THE IMPACT OF COSTING TECHNIQUES ON PROFITABILITY OF A MANUFACTURING COMPANY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
ABSTRACT
This study sought to analyze costing techniques and their impact on profitability of manufacturing companies. An increase in cost (operational and production costs) which added to reduced profitability in the manufacturing sector produced the need to address the problem through this research. The study was limited to costing in manufacturing industry and as such it did not extend to other sectors of the economy. It was based on the assumption that all the responses from the company Primeseed.co represented other manufacturing companies. Descriptive research approach was used to fully satisfy the objective of the study as it gave the researcher to obtain important and useful data which was valid and reliable. Quantitative and Qualitative approaches were used to collect data. Primary data was obtained from a target population of 30 employees from departments of Primeseed.co. Major research findings showed that costing techniques have a positive impact on the profitability of manufacturing companies as reducing costs directly reflect an increase in the level of profits of an organization, it was evident that element of costs such as materials, labor and overhead costs and workers behavior could be strategically controlled with techniques like budgetary control, standard costing and variance analysis, accounting to achieve higher profit levels. In controlling costs a good costing system is required to minimize costs as wastages is eliminated and inefficiencies reduced during production and throughout an organization. Also from the findings, increase in labor costs, material wastages, increase in repairs and maintenance cost and decrease in operational performance were the effects of implementing weak costing techniques.
Related Project Materials
FRAUD AND FRAUD CONTROL IN A COMPUTERIZED ACCOUNTING SYSTEM
ABSTRACT
Fraud has been identified as the major cause of distress and unprogressive nature of most busi...
The Role of Supplier Certification Programs in Enhancing Quality Standards: A Study of Nigerian Breweries in Katsina State
Background of the Study
Supplier certification programs are integral to ensuring consistent quality standards in supply cha...
The Impact of Hydration on Cognitive Performance Among Students in Kebbi State
Background of the Study
Hydration plays a critical role in cognitive performance, influencing memory, a...
Exploring the Impact of Urban Economic Diversification on City Resilience in Nigeria
Background of the Study
Urban economic diversification involves the broadening of economic activities beyond traditional se...
The effect of interactive digital ads on consumer recall: A study of a retail brand in Lagos
Background of the study:
Interactive digital ads have transformed traditional advertising methods by actively engaging consumers in the d...
An Evaluation of Mental Health Awareness Among Secondary School Students in Borno State
Background of the Study
Mental health awareness is crucial for adolescents, as they are often exposed...
An Evaluation of the Challenges Faced by Psychiatric Nurses in Managing Aggressive Patients: A Case Study of Federal Neuropsychiatric Hospital, Kano State
Background of the Study
Psychiatric nurses play a crucial role in mental healthcare, particularly in ma...
Assessing the Role of Monetary Policy in Stabilizing the Nigerian Economy
Background of the Study
Monetary policy is central to the stabilization of economic fluctuations and the...
An Investigation of Statistical Factors Influencing Exclusive Breastfeeding Rates in Kebbi State
Background of the Study
Exclusive breastfeeding is widely regarded as a key practice for ensuring optimal infant nutrition,...
EXAMINATION OF THE INFLUENCE OF INTERNET ON REAL ESTATE MARKET IN OWERRI, IMO STATE.
Background of the Study
The real estate market is a pivotal sector in any economy, contributing significantly to wealth...
