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The Use of Accounting Information in Decision Making
Project / Seminar MaterialReference ID: PS-11-TM
This research work titled "The Use of Accounting Information in Decision Making (A Case Study of Nigeria National Petroleum Refinery)" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.
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The Use of Accounting Information in Decision Making (A Case Study of Nigeria National Petroleum Refinery)
The accounting information is the bases for financial planning analysis and decision making. They are needed to produce, compare and evaluate the forms of earning ability. It is also required to aid on economic decision making. the accounting information of an enterprises, firms or companies are contained in the financial statement of accounting reports and this comprises of firms balance sheet, profit and loss accounts or income statement of sources and application of fund, statement of value added, notes to the accounts and statement of accounting policy etc.
The information contained in each of the statement and the management in decision making in diverse ways for example; the statement of value added measures, the wealth created by a business entity over a period of time and how it has been shared amongst the interest group.
The profit and loss account measure the share profit which has accrued to the shareholders during a period while the balance sheet indicates the financial condition on the statement of affairs of a business at a business at a particular moment of time or accounting period.
Management is frequently faced with the problems of making alternative decisions faced with fact that resources are relatively scarce and limited compared to human wants. management does not only seek to ascertain cost at various stages in the process of providing a product or services, but also to make proper and accurate decisions at all levels on the modern organization. This process is facilitated by utilization of adequate and accurate accounting information policies.
Chris M. Madu  without doubt decision making is one of the highest forms of human and hence management activity. The development of a business and the activity of its potentials very much depend on the existence of entrepreneurs with the present skills, capital and professional advice. These include accurate accounting information provided by accountants and their planning and other decision process. Despite the provision and utilization of accounting information, managers found it difficult to plan accurately. Consequently, results have on most cases been away from decision barget. This can be attributed to inadequate and inappropriate use of information.
This study will examine the use of accounting information in the form. it will delve into the constraint affecting the use of accounting information by mangers in their decision making process.
Also this study will give a related literature that will discuss the nature and sources of accounting information, its importance and the users of this information.
The major purpose of the use of accounting information is the minimization of risk and uncertainties that is likely to bring about failure on business.
Some likely problem that may be encountered or the use of accounting information includes:
The project is introduced to analyze the causes of failure in the attainment or organizational objectives especially in relation to management decision making and proper solutions that may include:
By seeking ensures to the following research question the purpose of the study will be acquired the following are as follows:
The significant of this project include the following:
Finally, this project, accounting information as an aid to management decision making will enable shareholders to determine the liquidity and profitability.
This study focus on management in ascertaining the accounting and adequate of information used by management to their decision making process using Nigeria Petroleum Refinery as a case study. It involves only the accountants’ and the management. These areas of focus are planning, controlling and coordinating and costing decision.
Irrespective of the fact, that this study was successful, loopholes where also encountered in the production of the study. The loopholes are listed under as follows:
Time Constraint: This study which requires a comprehensive exercise, was done in specification of few months, time limited, there was no enough time for the researcher to locate his wanted accountants for the interview, time was not enough to travel to another area of interest.
Money: This was as constraint of money for typing photocopying and printing. This was also constraint in the fetch of relevant materials which supposed to aid the success of this study like textbooks, journals and other materials. But after all said and down, these limitations did not stop the completion of this study.
Planing: The use of information by accountants in making decisions by which management formulates objectives and choose a pattern of action in order to objectives for the future business of the firm.
Controlling And Co-Ordinating: A process of ensuring that the causes of actions are maintained and that the desired aims are achieved. This is done, through the use of budget and actual data.
Costing Decision: This is the application of accounting and costing principles, method and techniques in the ascertainment of cost analysis of experiences or with standard.
Decision: Alternative lines of actions, wishes are often irrevocable.
Information: A set of processes data available for application and in alternative lines of action.
Finance Ratio: The relationship of one amount used in analyzing financial position of an enterprise.
Directing And Supervising: is the manager’s effort to secure actual performance from subordinates towards common goals and objectives.
Organizing: is the structuring of activities, materials and personnel for accomplishing the assigned tasks to ensure that the plan of operations is properly prepared and executed.
Controlling: This is any process that guides an activity toward some predetermined goal.
Strategic Planing: This is where the top managers the general objective of the business or organization and the best way of reaching them in the light 1 of the resources currently available and those likely to be available on various data in the future.
This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …