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Full Project – APPLICATION OF COST ACCOUNTING ON MANAGEMENT FUNCTION IN NIGERIA MANUFACTURING FIRMS

Full Project – APPLICATION OF COST ACCOUNTING ON MANAGEMENT FUNCTION IN NIGERIA MANUFACTURING FIRMS

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Full Project – APPLICATION OF COST ACCOUNTING ON MANAGEMENT FUNCTION IN NIGERIA MANUFACTURING FIRMS

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CHAPTER ONE

INTRODUCTION

 

I.1 Background to the Study

The growing complexity of modern production method results in greater capital investment, competition and modern market. For any company to be successful in such environment, it must have a good costing  system.  The  attainment  of   this   objective  demands    careful selection of a costing system that suites the production process of the company. Vickery (1971) has this in mind when he said that costing system is essentially analytical in nature, and it is therefore impossible to derive a system  which suites all business. Hence, the costing system adopted by a manufacturing company must be designed to suite its production process.

A common misconception made by management of a company is that  a   single  definition  of   cost   is   ideally  suited  to   all  types    of

manufacturing decision. What a manager’s plan to produce must be well known to him and always taken into account where he fails to realize this, difficulty arises in determining the cost of production. This gives rise to two reasons for the difficulty in determining the cost of products produced. First, the relationship between the cost incurred and output produced is often difficult establish. Secondly, cost may be assembled, combined and reported in different ways.

 

In  addition  to  inherent  difficulties  in  determining  the  cost  of output, management fails to recognize that different cost measurement

are needed for different purposes.. If cost information is to be used intelligently, management must understand that any cost figure has inherent limitation and that no single method of arriving at cost will serve equally well for all the various purposes for which information is needed.

Modern technology makes it imperative for a firm to cost its products. Lagne, (1984) contends that if a firm fails to cost its products,

the firm will continually cease to exist.

 

 

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