THE RAMIFIED FACTORS AFFECTING THE CONCEPT OF PROFITABILITY AS A GUIDE TO POLICY DECISION IN ACCOUNTING

A CASE STUDY OF SOME MANUFACTURING INDUSTRIES IN OSHIMY SOUTH L.G.A OF DELTA STATE

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ABSTRACT

Before I delve into this issue, Let us look from the realistic  pomt of view, the concept of profitability- it can be seen as that concepts which provides management with  alternatives course of action according in the various degree of profitability, stating dearly in relevant cost accounting from the costs and benefit associated with individual projects which enables management to the most profitable. Majority of the policy decision of manufacturing industries are generally directed towards profitability. Policy  decisions made under  this concept has direct effect on increasing and enhancing the  general profitability of the manufacture industry  concerned.

Unfortunately, this laudable guide has been relegated  to supportive role in some manufacturing  industries because of certain  factors million against . Such factors have in most cases affected the profit position of industries and in extreme cases to huge losses, which sometime ding such companies involved for unexpected liquidation.

Hence, this project work tried to know those factors affecting the concept and respective effects on the profit position of the selected industries.

In view of covering the three dimensional focus  of the research the project focused on three major areas:

1. The exogenous factors affecting the concept of profitability.
2. The endogenous factors affecting the concept of profitability.
3. The political factors affecting the concept of profitability.

These three areas combined to give a broader view of the factors militating against the concepts of profitability.

 

TABLE OF CONTENTS

CHAPTER ONE

INTRODUCTION                                                                                         10

• Background of study 12
• Statement of study 14
• Purpose of study 14
• Scope and limitation of study 15
• Definition of terms 16

 

 

 

CHAPTER TWO

DEFINITIONS/FUNCTIONS                                                                      18

• Cost 19
• Material costing 19
• Labour costing 20
• Factory overhead 20
• Costing method 21

 

CHAPTER THREE

SUMMARY OF FINDINGS/CONCLUSION AND

RECOMMENDATION                                                                                 30

3.1     Finding                                                                                                  30

3.2     Conclusion/Recommendation                                                                36

Bibliography                                                                                          44

Appendix.

 

CHAPTER ONE

INTRODUCTION

The concept of profitability can be defined as that concept which provides management with alte4rnative course of action according to the various degrees of profitability stating dearly in relevant cost accounting forms, the costs and benefits associated with individual project which enable management for select the most profitable.

It is obvious that majority of the policy decisions of manufacting industries are generally directed towards profitability. The policy decision made under this concept has direct impacts on increasing and enhancing the general profitability of the  manifesting industries concerned.

The origin of this concept can be traced back to era of industrial revolution most business grew from the usual family arrangement to large groups. Resources were pulled together and  handed out to other people to manage for the real owners.

Naturally, resources owners must expect a profitable return from their investments. The urgent obligation forced  management to seek ways of carrying the activities so as to make profitable reforms to the resource owners.  The growth and completing in the individual sectors gave rise to the needs for policy statement or decision on certain issues. Materials must have to be bought in enough quantity to avoid stock out and at the same turn check over stocking.

Labour which is one of the factors of production, must be allowed to operate in a conducive environment so as to reap the benefit of hiring labour. Prior to communication general ecological consideration must reviewed. There after site is augured structures erected, machine and equipment installed.

One take of the manifesting industry must more the champing technology, meet its social responsibilities, operates under government regulations, pay tax as of and when due, meet the expectations of the shareholders. Moreover, high administrative cost of champing technology, herce competitions, cost of government restichons, poor capital base and the needs for maximization of shareholdes wealth must be highlighted and adjusted in such a way that the total cost of manufacturing a product will not only be less than sales revenues but also gives a good profit margin.

 

 

1.1     BACKGROUND OF THE STUDY

The nature of this research work required theoretical approach and analysis which will cover the three dimension focus of the research.

 

The research focused on three major areas:-

1. The endogenous factors affecting the concept of profitability as a guide to policy decisions.
2. The exogenous factors affecting the concept and

iii. The political factors.

The study of these factors will help the researcher to determine the effects of these factors on the profit position and make subsegment recommendation. The frame work for analyzing the factors affecting the concept of profitability were:

 

1.11   EXOGENOUS FACTORS

1. Theory of location of industry which states that nearness to raw materials, availability of labour affects the profitability of manufacturing industries e.g the location of extractive industries depends on where the raw materials are to be
2. Theory of nearness to market: Heavy goods are expansive to transfer or transport.  Because of this, the theory therefore states that such goods be produced new the market.

• Other general economic factors: There must be a ready transport facility for movement of both raw materials and finished goods.

1. Location of other industries: industries are set up near others in order to take advantage of external economics, an industry enjoyed being close to other industries in the same business or trade.

 

1.12   ENDOGENOUS FACTORS

There emphasis on the theory of operations management which is of the view that workers have the same objectives with that of management and work towards common ends of management which assumes a responsible attitude towards organizational decision making proce