ABSTRACT
The theme of this project is the
impact of standard costing on cost reduction in manufacturing firms in Abia
state. It was limited to five towns in Aba. Of tile sixty-eight manufacturing
firms listed by the business directory of tile Manufacturer's Associations of
Nigeria (MAN) five were selected in Aba for the purpose of this study.
Questionnaires were distributed by hand and only 49 of the returned
questionnaires proved adequate for tile purpose of this study which is the
effect standard costing techniques has on cost reduction. This study is
established to determine whether there are accountants in manufacturing firms
and also to determine the extent to which standard costing techniques has
helped in reducing cost. In order to achieve these objectives, tile work is
divided into five chapters and other necessary appendix for clarification. It has
been observed in this study that there has been an increase in the use of
standard cost over tile years but there is still a marked death of
professionally qualified accounting personnel in Nigerian manufacturing firms,
this has led to tile recommendation of the formation of an institute of cost
and management accountants of Nigeria to complement tile role of tile institute
of chartered accountants of Nigeria (ICAN). This paper also recommends the use
of attainable standard costing as a yardstick in standard cost so as to compare
actual costs, it also provides the process of setting, revising and monitoring
standard, which encourages the re-appraisals of methods, materials, and
techniques so as to reduce cost. Two hypotheses were developed for this study and
the data were arranged in tables using chi-square method, which indicated that
professional competence of top management affect the use of standard setting
with regards to profitability in manufacturing firms, and it was recommended
that top management shou1dhave adequate forecasting skills. Finally, the 'need
for further research in the impact of standard costing was stressed amongst
other recommendation.
OBINGONYE, A (2021). Impact Of Standard Costing On Cost Reduction In Manufacturing Firms (A Survey Of Selected Manufacturing Firms In Ab1a State). Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-cost-reduction-in-manufacturing-firms-a-survey-of-selected-manufacturing-firms-in-ab1a-state-7-2
ADANNA, OBINGONYE. "Impact Of Standard Costing On Cost Reduction In Manufacturing Firms (A Survey Of Selected Manufacturing Firms In Ab1a State)" Mouau.afribary.org. Mouau.afribary.org, 13 Jul. 2021, https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-cost-reduction-in-manufacturing-firms-a-survey-of-selected-manufacturing-firms-in-ab1a-state-7-2. Accessed 01 Nov. 2024.
ADANNA, OBINGONYE. "Impact Of Standard Costing On Cost Reduction In Manufacturing Firms (A Survey Of Selected Manufacturing Firms In Ab1a State)". Mouau.afribary.org, Mouau.afribary.org, 13 Jul. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-cost-reduction-in-manufacturing-firms-a-survey-of-selected-manufacturing-firms-in-ab1a-state-7-2 >.
ADANNA, OBINGONYE. "Impact Of Standard Costing On Cost Reduction In Manufacturing Firms (A Survey Of Selected Manufacturing Firms In Ab1a State)" Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-cost-reduction-in-manufacturing-firms-a-survey-of-selected-manufacturing-firms-in-ab1a-state-7-2