+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY

  • Type:Project
  • Chapters:5
  • Pages:68
  • Format:Microsoft Word
(Accounting Project Topics & Materials)

THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE, NIGERIA)

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Table of contents

Abstract

CHAPTER ONE:  INTRODUCTION

1.1              Brief Historical of the Case under study

1.2              Statement of the problem

1.3              Purpose of the study

1.4              Significance of the study

1.5              Scope of the study

1.6              Limitation of the study

1.7              Assumption of the study

1.8              Research Hypothesis

1.9              Definition of terms

References

CHAPTER TWO

2.1              Standard Costing and Overview

2.1.1        Characteristics of Standard Costing

2.1.2        Misconception of standard costing

2.1.3        Criticism of standard costing

2.1.4        Advantages of standard costing

2.1.5        Disadvantages of standard costing

2.2              Essential features of standard costing

2.2.1        Standard Cost Card

2.2.2        Type of Standard

2.2.3        Setting standard

2.2.4        Revision of Standard

2.3              Accounting Variance

2.4              Controllable and Uncontrollable Variance

2.5              Favourable and Unfavourable Variance

2.6              Areas Standard Costing helps in improving management efficiency

References

CHAPTER THREE

3.0              Design and Methodology

3.1       Selection of Data

3.1.1    Primary Data

3.1.2        Secondary Data

3.2              Collection of Data

3.3              Tools of data Analysis

3.4              Reliability of data

CHAPTER FOUR:

4.0              Data presentation and analysis

4.1       Presentation of data

4.2              Analysis of data

4.3              Testing Hypothesis

4.4              Interpretation of result

CHAPTER FIVE:

5.0              Summary of findings

5.1       Summaries of findings

5.2       Conclusion from the study

5.3              Recommendation

References

Bibliography

Appendices

ABSTRACT

The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry.  The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance.  Standard costs cause appraised to be made over production facilities and from management intentions and capabilities and is a first step in strength and weakness appraisal.

There also led to the preference of standard costing to other methods with the development of standard of standard costing system in 1920s, it was brought into the accounting system that total variances might be accumulated as well as detailed variances.

It is believed that standard costing helps management to plan for future, and if any justification is required for this project on the effects of standard costing on profitability’s and managerial effectiveness of a manufacturing industries.

Firstly, the financial management should penetrate into every cranny of the enterprise and indoctrinate all management in their working habits.  Secondly, cost should be given the maximum attention while emphasis on the effects.

Finally, since revenue less cost gives balance profit, the profit should be increase as it is what industry is aiming at.

CHAPTER ONE

INTRODUCTION

The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry.  The standard costing as a tool for either improves or not improving profitability and managerial effectiveness.  Unlike its contemporaries in the field of science, it deals with human beings and calculating significant information.  Standard costing as a long established concept is the management function of planning and control.  In effect, yardstick has been of vital importance for planning and control exercise. As a matter of facts, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented.

One of the earlier attempt at costing was by James Dodson.  He showed how the books were kept by a shoemaker ranging from this period onwards, there was a steady development of costing developed in the time of our early scientific management proponents such as Fredrick W. Taylor, Henry Fayol and others.

These standards cost reveal goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reverse adequate punishment to be exercised for bad performance. Standard costs cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal.  These led to the preference of standard costing to other method.  With the development of standard costing system in 1920s, it was brought into the accounting system such that total variances might be accumulated as well as detailed variances.  These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning costs and their variances.

1.1            BRIEF HISTORICAL BACKGROUNDS:

Ferdinand Industries Nigeria Ltd is a company used in this study.  This company is located at Urualla in Ideato North Local Government Area of Imo State of Nigeria. It is a limited liability company incorporated in1975.  The management of industries is made up of:

(i)                Executive Directors

Share This

Details

Type Project
Department Accounting
Project ID ACC1209
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 68 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Accounting
    Project ID ACC1209
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 68 Pages
    Format Microsoft Word

    Related Works

    ABSTRACT The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry.  The standard cost reveals the goals, spur actions, and provide check or controls such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. ... Continue Reading
    THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AREA OF IMO STATE, NIGERIA PROPOSAL This research work will treat in detail the impact of standard costing on profitability and managerial effectiveness of a... Continue Reading
    (A CASE STUDY OF DANGOTE FLOUR MILLS PLC, CALABAR) ABSTRACT This project emphasize on costing in an organization. It is phenomenon for every organization (manufacturing). It is mandatory for every organization (manufacturing company) to adopt any costing techniques in an... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1 BACKGROUND STATEMENT Profit maximization is the fundamental task of management of a company that is established solely for project making. And management needs relevant and adequate information that will aid them planning: coordinating and decision making in order to maximize cost and maximize profit. Based on these,... Continue Reading
    THE IMPLEMENTATION OF STANDARD COSTING ANDVARIANCE ANALYSIS IN NIGERIA MANUFACTURING FIRMS (A CASE STUDY OF FIG BREWERY LIMITED, UMUNEDE) ABSTRACT The theme of this research work is the implementation of standards costing and variance analysis in Nigeria manufacturing firms ( A case study of Fig Brewery Limited Umunede). Question were developed... Continue Reading
    ABSTRACT The direction towards on efficient production of good and services curled be as a result of an effective control of cost of production. The study of standard cresting as an aid is production... Continue Reading
    ABSTRACT The contribution of costing on the performance of manufacturing industries cannot be over emphasized. Costing has contributed greatly in securing the business stability by management. It has also provided the measurement of the degree to... Continue Reading
    ABSTRACT Standard costing and control by analysis of variance has been a very important mater in every manufacturing. The need for a through research and critical analysis of this issue form the basis and the aim of this job. To facilitate reading and understanding of this write up, the writer has... Continue Reading
    THE EFFECTIVENESS OF PROMOTIONAL MIX ELEMENTS ON PROFITABILITY IN THE TELECOMMUNICATION INDUSTRY (A Study of Globacom Nigeria Limited, Asaba) CHAPTER ONE 1.0    INTRODUCTION 1.1    BACKGROUND OF THE STUDY Very often, individuals and organizations conceive promotion, narrowly as involving the process of persuading, buyers and casoling them to... Continue Reading
    (A CASE STUDY OF NESTLE NIGERIA PLC) ABSTRACT This research work examines the importance of application of marginal costing technique in a manufacturing company using Nestle Nigeria Plc as a case study. It shows that application of marginal costing technique is a survival tool in... Continue Reading