An appraisal of the adoption of cost management techniques in selected Nigerian manufacturing companies
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Date
2013
Journal Title
Journal ISSN
Volume Title
Publisher
Department of Accounting, Kaduna State University, Kaduna State, Nigeria
Abstract
The business world and the operating environment of firms are becoming fiercer and more challenging by the day. As a result, firms are force to engage in price war in the process of competing with one another and meet up with constant changes in the environment. In order to survive in anenvironment characterised by constant change, there is the need for effective cost management. Thisstudy therefore examines the factors influencing the adoption of contemporary strategic managementtools. In order to achieve this, a cross sectional sample survey research design was adopted. Astratified sampling technique was used and the total of one hundred and fifty (150) copies ofquestionnaire was administered. Descriptive statistics and regression analysis were used for dataanalysis. The study concludes that the adoption of contemporary cost management techniques isinfluenced by globalisation, level of product innovation, the need for competitive pricing, failure oftraditional costing system and the pressure of competition. It therefore recommended that since thetraditional costing system cannot adequately cope with the ever changing business environment, thecontemporary cost management techniques should be adopted by firms.
Description
Keywords
Competition, Costing techniques, Globalisation, Management accounting
Citation
Fagbemi, T.O., Abogun, S. & Uadiale, O.M. (2013): An Appraisal of the Adoption of Cost Management Techniques in Selected Nigerian Manufacturing Companies. KASU Journal of Accounting and Practice, 2(2); 1 – 14. Published by Department of Accounting, Kaduna State University, Kaduna.