DESIGN AND IMPLEMENTATION OF A COMPUTERIZED COST ACCOUNTING SYSTEM
- Project Research
- 1-5 Chapters
- Qualitative
- Content
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background of Study
The fundamental criteria for accounting are determined by the make-up of an economy as well as its historical progression. For example, the focus that has been placed on cost accounting has been aimed at fulfilling the practical demands of the manufacturing industries. As a result of the fast growth and expansion of service industries, accountants are now required to focus their attention on the resolution of a new set of difficulties that are present in a variety of sectors that are unrelated to manufacturing. The challenge that faces the accountant is how to transform the traditional accounting procedures that are now in use into more up-to-date and adaptable systems suitable for use in the service sectors (Mc Mahon, 2021).
It should come as no surprise that the previous system will need to be expanded in order to accommodate the activity of cost and expenditure accounting for production. The shape that this expansion takes is determined by a number of different factors, such as the type of control that is desired to be exercised over the manufacturing activities, the nature of the manufacturing activities themselves, and the relationship that is to be mentioned between the financial records and the cost records (Gorton, 2021).
The preceding discussion makes it abundantly evident that despite the fact that the presentation of cost accounts, for various types of businesses, may differ, it is common to follow the methods that are outlined below:
(a) Each and every expense is scrutinized and broken down into direct and indirect costs. The direct expenses are able to be assigned to a specific task process during operation, and they are afterwards transferred to that job process.
(b) The indirect expenses are entered into the appropriate account. If they can be assigned to a specific account, such as manufacturing overhead, then the term "allocation of overhead" will apply to such costs. However, if they produce enough for their overhead costs to be split across several distinct accounts, this process is known as apportionment of overhead (Gorton, 2021).
Related Project Materials
An Evaluation of the Use of Digital Payment Platforms in Nigerian Government Accounting: A Case Study of Remita in Revenue Collection
Background of the Study
Digital payment platforms have revolutionized the way governments collect and m...
PSYCHIATRIC PATIENTS AND THE ATTITUDE OF HEALTH WORKERS IN FEDERAL NEUROPSYCHIATRIC HOSPITAL
Abstract
The universality of harmful beliefs and subsequent negative attitudes towards the mentally il...
Application of Break-Even Analysis in SME Financial Planning in Kaura Namoda LGA
Background of the Study
In Kaura Namoda LGA, SMEs play a significant role in driving e...
A Study on the Effect of Digital Communication on Morphological Adaptation in Nigerian English
Background of the Study
Digital communication has revolutionized language use, particularly among younger speakers in Nige...
An examination of public investment’s effect on regional income convergence in Nigeria: Evidence from Kaduna State (2000–2020).
Background of the study:
Public investment is a pivotal element in reducing regional disparities by promot...
An Appraisal of Community Outreach Programs on Safe Motherhood Education in Kebbi State
Background of the Study
Maternal health remains a critical issue in Nigeria, with high maternal mortality rates caused by factors such as...
The Effect of Diet and Exercise on Obesity Prevalence in Kano State
Background of the Study
Obesity has become a growing public health concern globally, and Kano State is no...
A Comparative Study of On-Premise vs. Cloud-Based Enterprise Systems: A Study of Businesses in Gombe State
Background of the Study
Enterprise systems are critical tools for managing business operations and integrating various d...
An Assessment of Digital Pragmatic Strategies in Nigerian Social Media: A Case Study of Twitter and Instagram
Background of the study
Pragmatic strategies are essential in managing conversational tone, context, and interpersonal rela...
THE LEGAL PROVISIONS RELATING TO FOREIGN INVESTMENTS IN NIGERIA WITHIN THE CONTEXTS OF NEPAD AND AGOA
ABSTRACT
Any country’s economic score sheet is influenced by the events within and from abroad. The reality of globalization has co...
