THE RELEVANCE OF ACCOUNTING INFORMATION IN MANAGEMENT DECISION MAKING (A Case Study of Okin Biscuit Nigeria Limited, Offa)

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Product Code: 00001312

No of Pages: 85

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ABSTRACT

The project concentrate mostly on the relevance of accounting information to management decision making process of which Okin Biscuit Nigeria limited of is the case study.

Financial accounting deals with the periodic measurement and reporting of the profit or loss and asset and liabilities of organization and Balance sheet of the year ended. The balance sheet is a statement of financial position and it report  is on the status of the assets as individual items as a class .

Data’s sources through the case study has revealed on design by the researcher to fill by the staff of the organization in accounting department  and information  that have already been recorded  in the subject data in various document including book annual report of the organization.

Finally, with my recommendations, we hope stepping stone for further study.




TABLE OF CONTENTS

TITLE PAGE

CERTIFICATION

DEDICATION

ACKNOWLEDGEMENT

TABLE OF CONTENTS

 

CHAPTER ONE

1.0      INTRODUCTION

1.1   BACKGROUND OF THE STUDY

1.2   STATEMENT OF THE PROBLEM

1.3   PURPOSE OF THE STUDY

1.4   SCOPE AND LIMITATION OF THE STUDY

1.5   SIGNIFICANCE OF THE STUDY

1.6   RESEARCH METHODOLOGY

1.7   PLAN OF THE STUDY     

1.8   DEFINITION OF TERMS


CHAPTER TWO

LITERATURE REVIEW

2.0      HISTORICAL BACKGROUND OF ACCOUNTING

2.1   ACCOUNTING AND SOCIETY

2.2   ACCOUNTING SCOPE AND FUNCTIONS

2.3   INTER-RELATED ROLES OF BRANCHES OF ACCOUNTING

2.4   ACCOUNTING INFORMATION DEFINED

2.5   USER’S OF ACCOUNTING INFORMATION

2.6   LIMITATION OF ACCOUNTING INFORMATION

2.7   ACCOUNTING POLICIES

2.8   DECISION MAKING

2.9   REFERENCES

 

CHAPTER THREE

DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.0   DATA ANALYSIS

4.1   INSTRUMENT OF ANALYSIS

4.2   RETURN OF QUESTIONNAIRE

4.3   TEST OF HYPOTHESIS

4.4   INTERPRETATION

 

CHAPTER FOUR

5.0      SUMMARY

5.1   CONCLUSION

5.2   RECOMMENDATION

5.3   BIBLIOGRAPHY

        APPENDIX 




CHAPTER ONE

LITERATURE REVIEW

1.0      HISTORICAL BACKGROUND OF ACCOUNTING

The accounting can be traced back through history, the history accounting dates back to ancient Mesopotamian and Egyptian time, when the need for account brought about development of writing.

Accounting records dated several years back can be found indifferent part of the world, showing the important of accounting information at all level of development.

The discovery of zerion parayric in 1915 led to the discovery of information about the construction projects, agricultural activities and business operation of the private estate if Apolanmus.

Zerion used a system with provision for responsibilities accounting, a written record of all transaction, a personal account for wages paid to employees, inventory and record of asset acquisition and disposal.  There were also evidence of audits. 

However, effort to improve accounting only developed around 1930, although accounting 0practices has been in existence for long before.  The turn of the thirteenth century brought about the emergence of DOUBLE ENTRY BOOK KEEPING which constitutes the major turning point in the development of accounting.  Its development provided some notable advantage over earlier method of keeping records.

These are:-

·                    Its none orderly and comprehensive means of keeping record and

·                    It’s a check on the accuracy and completeness of recording transaction.

·                    Its was however, observed that these sorts of the owner of business and its provide no basis for the measurement of profit and valuation of asset.

·                    It emphasis was on the recording of financial transaction in manner most suitable to the owner of the business.

However; the replacement of small companies by large industries and factories brought about the industrial revolution, led to a more modified system of accounting.  This because financial for project how require more finance from the combined investment of a large number of individual against the previous financing by single individuals.

Accounting has developed over long period of time in response to financial information need for decision making in business. Decision makers operate in a complex economic environment that constantly changing.  The information need of decision maker change with the environment and accounting must adapt   to satisfying accounting must been as vital and dynamic as a society that it serves and to function well it must adapt to the requirement of organization and to change in modern technology matulich (1980).





CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Accounting is becoming indispensable in a modern society. Accounting provide information, which is vital to the economic decision that have to be made by the individual, the company and government, large companies requires the services of accounting to understand what goes on in fan – flung branches, to evaluate the effectiveness of company policies on operation an the impact of government fiscal and instrument.  This becomes over more time with massive growth of individual, organization.  Just imagine the difficulties of knowing anything significance about the operation and performance of the UAC, Lever Brother, mobile, Pz Industries, Power Holding Company Nigeria or Nigeria Railway Corporation without accounting information.

Decision – making is essentially the process of adopting a particular course of action in preference to alternative possibilities.

The responsibilities of making strategic decision relating to the smooth operation if whole organization rest with the management responsibilities for getting things done and can be found in government institution, business, professional bodies, non – profitable organization.  The management is responsible for getting thing done and can be found in public and government institution professional bodies.  

Management must be able to evaluate the accounting data, in order to decide on what courses of action to take.  The financial information or data so used are generated from the financial activities of the organization.

One many be puzzled as to whom or what “management”.  This has been defined from three (3) perspective

As a profession

As a position

As a process

The definition of management as it is seen as a position of what is considered in this research work.  As a position, authority and responsibility within the organization ensuring the smooth running of day – to – day activities of the organization and generally act as OVERSEERS.

Basically, within a organization, management sees to the establishment of a proper and well organize and will coordinated accounting system to provide and  communicate information when properly interpreted, will allow for good judgment ad decision.

It should be noted that at this point that accounting information is not only a great importance to the management out of some other people who make up the external and internal users.  These are:-

·                    The shareholder or equity provider       

·                    Creditor / owners of loan capital

·                    Employers

·                    Government

·                    Internal revenue authorities competitors and

·                    Member of the public

But for the purpose of this research work, we shall only consider accounting information and its relevance in management decision – making process.

Accounting is basically dividend into the Financial Accounting and the Management Accounting aspect.

Financial accounting, deal with periodic management and reporting if the profit or loss, asset and liabilities of the organization.

Management accounting, on the other hand, is concerned with providing information for decision about level of output the most optional choice of alternative their cost, revenue and impact and the expected changes in the economy.

Accounting managerial of financial provides information and communicates this to one of another.  Both branches of accounting house much common. Information is in each case, generated with a view to facilitating decision – making.

The user to which this accounting is put or the determination of the role it plays in decision making will be seen in the context of, this research works.

 

1.2      STATEMENTS OF PROBLEM

It is a know fact that at every stage of our lives, decision have to e made.  These decision may sometimes be made in conditions where all information not available.  In either case, these decision may have every significant effect may be made to ensure that the best possible decision are made under any circumstance.

The adoption of any case of action will always entail an expenditure of time and resource, which would have been applied to other means.

In decision making some classical Techniques are applied which could be wrong and thus, create problem are a result of improver decision taken they includes.

·                    INSTITUTION:- Decision to do what one feels is right which mighty one be the best in all situation.

·                    EXPERIENCE:- Decision on particular course of action based on ones past or past event that is a case of we have always done it like this.

·                    AUTHORITY:- Decision making are made by the superior, shareholder and boss on the motion that he known everything and even because of important position he holds, this is not the best.

·                    VOTING:- Shorting of responsibilities of the decision making that is trying to play safe.

Although these methods may sometimes work but, it should be noted that supplying all the information required for then making decision are not the exclusive tensible to assist in making decision which will not entail a waste of resource of any sort.

Frankly, the ability to make proper decision is usually hindered by the Nigeria economy as he withies by the various economic technological development and the turn bulient political environment.

Management of an organization must be able to identify opportunities to be exported ad the threats and problem to be avoid.

 

1.3      PURPOSE OF THE STUDY

The purpose of this research work  are:-

·                    To review the role of accounting information play in the management decision making process at organization with reference to Okin Biscuit Nigeria Limited, Offa

·                    To determine if the accounting information generated by account department assist in meeting the objective of the organization.

·                    To examine the reason for employing accounting Information in the decision making process.

·                    To examine the reason for employing accounting in management decision making process.

·                    To examine the reason for employing accounting in management decision making process.

·                    To examine critically the nature of accounting information.

·                    Research will help to develop the accounting information standard of system in such a way that it will more towards intended goals.

·                    To determine the problem that is faced in the management by making important decision.

 

1.4      SCOPE AND LIMITATION OF THE STUDY

The scope of study of this research project deals specifically with the relevance of Accounting information in management decision making in Okin Biscuit Nigeria Limited Offa.

The study was limited to the aforementioned are area study of the role of accounting information in the decision making process of Okin Biscuit Nigeria Limited Offa.  Due to the financial problem and the time to carry out the research work is limited and also there is no enough materials to be used in the research work.

 

1.5      SIGNIFICANCE OF THE STUDY

Decision making is one of the key functions of management of any organization. It is a consensus among management writers that decision making necessary for the attainment organization effectiveness.

The information that accounting provide is usually needed by the enterprises itself.  It could also be require.  However by the government tax authority and agencies.  Some important issues concerns such as inflation, unemployment, wages increase and output.  And output distribution is effected uncritical wages by business and public enterprises.  Thus by having information such as that provided by Accounting and private and public organization the causes and courses of economy problem are more easily determined.  Hopefully, better solution result.  Finally it will not therefore be out of people to suggest that achievement of corporate goal and objective of any organization is direct function of the efficiency of the management based on effective of decision made by him. 

  

1.6      RESEARCH METHODOLOGY

Method to used in carrying out this research are:-

·                    Preparation of questionnaire which will be distributed to the staff working in the department.

·                    Interview will also be conducted.

·                    Careful study of sales record and other books prepared by sales department together with the accounting records and financial report from these sales records to test and know how the financial report to prepared and assist management in making decision are reward the sales department of the company. 

 

1.7      PLAN OF THE STUDY

The project concentrates mostly on the relevance of accounting information to management decision making process of which Okin Biscuit Nigeria Limited of is the case study.

The topic is separated into five chapters which will take one after the other.  Chapter one is the introduction which consist of the Historical Background of the study, statement of the study, methodology of the study, purpose of the study.  Plan of the study and definition of terms.

Chapter two is Literature Review which consist of Briefly History of Literature review and accounting and society, interrelated role of the branches of accounting information, accounting policies decision making process.

Chapter three is research methodology which comprises of Historical background, statement of hypothesis, population, administration of the data collection instrument, validity sampling design and limitation of methodology.

Chapter four is data presentation, analysis and interpretation which consist data analysis instrument of analysis, return of questionnaire and test of hypothesis.

Chapter five which is the last chapter consisted of recommendation, summary, conclusion and Bibliography appendix.

 

DEFINITION OF TERMS

Human Relation:-

Relation between worker and employee within an organization company.

Interview:-

It is formal meeting between an applicant and staff of organization with Accounting officer.  It is conducted on successful applicants before hiring them.

Management:-

As a process by which scare resource are combined to achieved given ends.

Accounting Information:-

Is process of recording classifying, selecting measuring.  Interpreting and communicating financial data of an organization to enable user making assessment and decision. 

Accounting Managers:-

A managers job consists of planning, organizing, directing and controlling the resource of the organization.

Authority:-

Is the legitimate power of a supervisor to direct subordinates to take action within the scope of the supervisor’s position.

Wages and salaries administration:-

These are the remuneration policies aimed at compensating the employee for the job done.  Precisely, it is to provide incentive for better worker’s to attract and retain enough staff of the required caliber to meet the organization objective.

Manpower:-

The process of having the right kind of people at the right time at the right place doing the right thing in organization.

Selection:-

Process of making the choice of right man with right skill and qualification for the right position at the right place in organization. 

Decision making:-

Process of making is essentially of adopting a particular course of action in preference to alternative possibilities.

Accounting management:-

Process of recording of financial information and communicates this is to one of another.

 

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