THE ROLE OF COST ACCOUNTING TECHNIQUES IN ACHIEVING EFFECTIVE COST CONTROL IN THE MANUFACTURING INDUSTRY
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- 1-5 Chapters
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- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
This research report was carried out to ascertain whether traditional costing techniques (standard, marginal and absorption costing) are still relevant for today’s demand and greater cost accuracy. Managers and Accounting are confused about which of these techniques will enhance effective cost control and effective management decision. Several literatures were reviewed and the problems were investigated through the use of quantitative research design where questionnaires were distributed to the production department of Coca-Cola Nigeria PLC which is the case study. The questionnaire was analyzed using the ordinary least square regression method and correlation co-efficient from which the hypothesis were tested and conclusions reached. The analysis reveals that traditional costing techniques are still relevant for today’s demand and greater cost accuracy and that Marginal costing is the most effective for cost control and effective management decision. In conclusion, the result is useful because Academic and Practitioner can reach a consensus that these costing techniques are not outdated but very relevant and Managers can explore a greater use of Marginal Costing as the most effective tool for cost control effective management decision.
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