikely to survive without extensive management accounting and effectiveness if their decentralized operations.
- OBJECTIVE OF THE STUDY
The objective of this course of study covers many areas of importance with respect to the subject matter. These include among other things:-
- To appraise the cost accounting system of a manufacturing industries.
- To study evaluate the effectiveness and efficiently of management cost by the cost accounting department.
- To identify it has affected the profit level of the organization.
- To review the performance of the cost accounting department in order to know if actually there is effective and efficient cost management.
- To identify lapses in the cost accounting department.
- To see if management actually complies and implement the cost accounting recommendation.
- To suggest ways of further improvement
- SCOPE OF THE STUDY
The scope of the study are summarized as follows:-
- The study is concern with the ascertainment and control of cost in manufacturing industries.
- The research of this study is mainly done in manufacturing industries.
- The background of this study is based on cost accounting principles.
- The methods and techniques adopted are aimed at providing relevant monetary information to management in a very clear manner.
- Cost here us referred to as the unit cost of production or services in manufacturing industries and not expenses cost that has nothing to do with production of goods and services.
- LIMITATIONS OF THE STUDY
The limitation of the study is summaries as follows:
- The terminologies are limited to cost accounting terms.
- The background of this study is limited based on cost accounting principles.
- The study is concerned with the limited ascertainment t and control of cost in manufacturing industries.
- The methods and techniques adopted are limited aimed at providing relevant monetary information to management in a clear manner.
- Cost is limited here to referred as the unit cost production in manufacturing industries and not expenses.
- DEFINITION OF TERMS
Since this work was done un\sing cost terms, it therefore become necessary to make a brief definition of the relevance terminologies to ensure an obsolete comprehension of the work.
- Apportionment: this is the system of allocating cost production to different department.
- Absorption Rate: This is a system of sharing the overhead equitably among all the cost units produced using the ate.
- Budget: This is a future financial planning which shows the expenditures, income and capital to be used.
- Coding: This is a system of letter symbols designed to be applied to a classified set of items to give an account references collation and analysis.
- Cost center: this referred to as item or services to which cost is attributed to.
- Costing methods: This is a way of providing coat in such a way as to main goods are processed
- Cost unit: This is the quantitative unit to product of services in relation to which cost are ascertainment.
- Cost: This entails all resources employed to execute a particular project
- Fixed Cost: This is a cost incurred in a long period which does not vary.
Download our android mobile app for more materials
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COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
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Account Name: 3059320631
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
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