THE ROLE OF MANAGEMENT ACCOUNTANT IN MANUFACTURING COMPANY {A CASE STUDY OF GUINNESS NIGERIA PLC}


THE ROLE OF MANAGEMENT ACCOUNTANT IN MANUFACTURING COMPANY {A CASE STUDY OF GUINNESS NIGERIA PLC}

TABLE OF CONTENTS

Title Page i

Certification ii

Dedication iii

Acknowledgement iv

Table of Contents vi

CHAPTER ONE:

1.1 Introduction 1

1.2 The Statement of the Problem 3

1.3 The Objective of the Study 3

1.4 Significance of the Study 4

1.5 Methodology of the Study 4

1.6 Scope and Limitation 4

1.7 Plan of the Study 5

CHAPTER TWO:

2.1 Literature Review 7

2.2 Management Accounting 7

2.3 Type of Accounting 8

2.4 Nature of Manufacturing Concern 12

2.5 Production Control 13

2.6 Material Costing 14

2.7 Labour Costing 17

2.8 Overhead Costing 25

2.9Cost Reduction Scheme26

2.10 Value Analysis 28

2.11 Management  Accounting Behaviours 29

2.12 Difference between Management Accounting and Financial Accounting. 31

2.13 Full cost Management Accounting 33

2.14 Differential Management Accounting 34

2.15 Responsibility Management Accounting 35

CHAPTER THREE:

3.1 Brief History of Guinness Plc 37

3.2 Type of Management Accounting                                        Information and their Uses 38

3.3 Research and Methodology 40

3.4 Population Sample Plan 40

3.5 Data Collection 41

3.6 Primary Collection 41

3.7 Secondary Collection 41

3.8 Conduct of Field Work 41

CHAPTER FOUR:

4.1 Data Analysis 44

4.2 Hypothesis 51

CHAPTER FIVE:

5.1 Summary 54

5.2 Recommendation 54

5.3 Conclusion 55

References 56

Bibliography 57

Questionnaire 58

CHAPTER ONE

1.1 INTRODUCTION:

Management Accounting is the application of professional knowledge and skill in the preparation and presentation of accounting information, in such a way as to assist management in the formulation of policies and in the planning and control of the operation of the undertaking. 

Cost accounting is the application of accounting and costing principles, methods and techniques in the ascertainment of cost and the analysis of saving and /or excesses as compared with previous experience or with standards. It is this link i.e., the subject matter of this project. Costing and costing method supply the basis of factual information on which the management accountant can built up his presentation of planning and control. In this project, I will first look into the following cost items:

a) Expenditure on material, wages, and overhead is recorded, classified and allocated so that the cost of product may be accurately ascertained.

b) This cost may be related to sales values.

c) Profitability may be determined.

The accounting system collates and coordinates all the activities of the organization that is the total cost incurred, by adding the cost incurred in factory floor or overhead cost from other section of the organization used in pre-determined rate. The industry operates through branches or product unit as they are better known, with such products unit reporting to the head quarters.

The aims of any business enterprises (Sole proprietor, partnership or limited liability company) is to maximize profit minimize costs. Thus, project is specialized in the area of management account information as an inevitable instrument for effective and efficient running of an enterprise in our society.

Guinness Nigeria Plc is a manufacturing company, manufacturing in any form affect to a great extent the life of many people. In a country like Nigeria, majority of her economy activities is comprises by enterprises and mostly manufacturing enterprises. 

Apart from its contribution to the country’s Gross National Product (GNP), it plays a very important role in the life of the people of Nigeria. The brewery industry has in employment over a million workers and is formally committed to the training and development of many Nigerians. 

There are many other groups of people that are indirectly employed by the brewery industry; these are service industries which supports the brewery industry. There are transporters who convey the beer products from the factory to the depots which are strategically situated in all part of the country.  It is from these depots that the sales men sell the beer product to their distributors who in turn supply the retailers who sell to the consumers. 

1.2 STATEMENT OF THE PROBLEM

The problem of this research work is how to understand the role of management accountants in manufacturing industries.

The function goes like this:                 

⦁ Keeping and maintaining an efficient management accounting system.

⦁ Controlling of organization structure in such a way as achieve the desired profit.

1.3 OBJECTIVES OF THE STUDY

The main objective of my study is to determine the appropriate or otherwise of the management accounting procedures undertaken by Guinness Nigeria Plc.

To be able to form an opinion on this issue, I will critically examine financial accounting reports, the cost control system i.e. accounting for fixed costs, and  absorption cost i.e. wages/salary, factory retail/item of machinery, general administration cost e.t.c. upon the critical examination of these records this research work will point area of weakness. If they exist and recommend probable alternative which in my opinion will enhance the company effective internal control and promote maximum efficiency.

Another objectives of my study is to determine the role of the management accounting as tools for management decision and policy formulation i.e. production policy one-off decision taking and relevance of variance analysis as a tool for future production.

1.4 SIGNIFICANCE OF THE STUDY

This study is to ensure effectiveness and efficiency of the manufacturing industries. On the completion of this project, I have contributed to knowledge through:

i. Justification or otherwise of my hypothesis 

ii. Credibility of management accounting as a tool for management decision making.

iii. Foundation for future study of the topic.

1.5 METHODOLOGY OF THE STUDY

My study on this issue is limited to the head office of Guinness Nigeria Plc, Ikeja brewery and the Ogba brewery.

These two have been carefully selected because they are brewerying of both Stout and Harp larger beer are undertaken there.

Data used for this project were collected through two sources primary and secondary sources. Primary sources involve questionnaires and personal interview with responsible officers. The secondary sources involve company journals, factory publications and manuals as well as past projects.

1.6 SCOPE AND LIMITATION        

The role of management accountant can not be eliminated in any business organization. Management plays a vital role in decision making, planning and control of all business ranging from soles proprietor business to partnership and also joint companies.

In this study, I limited my area of coverage to manufacturing company due to the under listed hindrances;

i. Financial difficulties 

ii. Time factor problem 

iii. Geographical location; and 

iv. Other academic works.       

1.7 PLAN OF THE STUDY

This project work comprises of five chapters; chapter one of the project work deals mainly with the introduction of the study, which comprises of background of management accounting in manufacturing company, the aims and objectives of the study, scope and limitations of the study, the statement of  the problem of research  and also plan of the study. Chapter two of this project also deals with the review of past literatures where various author who had contributed to the topic: “the role of management accounting in manufacturing industries” was consulted. Also, terms of management, nature of management accountants, types of management accountants, production control, material costing, Labour costing, overhead costing  and cost reduction. Scheme, value analysis and management accounting and financial accounting, full cost management accounting, differential management accounting and responsibility management accounting.

Chapter three of this project deals with the brief history of Guinness plc, type of information and their uses of management accounting, research methodology, population sample plan, data collection, primary and secondary data and conduct of field work. 

Chapter of this project deals with data analysis and hypothesis of the study. Chapter five of this project deals with summary, recommendations of final conclusion and bibliography.     

.


TYPE IN YOUR TOPIC AND CLICK SEARCH.






RESEARCHWAP.COM

Researchwap.com is an online repository for free project topics and research materials, articles and custom writing of research works. We’re an online resource centre that provides a vast database for students to access numerous research project topics and materials. Researchwap.com guides and assist Postgraduate, Undergraduate and Final Year Students with well researched and quality project topics, topic ideas, research guides and project materials. We’re reliable and trustworthy, and we really understand what is called “time factor”, that is why we’ve simplified the process so that students can get their research projects ready on time. Our platform provides more educational services, such as hiring a writer, research analysis, and software for computer science research and we also seriously adhere to a timely delivery.

TESTIMONIES FROM OUR CLIENTS


Please feel free to carefully review some written and captured responses from our satisfied clients.

  • "Exceptionally outstanding. Highly recommend for all who wish to have effective and excellent project defence. Easily Accessable, Affordable, Effective and effective."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I saw this website on facebook page and I did not even bother since I was in a hurry to complete my project. But I am totally amazed that when I visited the website and saw the topic I was looking for and I decided to give a try and now I have received it within an hour after ordering the material. Am grateful guys!"

    Hilary Yusuf, United States International University Africa, Nairobi, Kenya.
  • "Researchwap.com is a website I recommend to all student and researchers within and outside the country. The web owners are doing great job and I appreciate them for that. Once again, thank you very much "researchwap.com" and God bless you and your business! ."

    Debby Henry George, Massachusetts Institute of Technology (MIT), Cambridge, USA.
  • "I love what you guys are doing, your material guided me well through my research. Thank you for helping me achieve academic success."

    Sampson, University of Nigeria, Nsukka.
  • "researchwap.com is God-sent! I got good grades in my seminar and project with the help of your service, thank you soooooo much."

    Cynthia, Akwa Ibom State University .
  • "Great User Experience, Nice flows and Superb functionalities.The app is indeed a great tech innovation for greasing the wheels of final year, research and other pedagogical related project works. A trial would definitely convince you."

    Lamilare Valentine, Kwame Nkrumah University, Kumasi, Ghana.
  • "Sorry, it was in my spam folder all along, I should have looked it up properly first. Please keep up the good work, your team is quite commited. Am grateful...I will certainly refer my friends too."

    Elizabeth, Obafemi Awolowo University
  • "Am happy the defense went well, thanks to your articles. I may not be able to express how grateful I am for all your assistance, but on my honour, I owe you guys a good number of referrals. Thank you once again."

    Ali Olanrewaju, Lagos State University.
  • "My Dear Researchwap, initially I never believed one can actually do honest business transactions with Nigerians online until i stumbled into your website. You have broken a new legacy of record as far as am concerned. Keep up the good work!"

    Willie Ekereobong, University of Port Harcourt.
  • "WOW, SO IT'S TRUE??!! I can't believe I got this quality work for just 3k...I thought it was scam ooo. I wouldn't mind if it goes for over 5k, its worth it. Thank you!"

    Theressa, Igbinedion University.
  • "I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much researchwap.com, infact, I owe my graduating well today to you guys...."

    Joseph, Abia state Polytechnic.
  • "My friend told me about ResearchWap website, I doubted her until I saw her receive her full project in less than 15 miniutes, I tried mine too and got it same, right now, am telling everyone in my school about researchwap.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work"

    Christiana, Landmark University .
  • "I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!."

    Musa, Federal University of Technology Minna
  • "I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!."

    Ali Obafemi, Ibrahim Badamasi Babangida University, Niger State.
  • To contribute to our success story, send us a feedback or please kindly call 2348037664978.
    Then your comment and contact will be published here also with your consent.

    Thank you for choosing researchwap.com.