Abstract
This study seek to examine the relevant of cost accounting information for management decision making (A case study of Guinness Nigeria Plc, Benin City). The study also explained the possible connection between the definition, relevance terms and also the background of Guinness Nigeria Plc. It is aimed at ascertaining the place of cost accounting in business organization. The data obtained were analyzed using simple percentage while chi-square was used in testing the hypotheses.
From the test carried out, it was discovered that costing system have not been properly installed and wastage had been properly minimized with efficiency in production. It was recommended that the negative impact of cost accounting in Guinness Nigeria Plc should be tackled without delay for improved efficiency. It was concluded that industries have outgrown the era of rule of thumb and guess-work, and that, for business to survive they must know what they are doing in order to face these threats.
CHAPTER ONE
INTRODUCTION
Cost accounting has long been used to help managers understand the costs of running a business. Cost accounting today is recording, budgeting, analyzing and determining cost for products manufactured.Modern cost accounting originated during the industrial revolution, when the complexities of running a large scale business led to the development of systems for recording and tracking cost to help business owners and managers make decision.
The basic objective of this study is to examine comprehensively how cost accounting information is being presented in a large organization. Cost accounting system of any organization is the foundation of the internal financial information plan, to control and make decision.The information provided by costing system are cost per unit of production, process cost of running a sector or department, wages cost of a unit of production scrap cost etc.
1.1 BACKGROUND TO THE STUDY
Guinness (Nig) Plc, Benin was opened in 1972 after the incorporation of its headquarter at Ikeja, Lagos State in the year 1962.The original name of incorporation was Guinness (Nig) Ltd. It was changed to Guinness (Nig) Plc due to government directives to distinguish public limited liability companies from other limited companies.Guinness (Nig) Plc, Benin is located along Benin-Agbor Oregbeni Housing Estate, Ikpoba Hill, Benin City.
The objective of the company are:
1. To provide employment for members of the community.
2. To contribute to the general welfare of the community by providing good quality bear and non-alcoholic malt.
3. To contribute to economical development of the economy.