THE IMPORTANCE OF COST VOLUME PROFIT ANALYSIS IN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIA BOTTLING COMPANY)
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THE IMPORTANCE OF COST VOLUME PROFIT ANALYSIS IN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIA BOTTLING COMPANY)
THE IMPORTANCE OF COST VOLUME PROFIT ANALYSIS IN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIA BOTTLING COMPANY) CHAPTER ONE
1.1 INTRODUCTIONS
Cost volume profit analysis is a systematic method of
examining the relationship between changes in volume (i.e.) output and changes
in total saves, revenue expense and net profit. As a model of these
relationships cost volume profit analysis simplifies the real word condition
that a firm will face like model which are abstraction from reality. Cost
volume profit analysis is subjected to a number of underlying assumption and
limitation.
Profit is the important measure of a firm performance in the
free market economy: profit is a guide for allocating resource affectively on
analysis of the effect of various factors on profit is an essential step in
financial planning and decision. Making. The analytical techniques used to
study the behaviours of profit in respond to the changes in volume, and prices
are called cost volume profit analysis (CVP). However. It should be noted that
formal profit planning and control also involves the use of budgets and other
forecast. As a starting point in profit planning, cost volume profit analysis
helps to determining the minimum sale volume to avoid losses and the sales
volume at which the profit goal of the firm will be achieve.
Therefore, the survive in today business world as started by
outer and brown (1984)”concealed in efficiency have to be tracked down,
standard set.
Forecast made and rigorous control must be started to ensure
even modest margin of profit. The efficiency and effective management the
variances of cost.
Price, output (volume) and ultimately profit will play major
determination roles in the growth and survival of an organization. The
break-even point is that point of activity (saves volume) where total revenues
and total expenses are equal. It is neither profit nor less point. The
break-even point can only be archive where there is decision involves price,
volume and cost that can be split in to two classifications. Cost volume
analysis is the analysis techniques used to study the behavior of profit in
response to the analysis techniques used to study the behavior of profit in
response to the change in volume, cost and price, it is a device used to
determine the usefulness of the profit planning of the firm in the short term.
Cost volume profit analysis sometimes termed break-even
analysis is an application of marginal costing and seeks to study the
relationship between cost volume and profit at different activity levels and
can be useful guides for short term planning and decision making. It is more
relevant where the proposed changes in activity are relatively small so that
established cost patterns and relationships are likely to hold good, will
greater changes in activity and over the long term existing cost structure of
the amount of fixed cost and marginal. Cost per unit are likely to change so
cost volume profit analysis is unlikely to produce useful guidance
1.2 STATEMENT OF
RESEARCH PROBLEM
The focus of the
research is to identify the importance of cost volume profit analysis in
manufacturing company with emphasis on Nigerian bottling company Ilorin plant.
Hence in the course of the study effort has been made to find solutions to the
following research problem.
For budget planning – it is used to determine the volume of
sales required to make profit
A target profit levels and to determine the margin of safety
Determining product pricing and sales volume decisions
For determining optimum production and sales mix
To determining the importance of capacity utilization on
cost.
1.3 OBJECTIVE OF THE STUDY
The study has examined the importance of cost volume profit
analysis in manufacturing industry in Nigeria. Due to the role of cost volume
profit analysis which play in the effectiveness and efficiency management of a
business enterprise. The aims and objective of the study are:
To examine the introduction of cost volume profit analysis
in Nigeria
To highlight the reason for the introduction of cost volume
profit analysis in Nigeria.
To critically examine the likely problems for cost volume
profit analysis in Nigeria.
Limitation did not hinder effective completion and quality
of the research work.
1.4 STATEMENT OF
HYPOTHESIS
The general
hypothesis that was tested in the course of the research is as follow:
Ho: the importance of cost volume profit analysis does not
improve manufacturing industry service delivery.
THE IMPORTANCE OF COST VOLUME PROFIT ANALYSIS IN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIA BOTTLING COMPANY)
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Price, output (volume) and ultimately profit will play major determination roles in the growth and survival of an organization. The break-even point is that point of activity (saves volume) where total revenues and total expenses are equal. It is neither profit nor less point. The break-even point can only be archive where there is decision involves price, volume and cost that can be split in to two classifications. Cost volume analysis is the analysis techniques used to study the behavior of profit in response to the analysis techniques used to study the behavior of profit in response to the change in volume, cost and price, it is a device used to determine the usefulness of the profit planning of the firm in the short term.
Cost volume profit analysis sometimes termed break-even analysis is an application of marginal costing and seeks to study the relationship between cost volume and profit at different activity levels and can be useful guides for short term planning and decision making. It is more relevant where the proposed changes in activity are relatively small so that established cost patterns and relationships are likely to hold good, will greater changes in activity and over the long term existing cost structure of the amount of fixed cost and marginal. Cost per unit are likely to change so cost volume profit analysis is unlikely to produce useful guidance.. accounting project topics
THE IMPORTANCE OF COST VOLUME PROFIT ANALYSIS IN MANUFACTURING INDUSTRY (A CASE STUDY OF NIGERIA BOTTLING COMPANY)