COST CONTROL IN PRACTICE IN SMALL SCALE ENTERPRISES

  • Type: Project
  • Department: Accounting
  • Project ID: ACC0630
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 46 Pages
  • Methodology: Simple Percentage
  • Reference: YES
  • Format: Microsoft Word
  • Views: 1.4K
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COST CONTROL IN PRACTICE IN SMALL SCALE ENTERPRISES
(A CASE STUDY OF SOME SELECTED BAKERIES IN OZORO)

ABSTARCT

This project is on “Cost Control in Practice in Small Scale Enterprises” with special reference to selected Bakery Ozoro. Chapter one deals with background of the study, statement of the problem, objectives of the study, significance of the study, scope of the study and limitation of the study. Chapter two is literature review where authorities in the field of cost accounting were discussed. Chapter three contained the methodology of the research under this chapter the method employed to source for data is both primary and secondary source. The statistical tool employ is the use of table and simple percentage. Chapter four based on data presentation and analysis of result while chapter five entails the summary of findings, conclusion and recommendations. The researcher discovered the organization incur idle time and the cost of idle time are included in the cost of production, therefore he recommends that management of the organization should ensure that plants and machinery be checked regularly by way of continues servicing so as to reduce cases of idle time in the cost of operation in the organization.

TABLE OF CONTENTS
CHAPTER ONE: Introduction     
    Background of the study
    Brief History of the Organizations
    Statement of the Problem
    Objectives of the Study
    Research questions
    Significance of the study
    Scope/Limitation of the study
    Limitation of the Study
    Operational definition of terms

CHAPTER TWO: Literature Review
    Introduction
    Cost Accounting Information as a Means for Management Efficiency                                     
    Costing Methods and Techniques
    The Importance of Cost Accounting System and Techniques                                       
    Summary of Literature Review
    Classification of Costing
    Idle Time
    Overhead Absorption
    Wastes Material

CHAPTER THREE: Research Methodology
    Sources of Data Collection
    Population of the study
    Sample size
    Research Design
    Instrument for Data Collection
    Method of data analysis
    Reliability of the Instrument
    Validation of the Instrument
    Method of data collection

CHAPTER FOUR: Data Presentation and Analysis                          
4.1    Introduction                                                      
4.2    Data Presentation and Analysis   

CHAPTER FIVE: Summary, Conclusion and Recommendations
5.1    Introduction                                                      
5.2    Findings                                                                   
5.3    Conclusion                                                        
        Bibliography                                                             
        Appendix                                                                  

 CHAPTER ONE
INTRODUCTION
    Background of the Study
One of the basic feature by which smooth running of an organization could be accomplishes rest of the chronology operations. It is the fact that step by step movement of cost control must be put in place in order to prevent fraud and irregularities in the establishment must especially for proper records keeping  and control of cost.
In any business organization with out proper control of cost it will be difficult to know to produce, material needed at a particular time.
Lucey (2002) said the cost accounting system of any organization is the foundation of internal information system.
Management needs variety information to plan, to control cost in the enterprises. It is the production mangers who need such information that regarding raw materials, at a particular time in other to know quality to produce to avoid over production or under production which ever the case mat be. Hence, the need of cost control shall not be over emphasized in a manufacturing industry.
 
   Brief History of the Organization
    Fig bakery was established in the year 2001. The bakery is located along hospital road in Isoko North Local Government area. A total of 18 workers are working in the enterprise excluding 3 securities men. Out of these 18 workers are unskilled workers while the remaining three are skilled workers these include the production manager the bookkeeper who keep the day to day records of the enterprises and the inventory.
    Mena bakery was established in the year 1999; the bakery is located at Adegbe Street along hospital road in Isoko North Local Government area. A total of 12 workers two (2) securities men, the business started with capital of #80,000 equally thousand naira.
    Favourity bakery was established in the year 2009. The bakery is located along Owhelogbo Road, Ozoro in Isoko North Local Government area. A total of twenty workers the production manager, the account clerks and the security men.
    Wibo bakery was established in the year 2008, the bakery is located along Ozoro / Ughelli Express way back of Rendezvous hotel in Isoko North Local Government area. A total of (26) twenty six employees are working in the enterprises these incite the production managers, the account clerk as wells security men.

        Statement of the Problem
The study is carried out to find out how cost is controlled so that wastages will be avoided in the organization a situation when there is no proper costing information business organization will encounter many manufacturing organization by using unskilled labour or semi-skilled labour whose does not have or known the effectiveness of cost control in an organization these of course affect productivities retain expansion and limit competitive due to lack of awareness to cost control.

    Objectives of the Study
The main objectives of this study are to known how the organization control cost using costing methods.
Also to find out how costing system and technique is being used to analyzed and allocate the expenditure of the business.

    Research Question
For the purpose of this study the researcher formulate the following research question
    How do you organization control cost?
    To what extend do you practices cost accounting in your organization?
    In what way do cost accountings help in the determination 0f cost and control in your organization.
    
   Significance of the Study
This study will be of a great significance to many small scale business enterprises most especially the four organizations selected as case study (Fig Bakery, Ozoro, Mena Bakery, Ozoro Favourite Bakery. Ozoro and Wibo Bakery, Ozoro).
It will also be of significance to these that want to established baker business.
Finally, it will be helpful to people that are interested of setting up small scale business of deferent king.

    Scope of the Study
The scope of this research work is particularly on cost accounting in practice in small scale enterprises with references to fig bakery, Mena Bakery Favourity all in Ozoro in Isoko North Local Government area Delta State.
This research study will be base on descriptive this reason hypothesis testing will not be necessary.

    Definition of Term
    Expenses incurred on goods purchase or services rendered.
    Cost allocation: Identification of cost objective also called cost apportionment, cost assignment, cost distribution and cost reapportionment.
    Cost centre: Unit within the organization in which the manager is responsible only for costs.
    Cost control: Steps taken by management to answer that cost objective set down in the planning stages are attained and to assure that all segment of the organization function in a manner consistent with its policies.
    Controllable costs: Variable cost such as direct materials direct labour and variable that are usually considered controllable by the department manager. Further a certain portion of fixed cost also is controllable.
    Implementation of a decision and the use of feed back so that goods and specific strategies plan of the firm are optimally obtained.
    Consumed cost: Measure of expired benefits.
COST CONTROL IN PRACTICE IN SMALL SCALE ENTERPRISES
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

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  • Type: Project
  • Department: Accounting
  • Project ID: ACC0630
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 46 Pages
  • Methodology: Simple Percentage
  • Reference: YES
  • Format: Microsoft Word
  • Views: 1.4K
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    Details

    Type Project
    Department Accounting
    Project ID ACC0630
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 46 Pages
    Methodology Simple Percentage
    Reference YES
    Format Microsoft Word

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