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ABSTRACT

Managers make decision in order to choose from alternative courses of action of a dynamic rate. This is done to achieve the set objectives of the firm’s in which they manage. To make these decision, accounting information are used as a necessary guide. Manufacturing firms make use of accounting information, which have been complied form sources documents, records and statements in accounting systems. This information gathered are used to make effective production decisions, which would achieve the objectives of profit maximizations, cost minimization, production efficient proper resources allocation etc.  The study is aimed at discoveries the quantative attributes to accounting information which make it an effective tool In the production decision making and if the information decisions making and if the information decisions making and if the information generated is utilized in an effective manner. Although, it is evident that decisions made in manufacturing firms are determined by accounting information to a varying extent, it is hoped that the recommendation will show the importance of accounting information and that managers who make decisions will  comprehend it as a vital necessity in decision making.

 

TABLE OF CONTENT

CHAPTER ONE

1.0INTRODUCTION                                                                1

1. STATEMENT OF THE PROBLEM          10
2. OBJECTIVES OF THE STUDY                11
3. SIGNIFICANCE OF THE STUDY            12
4. STATEMENT OF HYPOTHESIS             14
5. SCOPE OF THE STUDY                          15
6. DEFINITION OF TERMS                         16

CHAPTER TWO

2.0     REVIEW OF RELATED LITERATURE

1. Overview of Accounting and information            16
2. Types of Accounting information                        17
3. Decision making and Accounting information 43
4. Decision Models and Techniques                         47
5. Types of decision model used in production        49
6. Cost –Benefit Approach                                      60
7. Accounting information and Resources               63
8. Allocation decision                                               65

 

CHAPTER THREE

1. RESEARCH DESIGN AND METHODOLOGY
   1. The population of the study                                 67
   2. Determination of sample size                     68
   3. The research design                                              69
   4. Sources of data                                                    69

• Primary data                                                   69
• Secondary data                                                70
  1. Method of data Analysis                                      70

CHAPTER FOUR

 

1. DATA PRESENTATION AND ANALYSIS
   1. Data presentation and Analysis                 71

CHAPTER FIVE

1. SUMMARY OF FINDINGS CONCLUSIONS AND

RECOMMENDATIONS

1. Findings                                                      91
2. Conclusions                                                96
3. Recommendations                                      96

Bibliography                                                                           100

Appendix: questionnaire                                                        103

 

CHAPTER ONE

INTRODUCTION

Manufacturing firms in the present economy have to content with a lot of economic variables which have been aimed at consolidating the gains of SAP- structural Adjustment Programme since the first SAP introduced by SAP was self reliance, most manufacturing        firms have had to consider the local sourcing of raw materials instead of the dependency on imported materials for their     production processes. Other     factors such as inflation, taxation instability both economic and political competition and market forces have caused a change in the outlook of production. In order to achieve other objectives the manufacturing firms have to make brief decisions, which would be relevant to the restructing of production processes and in profit maximization so as to survive in our ever-changing economy and competitive environment. It is necessary to note that in making the decisions information is very essential especially that of accounting.

Information is the lifeline of any organization it is “the general meaning that is assigned to data by means of the contentions used in their representation” defined by DON T. Coster etal (1978).

Accounting information measures the progress of a commercial enterprises and is used in decision-making for the selection of a single course of action for several dissimilar and unrelated alternatives.

Many production, marketing and government executives and stronger managers when they have solid accounting information backing their decision making they are able to plan and control the operations of their organizations with which they set their objectives.

This study is about the role of accounting information in production decision making it seeks to enquire into hoe financial information can help the production processes of firms through short and long term decision by management.

THE USERS OF ACCOUNTING INFORMATION

Accounting is a language communicate  financial information to people         who have an interest in an organization. The users are of two categories ÄThe internal parties within the organization ÄThe external parties outside the organization

The internal users are made up of the management and employees. The management requires information to assist them in decision-making and control activities. The decision made is as regards operations such as planning, productions, marketing and pricing including other activities.

The role of accounting information is set towards the efficient production of goods and services, which are, used to maximize the benefits of both manufacturers and consumers

The employees require the information on the ability of the firms to meet wage demands, for the assurance of steady employment and the frequency of participations in company bonus, profit sharing taxation and pension plans.

The external users comprises of the shareholders who use the information to access the value of their investment provided the firms is a limited liability company also, the creditors suppliers and providers of loan capital require the information on the firm’s ability to meet financial and debt obligations. The parties mentioned above are those who provide the capital as owners or lenders to the firms.The government is an external user which collects the accounting information in order to know the assessable profits that are to tax and other government agencies as the federal office of statistics for details of sales activity, investment, stocks, dividends paid and figured required for the computation of the Gross Domestic Product (GDP).

Finally, financial analysts use the information (accounting), to know the level of investment they would advise their client investor to put into any company and whether they will yield high profits with less risk. The information will also be used by the Securities and Exchange Commission (SEC) to know if the company will perform or not in the stock Exchange.

In this study, emphasis will be laid on the management’s need for accounting information as it concerns production so as to make effective decisions that will help in achieving the objectives of the firm. The process of using accounting to provide information to users is illustrated below.

 

 

 

First, user groups are identified and their information needs determined. These needs determine which economic data are gathered and processed by the accounting system. The accounting       system generates reports that communicate essential information to users. For example, investor need information on the financial condition and result   for operations of an enterprise to assess the profitability and risk-ness of their investment in the enterprises. The accounting system satisfies these needs by recording essential information and periodically summarizing this information in financial report. Although, information for one category of users     may differ markedly for from that need by other users, accounting can provide each user group with economic information to assist them in making decision regarding future actions source (carrithers, W.M and Weinwarum E.H. Business information and accounting system, USA. 1967)

DECISIONS AND MANAGEMENT

It is necessary to know that many manufacturing firms are striving hard to achieve optimum production and maximize their contribution margin in order t break even and attain some level of profit at low cost.

 

Business decisions are made in order to carry out the above objectives and are done only after all alternative courses of action have been considered but possible courses of action cannot be evaluated properly unless information is available as to the consequences of those choices.

Production management decisions are based on two categories planning and control.

T       Planning and control

Planning defines the goals and objectives of the operation whereby a major portion is financial. It involves forecasting and estimation by means of budgeting and should provide answers to such questions as “what does the firm desire to produce? And when and how are objectives to be accomplished”?

However, controlling is