THE IMPACT OF COST ACCOUNTING FOR FINANCIAL SERVICES AND BANKING
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- NGN 3000
Abstract: THE IMPACT OF COST ACCOUNTING FOR FINANCIAL SERVICES AND BANKING
This study examines the impact of cost accounting on financial management in the banking sector in Lagos. The objectives are to analyze how cost accounting supports financial transparency and accountability, evaluate its impact on cost control, and identify the challenges faced. A survey design was employed, gathering data from 250 financial managers and cost accountants in banks, derived using Taro Yamane's formula. A case study of a leading bank in Lagos provided detailed insights. The reliability coefficient score was 0.87. Findings reveal that cost accounting significantly enhances financial transparency and accountability by providing detailed cost information and facilitating better decision-making. However, challenges such as complex regulatory requirements and data collection difficulties were identified. Recommendations include providing more training for bankers on cost accounting, simplifying regulatory compliance processes, and integrating cost accounting with overall financial management practices to enhance organizational performance.
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