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COST ACCOUNTING: A TOOL FOR THE MANAGEMENT DECISION MAKING PROCESS IN NIGERIA
Abstract: The study, cost accounting, as a tool for management decision making process is targeted at exploring the various ways which c information could help the management of enterprises
especially manufacturing and processing companies in the formation of August 11, 2021 polices and making of sound and reliable decisions. In order that this purpose could be proven, the researcher formulated various relevant Revised:
research questions and also two major hypotheses were also formulated. September 26, 2021 Interview was conducted with the aid of instrument known as questionnaires which were administered to the staff of Tisco’s Accepted: Pharmaceutical. Chi-square (X2) method was used for testing the October 3, 2021 hypotheses under the research. Findings exposed that cost accounting is an aid to management decision making. Also, to be clear of every
sentiment, relevant literatures complied in authorities in the relevant fields were reviewed. The opinion of authorities was not different, showing that costing information is necessary for fixing selling price, valuation of inventory, inventory control, labour remuneration, waste reduction, capacity utilization, cost control ascertainment of profitability. Thus, the study proves that cost accounting is a tool for management decision making process in any organisation either in public and private sector.
Keywords: cost accounting, management decision, decision making, selling price, valuation of inventory, inventory control, labour remuneration, waste reduction.