THE ROLE OF COST ACCOUNTING FOR GOVERNMENT CONTRACTS AND PROJECTS
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- Recommended for : Student Researchers
- NGN 3000
Abstract: THE ROLE OF COST ACCOUNTING FOR GOVERNMENT CONTRACTS AND PROJECTS
This research investigates the role of cost accounting in managing government contracts and projects in Port Harcourt. The study's objectives are to assess how cost accounting supports project management, evaluate its impact on financial performance, and identify the challenges faced. A survey design was employed, with data collected from 250 project managers and financial controllers, derived using Taro Yamane's formula. A case study of a major government project in Port Harcourt provided detailed insights. The reliability coefficient score was 0.87. Findings indicate that cost accounting plays a crucial role in managing government contracts and projects by providing detailed cost information and facilitating better resource allocation. However, challenges such as complex regulations and compliance issues were noted. Recommendations include providing more training for project managers, simplifying regulatory requirements, and integrating cost accounting with overall project management practices to enhance project success.
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