Cost accounting is being experienced in every organization and it’s information makes for the success of the organization. Therefore, accounting information has a special purpose which is “decision making”. This task of the accountant is to transform raw data into information.
Cost and management accounting are the parts of accounting discipline which have developed to meet up with the progress in technological advancement have broadened the boundaries of accounting profession and made it more useful to modern business enterprise.
Cost accounting is probably the field of accounting which has developed most greatly within the last half of this contriving (success) and there is no doubt about it’s growing importance. This is partly because of the growing complexity of modern production methods, which results in greater capital investment and higher proportion indirect costs, and partly a reflection for growing competition and widening markets in the business world.
All there factors necessitate the keeping of systematic and accurate records which will show the cost of goods produced. The job of accounting has shifted emphasis and the focus from recording, interpreting, and analyzing historical financial transaction, to a more challenging task of setting controls, devising the most efficient method of collecting, interpreting, analyzing and transformation of cost into useful information which is used by management in decision making which affects the future.
A cost management accountant is now deeply involved in helping management to set up control systems that make for co-ordination of all the activities of an organization thereby ensuring proper and purposeful direction and effective control.
The cost accountant withdraw an information provided by the financial accounting system but he will also need to obtain much more details of the internal workings of the business. He will use data in monetary and non monetary form of capacity of material used, products manufactured, machine ruining hour, ideal time etc, he is concerned with finding the actual cost. The emphasis on decision making in recent years had bought together different disciplines which once where viewed as separate areas of knowledge. The accountant has to be knowledgeable over a bread area if he is to be sufficient in providing information, which is relevant and useful for decision making. The great task of an accountant is to transfer raw data into information as an information specialist, the management accountant must be aware of the nature of information and it’s attributes.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
59,474 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
46,760 people found this useful
THE EFFECT OF TREASURY SINGLE ACCOUNT ON THE ECONOMY OF NIGERIA
41,796 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
41,293 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
37,665 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
36,892 people found this useful