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AN
EVALUATION OF COSTING TECHNIQUES IN SERVICE ORIENTED ORGANIZATION
Abstract
The costing
techniques of an enterprises is a very vital factor for managerial decision
since it influences their returns, risks are consequently, affects their values
in the competing market. The research
was carried out to ascertain and test the application and relevance of costing
techniques, of some service oriented organization in Enugu State, factor
affecting the costing techniques, the effect of the application and relevance
of costing techniques, in service oriented organization and its impact on the
selected organization. The researcher was limited to two service oriented
organization namely MTEL and PHCN. The
researcher used random sampling method to determine the sample size. The researcher used both Primary and
Secondary data. The primary data were
colleted by the use of well structured questionnaires aided with personal they
will no digress in their response from the aim objectives of the study
questions. The researcher also discovered that enterprises just use costing
techniques of any combination aiming at no particular mix. The researcher
therefore conclude that the costing techniques of the enterprises are not
preplanned from the research study, the quoted organization (MTEL and PHCN) has
to consistent in their use of a particular techniques either costing techniques
or standard techniques, so as to make a good head way and a clear feature.
CHAPTER ONE
INTRODUCTION
This Chapter deals with the following:
Background of the study, Statement of the problem, Objective of the study,
Significance of the study, Research Question and Scope of the study.
1.1 Background of the Study
Nigeria grew
from the colonial era in the hand of the British and in the year 1960 she
gained her independence in 1960, she had enough agricultural produce which she
enjoyed into the seventies (Petroleum) on getting into the 1980’s over economy
started deteriorating. There came
tremendous fail of our economy, the purchasing power of the naira felt below
expectation. Now depend on the outside
world for our day today living importation became the order of the day, we no
more export any meaningful things from Nigeria.
In the process of revamping the crawling economy, government came up
with a programme known Structural Adjustment Programme (SAP) in 1986. This system talks oneself reliance and works
through financial market deregulation and reaction to the of the free market
process. This is involves SFEM means
privatization of government companies. SFEM means second tier foreign exchange
market which is now known as Inter-bank foreign Exchange Market (IFEM) service
oriented organization were competing since
the introduction of this programme and it is only the survive the critical
situation. SAP has an adverse effect on the growing economy which gave way to
unemployment, fail in standard of living and low capacity utilization. This programme was favourable to some
organization and also liquidation some firms.
Production cost became high and there is a decline in sales. Consumers wireless paid and their income
cannot purchase anything for them. This
economy condition can be maneuvered by resorting to product management of their
resources with emphasis on costing which is essential and very important for
profitability, high productively and efficiency of any organization costing
process is merely to known the total cost of goods and services also analysis of
composition of the cost which ensure effective control above the element of
cost for practice. This shows that good
use of costing techniques by the services through such economical programmes
like SFEM, SAP etc. The services
oriented organization will help them survive through such economical programmes
like SFEM, SAP etc. The services
oriented organization are the foundations of that costing is an system of
costing accumulation or ascertainment with the aim of knowing the cost of goods
and services, while costing techniques are the way of generating a variety of
information from costing data for management decision making. There are different types of costing
techniques standard costing, marginal costing, absorption costing, uniform
costing and cash flow analysis. The
management determine their use by calling for such information. Looking at all
these, the write strongly believe that the costing techniques mentioned can
lead on firm through the harsh economic situation.
1.2 Statement of the problem
Service oriented organizations are
usually beset with number of problem in using costing techniques for decision
making process. The main problem
militating against the use of these techniques in taking major managerial
decision is the mobility of the accounts departments of these techniques
organization preparation different types of these techniques and on time. The
management accounts might cost production/ service as well as classification of
cost into fixed and variable component.
The decision under costing techniques appears more theoretical than real
especially in the Nigeria content where advance technology and forecasting
techniques are still in their rudimentary stages. Management accountants have
been met with serious problem in trying to transforming these theories into
practice. It is only when the service
organization practically use these sophisticated techniques in making decision
that it is relevance will be assured. It is because of the very vital role
service oriented business play in the developmental process of a nation and
also on account of the fact that costing techniques really constitute a
solution to a problem of the sector that the writer decided to make this study.
1.3 Objective of the study
This is find out the objective of using
costing techniques in the measurement of services oriented organization,
example standard costing, direct, costing absorption costing etc. The aim is to know the extent of the use of
this technique in planning in the organizations.
1. To determine the type of costing
techniques used in service oriented organizations
2. To uncertain the effectiveness of the
application of these techniques in service oriented organizations
3. To identify the problem militating
against the application of costing techniques in services oriented
organizations
4. To ascertain the difficulty of the
unit cost of production and services in services oriented organizations
5. to ascertain the difficulty in the classification of cost into fixed and
variable components in services oriented organizations.
1.4
Significance of the Study
The findings
of this study shall be beneficial to the manager’s management of services
oriented companies to be objective in their management skills to achieves the
targeted aims and goals of the organization, enables the them to be wise in
expenditure management, assist to pave way for accurate budget, create room for
diversification this study shall also be beneficial or importance to the board
of directions/Government take accurate measures where necessary. It also
beneficial to other researchers who may wish to carry out research in related
fields.
1.5 Research
Questions
i. Does the service oriented organization utilized
The costing
techniques in making decision
effectively?
ii. can the application of costing
techniques
enhance
performance and profitability on
service oriented organization?
iii. Is the adequate manpower in services
–oriented organization to manage its costing operation?
1.6 Scope of the study.
The researcher narrowed down his investigation to quoted
companies which are MTEL and power Holding company of Nigeria and restriated to
the Enugu metropoly due to time factor and the large data that would have
accompany more coverage.
1.7 Limitation of the study.
Time: time
factor possed a constraint to this research project. The apportion of time to
research project or work and academic pursuance hinders free an d fast
completion o f this project.
Find:
the find to undertake this research work was not sufficient due to increase in prices of
materials and transportation
cost those limited or restrict
the movement of researchers to
areas where to the acquire the adequate information for the research work.
Respondents: some respondents failed to supply the needed
information for the project through the research tried and used their skills to
get some needed data.
Costing
Techniques: The various way of generating a variety of information from cost
data for decision making process.This an important tool use by cost accountant in
supplying information to the management.
Cost
Accounting:
According to “Anderson’’ cost accounting
is internal cost data accumulation based
on set of cost concept and related
accumulation and other analytical techniques necessary for transforming business
data in to useful information for
management
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