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PROJECT TOPIC AND MATERIAL ON MANAGEMENT ACCOUNTING AS A TOOL IN DECISION MAKING (A CASE STUDY OF WAEC ENUGU ZONAL OFFICE)
The Project File Details
- Name: Management Accounting As A Tool In Decision Making (A Case Study Of Waec Enugu Zonal Office)
- Type: PDF and MS Word (DOC)
- Size: [70 KB]
- Length:  Pages
1.1 BACKGROUND OF THE STUDY
Accounting widely seen as the background of every business has been defined in several languages by many scholars, but interestingly all the language see it as generating economic information that permits informed judgment and decision by users of such information. This Mustafa (1994:5) “ Accounting as the identification selection, measurement and communication of information in the form of costs and benefits both of direct and indirect nature to facilitate economically justified decision regarding the activities and resources of an organization.
It should therefore be noted that the users of accounting information of any organization include the management of the organization. The creditors of the organization, shareholders or owners investors at large etc.
These groups have their different informational needs about an organization as a result of which we classify accounting into:
- Financial accounting provides information for the extend users such as shareholders creditor, government agencies potential investor etc.
- Cost and management accounting provide information for the internal users i.e. those in the various level of management.
This study however, will dwell in management accounting as to highlight its roles in decision-making process of an organization in the light of the above management accounting, can be defined as an integral part of management concerned in identifying, presenting and interpreting information required by management for the following purpose:
i. Formulating the policies of the organization stations planning the activities of the organization
- Decision makings
- Performance of appraisal at strategic department and operational levels etc.
Based on the above management accounting is seen as the pillar (in terms of information provision) in the decision- making process of a business organization. This is based on the fact that before the manager or head of an organization can make effective decisions, he must have a good knowledge of the circumstance surrounding the environment on which he intend making a decision and this in the focus of management accounting.
Though some business decisions are based on qualitative or psychological factors, a vast range of business situations exist which require a crucial financial or qualitative analysis for a relational decision to be taken.
A common element of all these problems in that they rely on information no cost and revenues which is correctly specified in economically elevated terms for the particular decision being considered.
Management accounting has also helped public organization so much both in their financial management and decision -making process. This research work with the West African Examination Council WAEC Enugu, Zonal office. Will show how certain recommendations nevertheless were proffered in order to ensure a continued operational efficiency.
Due the fact that management accounting deals with the supply of external and internal information that guides any private or public organization which W.A.E.C. is one of them, that has made this public organization an outstanding figure among all these examination body’s that deals diplomas.
Over the years (WAEC) has encountered so. Many problem in trying to keep their student in order but all went to no avail. But recently they have improved so much in the area of discouraging students in exam malpractice rather than reading their books to pass.
They developed a means by here by the female student are being separated from their male counterparts so as to know whether it will reduce the rate of examination misconduct (ie in the private exams in November/December period) which has tremendous achievement.
With the information they get about students forging certificates by themselves, they have also decided to put person Photographs on the certificate, which means that every WAEC certificate, much have personal photograph on it.
Previously students found it difficult to know the canters and center numbers before the exams. Some may be looking for their centers and center numbers while others have started exams. Recently WAEC has started sending the center and center numbers a long with their WAEC forms so that every thing will be seen in blue and block without questioning.
1.3 OBJECTIVE OF THE STUDY
This research study intends to asses the importance of placing a guide emplaces on information as a guide to a quality decision making in an organization with particular reference to West African Examination Council (WAEC) Enugu, zonal Office.
It equally aims at exposing the various ways and decision arrears in which management accounting plays a vital role and the need to involve the management accounting in all management accounting in all management meetings.
1.4 SCOPE AND DELIMITATION OF THE STUDY
The scope of this study hinges on management accounting as a veritable source of information for decision making in an organization with particular reference to W.A.E.C. Enugu, zonal office.
During the research study some factors constitute a hindrance in carrying out this work. Such as
- Invitation Time: The constraint is also a form of big problem this is as a result of my sick child, coupled with domestic problems at home. Lack of enough time to interact with the information for this research work.
- Finance: Finance was another set back in carrying out this study. There was lack of fund to photocopy some relevant documents for the study.
- Secrecy: Some workers found if difficult to furnish me with vital information regarding the Ares of the study, to avoid intimidation and dismissal from work.
1.5 RESEARCH QUESTION
In order to guide this project work some research questions were formulated to ensure clarity.
(a) To What extent has accounting information helped in the decision making of an organization especially in the management of financial resources?
(b) To what extent does accounting information contribute in the success of public organization such as WAEC?
(c) To what extent do public corporations recognize management accounting as a management technique for financial prudent?
(d) What is the place of management accounting in either the success or failure of public corporations.
(e) To what degree to management of public corporations recognize management accounting as accounts for decision-making.
(f) At what level of the management cadre is management accounting information utilized/ or implemented.
1.6 SIGNIFICANCE OF THE STUDY
The significance of this study includes the following.
- To develop ideas and information that will help managers and other business decisions makers in solving their problems.
- To explore the use of management accounting techniques in solving management problem.
- To unveil the necessity of adequate information to decision- making in an organization.
- This study will go along to enrich students of accounting in carrying out research study in this area of study.
1.2 STATEMENT OF PROBLEM
Decision-making is one among the many functions of the management of an organization and it is almost enshrined in all the other functions. It also takes place of every level in the organization covering both short and long term. Often a decision is taken on the ground of future projections and therefore, is subject to uncertainties. Hence the need for as much information as possible. This enhance the decision made without necessary information or with inadequate information is bound to be based on quest work which is not good for the attainment of the public organization concerned.
In a large part, the quality of management’s decision is a reflection of the quality of the accounting and other information it receives. The management of some organization, assuming all knowing, takes decision the way they like without sourcing for management accounting information which in many cases results in destructive decision and subsequent failure of many public organizations.
In view of these problems that this study is carried on as to fins solution ions to them.
1.7 DEFINITION OF TERMS
Management accounting; The branch of accounting is concerned with the production of information that guides the management information. Data has been processed in a way that in under standable to the recipient.
Decision: A choice between future uncertain alternatives.
Relevant Cost: This is a cost that arises as a direct consequence of a decision.
Avoidable Cost: This is a cost that can be identified with an activity or sector of a business and can be avoided if the activity or sector did not exist.
Differential Cost: Differences in cost between two alternative courses of actions.