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COST ACCOUNTING INFORMATION AND PRODUCT COSTING IN SELECTED PAINT MANUFACTURING COMPANIES PORT HARCOURT

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COST ACCOUNTING INFORMATION AND PRODUCT COSTING IN SELECTED PAINT MANUFACTURING COMPANIES PORT HARCOURT

ABSTRACT

The study examine cost accounting information and product costing in selected paint manufacturing companies Port Harcourt, This study was undertaken majorly to determine the usefulness of cost accounting information in paint manufacturing companies in Port Harcourt. Specific objectives of the study are: To examine the relationship between cost accounting information and product costing in some selected paint manufacturing companies in Port Harcourt, To ascertain other factors influencing product costing in paint manufacturing companies in Port Harcourt. Concerning methodology for this study, the major instrument used for this study is the questionnaire and interview. The questionnaire was structured in a five-like scale measuring attitude of Strongly Agreed, Agreed, Undecided, Disagree and Strongly Disagreed. The surveys research method was used for this study. The survey research design through the administration of questionnaires was used for the study. The population of study consists of the entire staff of Saclux and and Swan paint factories, Port Harcourt, Rivers state. The Convenient sampling technique was used in selecting 32 staff of saclux and swan paint factories Port Harcourt.  Having gathered the data through the administration of questionnaire, the collected data will be coded, tabulated, and analyzed according to the research question and hypothesis. In order to analyze the data collected effectively and efficiently for easy management and accuracy, the simple percentage method was the analytical tools used for this research project and a sample size of thirty-two (32) will be represented by 100% for easy analysis of the responses. Also, Correlation statistical analytical method will be used in the research work. The study has the following findings; Cost accounting is very essential in paint manufacturing. It is expected that findings from this study will help manufacturing companies in Nigeria to see areas of shortfall and remedial solutions. Managers of such firms especially paint manufacturing companies will benefits from the study as they will have more understanding on cost information system and product costing.

 

 

 

 

 

TABLE OF CONTENTS

Title Page –       –       –       –       –       –       –       –       –       i

Approval Page  –       –       –       –       –       –       –       –       ii

Declaration      –       –       –       –       –       –       –       –       iii

Dedication       –       –       –       –       –       –       –       –       –       iv

Acknowledgement    –       –       –       –       –       –       –       v

Abstract   –       –       –       –       –       –       –       –       –       vi

Table of Contents     –       –       –       –       –       –       –       vii

 

CHAPTER ONE – INTRODUCTION

1.1   Background of the Study    –    –       –       –       –        –

1.2   Statement of the Problem     –  –       –       –       –        –

1.3   Purpose/objectives of the Study-     –       –       –       –

1.4   Research Questions         –       –       –       –       –         –

1.5   Research Hypothesis         –     –       –       –       –         –

1.6   Significance of the Study     –   –       –       –       –         –

1.7   Scope of the Study             –    –       –       –       –         –

1.8   Limitation of the study       –    –       –       –       –         –

1.9   Definition of Terms            –     –       –       –       –         –

CHAPTER TWO – REVIEW OF RELATED LITERATURE

2.1   Introduction     –       –       –       –       –       –       –       –       –

  • Meaning of cost accounting –    –       –       –       –       –

2.3 Planning and the application of cost accounting       –        –

2.4 Control and cost accounting –   –       –       –       –       –       –

2.5 Standard cost as a tool for control      –      –       –       –       –

2.6 Decision making         –      –       –       –       –       –       –       –

2.7 The decision making process       –    –       –       –       –       –

2.8 Traditional product costing        –       –       –       –       –       –

2.9 Activity- based costing principles      –       –       –       –       –

 

CHAPTER THREE – RESEARCH METHODOLOGY

3.1   Introduction     –       –       –       –       –       –       –       –       –

3.2   Research Design      –       –       –       –       –       –       –       –

3.3   Area of the Study     –       –       –       –       –       –       –       –

3.4   Population of Study –       –       –       –       –       –       –       –

3.5   Sample size and Sampling Techniques    –       –       –       –       –

3.6   Instrument for Data Collection –       –       –       –       –       –

3.7   Validity of the Instrument        –       –       –       –       –       –       –

3.8   Reliability of the Instrument    –       –       –       –       –       –

3.9   Method of Data Collection       –       –       –       –       –       –       –

3.10 Method of Data Analysis  –       –       –       –       –       –       –

CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS

4.0   Introduction     –       –       –       –       –       –       –       –       –

4.1   Data Presentation and Analysis       –       –       –       –       –       –

4.2   Characteristics of the Respondents –       –       –       –       –

4.3   Data Analysis   –       –       –       –       –       –       –       –       –

4.4   Testing Hypothesis  –       –       –       –       –       –       –       –

4.5   Summary of Findings      –       –       –       –       –       –       –       –

4.6   Discussion of Findings    –       –       –       –       –       –       –

 

CHAPTER FIVE – SUMMARY, CONCLUSION AND RECOMMENDATION

5.0   Introduction     –       –       –       –       –       –       –       –       –

5.1   Summary –       –       –       –       –       –       –       –       –       –

5.2   Conclusion      –       –       –       –       –       –       –       –       –

5.3   Recommendations   –       –       –       –       –       –       –       –

References –     –       –       –       –       –       –       –       –       –

Appendix –       –       –       –       –       –       –       –       –       –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER 1

INTRODUCTION

1.1   Background of the Study

The studies of modern cost accounting yield an insight into both the accountant and management roles in an organization especially with relation to product costing. Management in most cases wants to know how to determine the cost of the products and often depend on cost accounting information for guiding their decisions. Decision making can be seen as making purposeful choosing from among a set of alternative cause of action in light of some objectives. Cost accounting information has a main purpose of accumulating cost of an organizational products and services. Managers of manufacturing companies can use cost accounting information as a guide in setting selling prices and for inventory valuation and profit determination (Adeniyi, 2000). However, this research is aimed at determining the relationship between cost accounting information and product costing in some selected paint manufacturing companies in Port Harcourt, Rivers State, Nigeria.

It is worthy to note that cost accounting is a process of collecting, analyzing, summarizing and evaluating various alternative courses of action. Its goal of the information obtained from cost accounting is to advise the management on the most appropriate course of action based on the cost efficiency and capability. Cost accounting provides the detailed cost information that management needs to control current operations and plan for the future including product costing. Since managers are making decisions only for their own organization, there is no need for the information to be comparable to similar information from other organizations. Instead, information must be relevant for a particular company. Cost accounting information is commonly used in financial accounting information, but its primary function is for use by managers to facilitate making decisions (Wikipedia, 2015).

Unlike the accounting systems that help in the preparation of financial reports periodically, the cost accounting systems and reports are not subject to rules and standards like the Generally Accepted Accounting Principles (GAAP). As a result, there is wide variety in the cost accounting systems of the different companies and sometimes even in different parts of the same company or organization.

According to Adeniyi (2000), product cost control/reduction involves the predetermination of cost and comparison of predetermination budgeted or standard cost with the actual cost.

Product costing which is closely linked with the budgeted is predetermined per unit cost, usually analyzed into elements including Direct Material, Direct Labour and Factory overhead. Standard cost is an effective aid to control, due to the link with budget plans and decision making, because it represents anticipated cost, that is, a cost which will exist in the future and is likely to be affected by decisions made by the management.

Carroll (1953), product cost control always refers to as the control of expenditures within predetermined levels, which entails the minimization of resources so as to achieve a given objective which is aided by cost accounting information. These controls should be a continuous activity aimed at improving efficiency and quality by ensuring that the right resources are provided and efficiently used.