COST ACCOUNTING AND CONTROL IN THE AGRICULTURAL SECTOR PROBLEMS AND SOLUTIONS. (A CASE STUDY OF LIVESTOCK FEEDS NIGERIA PLC)

ABSTRACT

This research work was necessitated by the need to highlight, the cost accounting and control problems inherent in the agricultural sector and Nigeria economy with particular reference is the production and animal fees and concentrates.  This is with view of efficiency and the achievement of organization goals.

The stuffy was done to ascertain whether enough cost accounting information is being generated for managerial purposes by Livestock Feed Plc.  To identify the cost accounting techniques adopted by the company, investigate whether line management are deeply involved in setting standards frequently reviewed to meet the requirement of current situations.  On the basis of the above, related literature was viewed to ascertain other writers view concerning cost accounting and control as it related to production of goods.

Against this background, invaluable and reliable discoveries were made.  It was found out that the cost accounting techniques of standard costing is adopted by the company and there is absence of attainable standards line managers and specialists (such as accountants, engineers etc) are not deeply involved in setting standard cost of production.

Also, standards are not reviewed in semi-annually to accommodate current circumstances just as favourable variances is not indicated.