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THE IMPLEMENTATION OF STANDARD COSTING AND VARIANCE ANALYSIS IN NIGERIA MANUFACTURING FIRMS A CASE STUDY OF FIG BREWERY LIMITED, UMUNEDE
ABSTRACT
The theme of this research work is the implementation of standards costing and variance analysis in Nigeria manufacturing firms ( A case study of Fig Brewery Limited Umunede). Question were developed for this study and the observed that data or information which was based on the research instrument. It was observed that more than seventy percentages of the manufacturing firm use standard costing and variance analysis in the area of budgeting, costing of inventory performance evaluation etc. Very view firms were observed to these techniques in pricing and cost control. It has been observed from the study that these have been an areas analysis over the years. There is still a marked death of qualified accounting personnel in Nigeria manufacturing firm. Questionnaire were distributed by the workers of various department of the company which includes production department, accounting department, sales marketing department, stores department, etc. From the questionnaire distribution, twenty-five (25) which prove adequate for the purpose of this study, which is investigating the areas in which manufacturing forms employ standard costing techniques and variance analysis. Finally the need for further research into this fixed is issued of (IDSCAVA) were stressed amongst other recommendation.
TABLE OF CONTENTS
Title i
Approval ii
Dedication iii
Acknowledgement iv
Abstract v
Table of contents vii
CHAPTER ONE – Introduction
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objective of the study 3
1.4 Significance of the study 4
1.5 Research Question 5
1.6 Scope of the Study 5
1.7 Limitation of the Study 6
1.8 Definition of Terms 6
CHAPTER TWO – Literature review
2.1 Origin of the Standard Cost 8
2.2 Meaning of Standard Costing 9
2.3 Types of Standards 10
2.4 Variance Analysis 12
2.5 The Purpose of Variance Analysis 12
CHAPTER THREE – Research methodology
3.1 Introduction 15
3.2 Research design 15
3.3 Population of the Study 15
3.4 Sample Size 16
3.5 Sampling Techniques 16
3.6 Research Instrument 16
3.7 Validation of the Instrument 16
3.8 Reliability of the Instrument 17
3.9 Method of Data Collection 17
3.10 Method of Data Analysis 18
CHAPTER FOUR – Data Analysis and Interpretation
4.0 Introduction 19
4.1 Presentation and Interpretation of Data 19
4.2 Finding 26
4.3 Discussion of the Findings 27
CHAPTER FIVE – Summary, Conclusion and Recommendation
5.1 Summary of Finding 28
5.2 Conclusion 29
5.3 Recommendation 29
References 31
Appendix 32
CHAPTER ONE
INTRODUCTION
Background of the Study
Cost accounting in a specials branch of accounting that serve in both external and internal. In external reporting, cost accountants compute costs that are required for the financial statement and tax report in internal reporting, they collect data that can be used in the solution of a particular management problem.
Cost accounting provides cost information for easy management process that is providing cost information for decision making, performance evaluation control and analysis of problems that are facing or many face an organization into meet up with goals of cost accounting. Certain cost systems have overtimes been developed, one of which is standard cost system.
Standard costing can thus be designed to shown in relations, details how much each products cost to produce and sell at a given level of output and efficiency. Any difference standard cost and actual cost that the operation has been efficient or inefficient, this difference is known as variance and would assume a positive value if the operation has been effective. The process of computing the amount and isolating the cause of variances between actual cost and budgeted cost is known as variance analysis. Variance is an integral or component part of standard costing. Standard cost through variance analysis can also be used for inventory control, cost control and performance evaluation.
Fig project was conceived and designed in the 1970’s civic work started shortly after incorporation in 1980 and was commissioned on August 1985. At conception, Fig was to start “Fig lager beer” followed by “Shersy drink” and about three year later by non-alcoholic malt drink and finally a range soft drinks. Adequate provision for these was made in the plant design and procurement. The company commence production on the month of August 1985, with the introduction lager beer. Fig lager beer in the market, the company was producing at percentage capacity level before the attacked on product which was called “costing” otherwise known as excess foaming. This occupation has a devastating effect on the company on soda and management the other side this led to housing cleaning and the entire management was dropped.
The company now operates by the appointment of the executive directors from the existing due to financial problem. The company have about seven directors.
Statement of the Problems
The number of qualified cost accountants and management accountant in Nigeria attached to many capturing firm are not much. This is so because this qualified accountants to be spread other area of the economy like banks financial institution, government establishment, audit and management consistency firm to mention but few. There are very few account as compared in the number of the nation’s manufacturing firms. The study set to contribute to the empirical research in the discipline of accounting in Nigeria by working a standard cost and variance analysis to be put to use in the manufacturing companies of Nigeria.
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