THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AR

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ABSTRACT

The impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. 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.

There also led to the preference of standard costing to other methods with the development of standard 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.

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Table of contents

Abstract

CHAPTER ONE: INTRODUCTION

1.1Brief Historical of the Case under study

1.2Statement of the problem

1.3Purpose of the study

1.4Significance of the study

1.5Scope of the study

1.6Limitation of the study

1.7Assumption of the study

1.8Research Hypothesis

1.9Definition of terms

References

CHAPTER TWO

2.1Standard Costing and Overview

2.1.1Characteristics of Standard Costing

2.1.2Misconception of standard costing

2.1.3Criticism of standard costing

2.1.4Advantages of standard costing

2.1.5Disadvantages of standard costing

2.2Essential features of standard costing

2.2.1Standard Cost Card

2.2.2Type of Standard

2.2.3Setting standard

2.2.4Revision of Standard

2.3Accounting Variance

2.4Controllable and Uncontrollable Variance

2.5Favourable and Unfavourable Variance

2.6Areas Standard Costing helps in improving management efficiency

References

CHAPTER THREE

3.0Design and Methodology

3.1Selection of Data

3.1.1Primary Data

3.1.2Secondary Data

3.2Collection of Data

3.3Tools of data Analysis

3.4Reliability of data

CHAPTER FOUR:

4.0Data presentation and analysis

4.1Presentation of data

4.2Analysis of data

4.3Testing Hypothesis

4.4Interpretation of result

CHAPTER FIVE:

5.0Summary of findings

5.1Summaries of findings

5.2Conclusion from the study

5.3Recommendation

References

Bibliography

Appendices

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THE IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY (A CASE STUDY OF FERDINAND INDUSTRIES LIMITED, URULLA IDEATO NORTH LOCAL GOVERNMENT AR

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