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MANAGERIAL ACCOUNTING: THE ROLE AND IMPORTANCE IN DECISION MAKING IN AN ORGANIZATION A CASE STUDY OF VITA FOAM PLC, SAPELE
ABSTRACT
This project attempts to establish the vital role which application of managerial accounting has played in decision making in an organization using Vita Foam Plc as a case study. This research work aims at examining the importance of managerial accounting in decision making in an organization. This study is significant as it will help to reduce the risk involved in decision making in organization for the purpose of this study, the work is sub-divided into five chapters, chapter one deals on the background of the study, which include statement of problems, purpose of the study, definition of terms etc. Chapter two focused on literature review which borders on related works at various professional and intellectuals, chapter three emphasis on the method of data collected and analysis. The data collected through questionnaires were analyzed with tables of percentages with sample size of 29. Chapters four deals with presentation of analyzed data. Finally, chapter five discuss the research findings, conclusion, and recommendation for the important of managerial accounting in decision making in an organization and further research.
TABLE OF CONTENTS
Title page i
Certification ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vii
CHAPTER ONE: Introduction
1.1 Background of the study 1
1.2 Statement of the problem 2
1.3 Objective of the study 2
1.4 Research question 3
1.5 Significance of the study 3
1.6 Scope of the study 4
1.7 Limitation of the study 4
1.8 Definition of key terms 4
CHAPTER TWO: LITERATURES REVIEW
2.1 Introduction 6
2.2 The Relevant of Management Accounting 6
2.3 The Challenges and Responsibilities of Management Accounting 7
2.4 Functions of Management Accounting 8
2.5 Decision Making and Management Accounting 9
2.6 Types of Decision Making 9
2.7 Management Accounting Techniques Used in Decision Making 10
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design 12
3.2 Population and sample size 12
3.3 Sample Size 12
3.4 Sample techniques 13
3.5 Instrument of Data Collection 13
3.6 Validity of Instrument 13
3.7 Reliability of the Instrument 14
3.8 Method of data collection 14
CHAPTER FOUR: DATA PRESENTATION AND ANAL
4.1 Introduction 15
4.2 Presentation and Analysis of Result 15
4.3 Discussion of Findings 21
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of the Study 22
5.2 Conclusion 22
5.3 Recommendation 23
5.4 Suggestion for further study 24
Reference 25
Appendix I (Research Questionnaire) 26
CHAPTER ONE
INTRODUCTION
Background of the study
There is no accurate account when accounting stared. However, available information showed that, managerial accounting came as a result of the cut throat competition being faced by managers of companies, firms, industries and organizations of this day.
However, the system of record keeping can be traced back to the early civilization, the method of keeping record by making marks on the store, papyrus and the papyrus paper as we know the paper was used, in Egypt to start the art of financial record keeping was primitive in 1994,
Luck paciol introduced the double entry booking system in terms of managerial accounting records that all entries must have a debtor and a creditor so that decision can be made in an organization.
Over a years civilization and technological development to recent day modern accounting methods were introduced hence the formation of the professional accountancy bodies for example;
Institution of chartered accountant of Scotland formed in 1854
Association of certificated public accountant in use was formed 1887 as new method Nigerian accounting record keeping establish the institute of the chartered accountants which regulate nation wide.
Managerial accounting information therefore becomes an effective aid other decision markers.
According to W.M Harper (1997) management accounting was integral part of cost accounting though evolve from cost accounting gas become a subject and discipline of its own.
Statement of the Problems
A good managerial accounting decision making is judged and appraised on the decision it has made, one of the most difficult task making therefore, accountant is expected to supply all the necessary information for decision making in an organization.
Accounting Information is sometime provided by people who lack management skill.
Some of the information provided the management accountant are not timely and accurate.
Inability of the managers.
Objectives of the Study
This study is aimed at achieving the following.
To establish the relationship between decision making and corporate performance.
To find the extent to which the use of managerial accounting information relates to corporate decision making.
Research Questions
following questions are considered important for the study.
Do all the users of management accounting in organization, firms employ management accounting techniques of data analysis?
Can accounting record improve your organization for decision making?
Does lack of expenses has any effect on managerial decision making?
The task or recording of value of assets and liabilities has any effect in decision making of your organization?
Do lack of managerial accounting techniques affect performance?
Significance of the Study
This study is very important because it will assist management in the following areas.
Reduce the risk involved in decision making.
It will give more information to the researcher and student studying the management accounting.
To help the organization know how the strength of their organization of financial status.
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