Automation and improvement in technologies are helping to control and reduce cost but are often insufficient.The top managements of many companies a consequence are putting pressure on their organization at every point to reorganize the role of cost accounting jobs are being timed and standards set in manufacturing department where timing and standard did not exist previously. The ultimate goal is to make a profit by eliminating unnecessary costs. Cost Concepts Used for Accounting Purposes: Generally, the accountants use these cost concepts to study the financial position of the firm. These records are maintained in ledger and other periodic or financial statement of the organization.Also Willsmore (1971) observed that not all business organization understood the impact of cost accounting reporting and information management of their business as a result, business managers over the years failed because they lack information and control on their total performances. 1.5 Limitation of the study. 1.4 Significance of the study. Accounting Principles and Concepts Meaning and Scope of Accounting Cost accounting is a specialized branch of accounting, which involves classifications, accumulation, assignment and control of costs.The use of cost accounting concepts and practices is required for a company to be successful. THE SIGNIFICANCE OF COST ACCOUNTING INFORMATION IN THE MANUFACTURING INDUSTRY (Case Study of Nigeria Guinness Plc) ABSTRACT.
Managers who aren’t very involved with their company’s finances don’t usually do well. The need to study the role of cost accounting cannot be over emphasized.This study examined the role of costing with respect operation cost control of Guinness Nigeria plc. 2.4 Budget and budgetary control Financial Accounting, Cost Accounting and Management Accounting. Chapter two. Ikeja, Guinness stout was for many years imported into Nigeria by a number of merchant houses (Companies) the Guinness company conjunction with the United African Company (UAC) decided to build a brewery of the cost of two millions and four hundred thousand naira (2.4m) of Ikeja in 1961, this brewery was commissioned and started production in 1962, there by marketing Ikeja (Nigeria) the third after Dubai and London where Guinness in brewery.The Guinness Company limited became a public company in 1965 and was one of the companies to be quoted on the Lagos stock exchange which share was offered. They are tighter, religiously adhered to and are not controlled more vigorously.Economies are sought all through the organization in this wise, the manufacturing companies are not left out. These procedures are also being made more detailed.
Running any business requires immense responsibility. In addition to those are government (both at the state and federal levels) stabilization measure aim at re-strutting and improving the economy and their attendant effect.Some of those measures like the second tier foreign exchange market (S.F.E.M) having had the effect of not only causing the increase price as a result of increased cost of inputs they have ever gone further to multiply in built imported inflation by the incremental exchange rate of the naira against the convertible currency that are used in those importation market.To maintain earnings or increase earning in the face of those conditions, many companies are taking strong steps to control cost if not reduce cost and eliminating waste and increase productivity. Benin City.Prior to the establishment of Guinness Nigeria plc. Thus, the specific objectives of this research are to:The following hypothesis will be formulated and tested.No commence and industry can really survive the threat of time without thorough examination of its cost.Therefore for a manufacturing company whose production cost constitute a major proportion of the total cost to service, grow and pay back its shareholders by making reasonable profit, effective efficient control of such cost by management becomes very vital.Since no company can afford to expand its scarce resources in areas in which it has no latitude to control.
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