APPLICATION OF COST CONTROL PRINCILPES IN MEDIUM SCALE INDUSTRIES: THE NIGERIAN EXPERIENCE

UDEH, Sergius Nwannebuike and Okeke, Cynthia Kosisochukwu (2021) APPLICATION OF COST CONTROL PRINCILPES IN MEDIUM SCALE INDUSTRIES: THE NIGERIAN EXPERIENCE. Advance Journal of Financial Innovation and Reporting, 5 (1). pp. 17-33. ISSN 2571-1287

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Abstract

The study examined the application of cost control principles in medium scale industries with emphasis on Innoson Technical Industries Nigeria Limited, Emene, Enugu. Primary data were gathered with the aid of a 12 question – item structured questionnaire. The instrument of data collection was a modified 4-point Likert Scale with answer options of strongly agree (4), agree (3), disagree (2) and strongly agree (1). Data were collected from 40 staff of the company, comprising Management cadre and Accountants. Research questions were analysed with aid of mean and standard deviation while hypotheses were tested with Chi-square statistical tool. The study found that standard costing plays a significant role in cost control in medium scale industries in Nigeria, among others. The implication of this finding is that medium scale industries in Nigeria can apply standard costing principles in their manufacturing processes to keep their production cost low so as to maximize their profits. It was concluded that both standard costing and budgeting can be used for cost control purposes in medium scale industries in Nigeria. The study therefore, recommended the application of both standard costing and budgeting in medium scale industries to control their production cost and make their products affordable to customers.

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Management and Social Sciences
Depositing User: mrs chioma hannah
Date Deposited: 08 Mar 2022 08:46
Last Modified: 08 Mar 2022 08:46
URI: http://eprints.gouni.edu.ng/id/eprint/3469

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