Impact Of Standard Costing On Profitability And Managerial Effectiveness (A Case Study Of Ferdinand Industry Ltd, Urualla In Edeato North L.G.A., Imo State)
ABSTRACT
The standard cost reveals the
goals, spur actions, and provide check or controls such that exceptional profit
oriented goal performance can be achieved and on the reverse, adequate
punishment to be exercised for bad performance. Standard costs cause appraised
to be made over production facilities and from management intentions and
capabilities and is a first step in strength and weakness appraisal. These also
led to the preference of standard costing to other methods with the development
of standard costing system in 1920s, it was brought into the accounting system
that total variances might be accumulated as well as detailed variances. It is
believed that standard costing helps management to plan for future, and if any
justification is required for this project on the effects of standard costing
on profitability's and managerial effectiveness of a manufacturing industries.
Firstly, the financial management should penetrate into every cranny of the
enterprise and indoctrinate all management in their working habits. Secondly,
cost should be given the maximum attention while emphasis on the effects.
Finally, since revenue less cost gives balance profit, the profit should be
increase as it is what industry is aiming at.
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AMANOH, 0 (2021). Impact Of Standard Costing On Profitability And Managerial Effectiveness (A Case Study Of Ferdinand Industry Ltd, Urualla In Edeato North L.G.A., Imo State). Repository.mouau.edu.ng: Retrieved Nov 26, 2024, from https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-profitability-and-managerial-effectiveness-a-case-study-of-ferdinand-industry-ltd-urualla-in-edeato-north-lga-imo-state-7-2
0, AMANOH. "Impact Of Standard Costing On Profitability And Managerial Effectiveness (A Case Study Of Ferdinand Industry Ltd, Urualla In Edeato North L.G.A., Imo State)" Repository.mouau.edu.ng. Repository.mouau.edu.ng, 26 Jul. 2021, https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-profitability-and-managerial-effectiveness-a-case-study-of-ferdinand-industry-ltd-urualla-in-edeato-north-lga-imo-state-7-2. Accessed 26 Nov. 2024.
0, AMANOH. "Impact Of Standard Costing On Profitability And Managerial Effectiveness (A Case Study Of Ferdinand Industry Ltd, Urualla In Edeato North L.G.A., Imo State)". Repository.mouau.edu.ng, Repository.mouau.edu.ng, 26 Jul. 2021. Web. 26 Nov. 2024. < https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-profitability-and-managerial-effectiveness-a-case-study-of-ferdinand-industry-ltd-urualla-in-edeato-north-lga-imo-state-7-2 >.
0, AMANOH. "Impact Of Standard Costing On Profitability And Managerial Effectiveness (A Case Study Of Ferdinand Industry Ltd, Urualla In Edeato North L.G.A., Imo State)" Repository.mouau.edu.ng (2021). Accessed 26 Nov. 2024. https://repository.mouau.edu.ng/work/view/impact-of-standard-costing-on-profitability-and-managerial-effectiveness-a-case-study-of-ferdinand-industry-ltd-urualla-in-edeato-north-lga-imo-state-7-2