The Role Of Management Accountant In Decision Making With Emphasis On International Tobacco Company Plc Ilorin Branch Which Is Private Ownership Company
1.1 Background of the Study
In all the varied field of human activity, we are concerned to used of limited resources that are available to us. Thus the intention is to obtain the greatest out put from a given input and in measuring this we may state how efficiently the input has been used.
While the measurement of efficiency may be done in quantitative terms e.g. a number of yam tuber from an acre of land. It is normally essential to express inputs and outputs in monetary term as it is the common denominator of resources we use. By recording these monetary values the accountant is able to measure the result of industrial and commercial activities and inform those responsible for them.
The work of the accountant has develop over the year from accurate accounting for movement in cash and transaction with third parties, it now includes the provision of financial data and with which management may plan future activities and of data with which to measure how efficiently activities are being managed.
The earlier type of work we may call financial accounting and development is cost accounting and management accounting uses cost and financial data advice management in planning and controlling the enterprise.
Management needs guidance in the interpretation of cost information, if wise decisions are to be made in such matters as costing of products and services, production policy and pricing of products. A management system is therefore necessary in planning each factor in the cost each products, the ascertainment and analysis of cost of products and the interpretation and communication of cost of data for management decision making.
For any business to be successful, it needs the assistance of the management accountant.
A management accountant provides reliable, relevant quantitative and qualities information for the purpose of assisting in the managerial formation of planning, controlling, organizing, communicating and decision making.
Since resources are limited in supply for producing a product or product a management accountant has to form a policy, the limited resources in order to achieve his aims, the aim of any business enterprise is to make profit, therefore a management accountant endures that limited resources are economically, efficiently and effectively used to take decision on how to maximize profit on business.
Therefore, a management account is concerned withy the provision and interpretation of relevant qualitative and quantitative information to assist the management in planning, motivating and decision making performance appraisal.
1.2 Statement of the Problem
Despite the fact that the role of a management accountant in decision making there is still some constraints that can hinder the roles of management accountant.
The following are the constraints;-
- What are the likely functions of managers?
- Does planning have any important
- What are the rational or reason why people fails in planning.
- Is there any establishment of standard in the roles of management accountant in decision making?
- Does management accountant in decision making have any principles of effective control.
- What are differences between financial accounting and management accounting?
1.3 Aims and Objectives
The project work takes a cursory look on the roles of management accountant in decision making therefore the aims and objectives of the study includes the followings;-
- To highlight the functions of manager.
- To enumerate the reason why people fails in planning
- To examine the establishment of standard in the roles of management accountant in decision making.
- To expatiate some certain importance of planning.
- To discuss the principle of effective of control of management accountant in decision making.
- To critically examine the differences between financial accounting and management accounting.
1.4 Significance of the Study
The research has shown that management plays a vital role in decision making.
The roles of management accountants is very important to every business sector and non-profit making sector like thus government sectors, business enterprises to be successful, it needs a management accountant. He helps to plan, control and organize the resources in an organization in order to achieve its aims. However, also the future researcher and other students will benefit from the study in order to have an independent knowledge on the roles of management accountants in decision making. It makes them to be locally reasons in their decision making.
To bank, it will provide information for the level of management to make a reasonable decision to carry out there daily activities. It will also minimize the fraud in banking industries.
To general public, it enables them to be problem solver through their finding.
1.5 Research Methodology
Based on the roles of management accountants in decision making, both primary and secondary sources information is used in collecting information for the completeness of the project work.
A primary source includes material from the case study (I.T.C), response from the questionnaire, interviews observation.
Secondary sources of information includes text books financial reports, hints about management accounting in decision making and all text books which decision making are quoted explain in them.
The instrument which is used in collecting the primary source include both interview and questionnaire.
Survey is used to analysis the data collection in comparing of data collected towards the roles of management accountant in decision making.
1.6 Scope and Limitation of the Study
The project covered the roles of management accountant in decision making. It emphasized much on how a management accountant could help the management to choose a correct and favorable decision making in an organization. The scopes will not go beyond the roles of management accountant in decision making of international tobacco company, Ilorin branch.
The research work was so restricted by insufficient fund lack of enough times, lack of corporation from the respondent of case study institution. All these factors hinder through execution of the research work.
However efforts are made, that the constraints and limitation will not affect the effective completion of the research work.
1.7 Definition of Term Concept
International Tobacco company.
Decision making is one of the most crucial activities of management. Its means that necessity to decide the everyday pre-occupation of management in all types of organization whether small or large enterprises.
A manager is a person that oversees the affairs of an organization. Its also plays some roles such as plan, organize and control. Etc.
The term management to the task or activities involve in managing an organization, planning and organizing, leading and controlling.
A structure goods of peoples brought together to attain certain goals that the same individual could not react alone.
It is the desire to succeed. Some standard of excellence or in competitive situation.
Goals is what an organization is committed to achieves
Summary, Conclusion and Recommendation
The main objective of the project is to know the roles of management accountant in decision making. A management accountant provides relevant, qualitative and quantitative information for the purpose of assisting in the managerial function. He really performs many duties in a manufacturing company in order to meet the objective of the firm.
The research also discussed the importance of establishing the standard in an organization. This is done in order to achieve the organization goals. The standard needs to be followed strictly.
There are some major decision in an organization that a management accountant has to be meticulous when making such decision. Example of such decisions are planning decision, controlling decision, transfer pricing decision, planning decision e.t.c.
It is also the duties of the manager are the sub-set of the duties of a management accountant.
The researcher also discussed the process of decision making. In order to arrive at the best decision the process of decision making must be followed. A management or decision maker needs to determined the objective of the firm, state the various alternative course of action, gather the data and evaluate the alternative, select the best alternative implement the decision and then control the decision, with this, an organization can arrive at the best decision.
Therefore, the role of management accountant is very essential in an organization in order to assist in the management function.
Good planning is vital for the success of any organization without it, there is little chance or achieving the effectiveness and efficiency. The plan must be accurately executed.
A product manager must be an enable administrator. He has to be capable top lead and to co-ordinate the work of all other staff. This is also applied to all levels of company management and personnel in order to achieve his objective through integrate and harmonious planning accountant will certainly grow fast.
A management accountant should have to prepared contribution margin statement in a manufacturing company that produces more than one product. This has to be done in order to know which product should the management continue to produce and which product should be eliminated.
If the contribution gives negative, the company should stop producing the product. A management accounting should also use of the application of relevant costing, which is the costs that help in achieving the established future targets.
The best techniques for making decision in a manufacturing company is the marginal costing techniques. It helps to achieve the organization targets or goals. The attitude of the workers to work should be improved in order to bring efficiency in a firm. Consequently, it leads to increase in production.
There should be a cordial relation ship between the staff. Incentive should be given to workers in order to increase their efficiencies.
The machine for production should be service from time to time. This prevents the constant breaking down of the machine as the cost of getting the a new machine for production is not very dear.
For a management accountant to be effective in controlling his functions, he has to set-up the standard in order to attain the organization goals.
The internal and external factors should be considered by the management accountant when taking decision. The government policy, foreign exchange controls and various economics factors should be a good communication between the management and the staff. The superior has to pass the information in time to the subordinate and vice versa.
There is needs for management to frequently determine his inventory or stock level which will be most economically desirable in order to meet the stock requirement for a planned production level. The management has to ensure that investment in inventories are kept at the minimum possible.
Then an optimum level of profitability of a firm is ensured the management should also introduce the linear programming techniques in order to allocate the various competing product lines with the objectives of identifying the optional product mix.
The financial manager must be familial with ways to control the stock level effectively so that capital may be allocated effectively. The greater the opportunity cost of fund invested in inventory, lower the optional level of average inventory and the lower the optional order quantity and all other things held constantly. The management should advertise the products in order to extend the awareness of the products. Consequently, the sales increase and likewise the profit.
Therefore, if the above recommendations are followed, we believe that the organization will surely attain its organization goals or target.
The Role Of Management Accountant In Decision Making With Emphasis On International Tobacco Company Plc Ilorin Branch Which Is Private Ownership Company
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