IMPACT OF ACCOUNTING INFORMATION SYSTEM IN A MANUFACTURING COMPANY

IMPACT OF ACCOUNTING INFORMATION SYSTEM IN A MANUFACTURING COMPANY

(A CASE STUDY OF ANAMMCO LTD)

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ABSTRACT

 

Accounting generally involves the process of identifying, measuring and communicating economic information to permit informed judgment and decisions by users of the information, in order words, accounting is concerned with providing information, which will help decision makers to make good decision.  To enhance credibility and reliability of the information for decision making process established concepts, principle, standards and legal requirement are study followed in order to translate physical fact into money values and ensures that all types of report are integrated and prepared on consistent basis.

The information provided by financial statements, cash flow analysis, variance analysis, managerial costing goes along way in planning, organizing decision making and control.

 

LIST OF TABLES

Tables in chapter four are presented in tabular form and explained

S/No Table Title Page
1. 4.1 Distribution of education qualification 31
2. 4.2 Accounting information system in relevant to manufacturing company like ANAMMACO 32
3. 4.3 Accounting information system is relevant for decision making to management, investors and various stakeholders. 33
4. 4.4 Management staff of a manufacturing company have need for accounting information system 33
5. 4.5 Distribution that not all departments in a manufacturing company have need for accounting information system 34
6. 4.6 Distribution on the need for accounting statements preparation in organizations. 35
7. 4.7 Distribution on adoption of accounting information system by the manufacturing company has a positive impact in the growth of the company 35
8. 4.8 Distribution on accounting information system helps in the proper allocation of resources such as material, funds, man power and machinery 36
9. 4.9 Distribution on whether accounting information ensures that there is utilizaton of resources, accountability for actions on manager, adequate guide to investor 37
10. 4.10 Distribution on whether accounting information in your organisation fulfill the basic role of ensuring proper allocation of resources, cost minimization and production efficiency 38

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                                  1

  • Background of the study 1
  • Statement of problem 4
  • Objectives of the study 4
  • Scope of the study 5
  • Research questions 5
  • Significance of the study 6

CHAPTER TWO

Review of Related Literature                                                         8

  • Concept of accounting information 8
  • Nature and objective of accounting 10
  • The value of information 11
  • Characteristics of accounting information 12
  • Uses of accounting information 13
  • Kinds of accounting information 16
  • Summary of related literature review 27

CHAPTER THREE

Methodology                                                                                          28

  • Research design 28
  • Area of the study 28
  • Population of the study 28
  • Sample and sampling procedure 29
  • Instrument for data collection 30
  • Questionnaire administration and retrieval 30
  • Method of data analysis 30

CHAPTER FOUR

Presentation, analysis and interpretation of data                                        32

  • Preamble 32

CHAPTER FIVE

Summary, Findings, Recommendation and Conclusion                             42

  • Summary of findings 42
  • Discussion of findings 42
  • Conclusion 44
  • Implication of the study 45
  • Recommendations 45
  • Suggestions for further study 46
  • Limitation of the study 47

Reference                                                                           48

Appendix                                                                            50

 

CHAPTER ONE

 

INTRODUCTION

 

1.1     BACKGROUND OF THE STUDY

Nigeria like every other nation in the world at independence has strived and has continued to find away of feeding ourselves.  Of course, were almost self-sufficient and hope for better tomorrow, but his hope seem to be drawing into deep ocean.  The simple belief and consensus is that it ahs been badly for Nigeria.

Due to the adverse economic conditions prevailing in the country, many business outfits have closed down and even financial institutions are being declared distressed at alarming rate.  Business that are yet to be submerged or that want to stay a float employ all kinds of strategies.  Some increases prices, adopt promotional tools, engage in aggressive marketing etc whereas others go for an odd combination of activities and even subterranean ones to survive.

Any business or individual that wants to survive must make the right decision.  This is determined by the accounting information system of such business or firm.  The era of mile of thumb is gone; employing it is a sure way to failure.

The Anambra Motor Manufacturing Company have from on set strive to continue finding away of feeding itself, this could be seen in the historical background of ANAMMCO.

Anambra Motor Manufacturing Company was incorporated on January 17 1977.  The foundation stone was laid on the 12th May, 1978.  The official commissioning of the plant was in July 8th 1980.  Their production range include; MBO 131; MBO 809, MBO 371; LK 3224; MB Refrigeration Truck; MB MCV – 200 (28 Seat bus); MB 1834; MB 2638; MB 1820; 6 x 2 Crane Truck; MB L 608D; L/LK 1414, 1991; MB L 911;  1960; MB 312, 1952; Road Haulage; MBO 1721; MBL 800; MBO 800; MB 2031 S; MBO 1418; MBO 400; MBL 1418 (Water tanker); Actros 1953; LS 2638 6x 4 (Wheel drive); MBO Transit liner; MBO 400 RSD; MB 2031S 36 Actros; MBL 711; Hyundai country, MB Fire Tender; MBO 400 RSD; MBO 1520; MBO 1271.

Also, including in their production range are five fighter vehicle (FFV), Ambulance, mobile clinics vehicle, refuse disposal vehicles and vehicle refurbishment.

This company also have training facilities / opportunities for their staff and distributors, dealers and fleet owners.

Anambra Motor Manufacturing company (ANAMMCO) was established under the regime of the them military head of state, General Olusegun Obasanjo.

It is a limited company which is a partnership between the federal government of Nigeria and German Benz of Germany with 40% shareholding by the foreign Mercedes Benz of Germany, 35% shareholding by the federal government of Nigeria and the balance of 25% owned by the state government among which Enugu state is one and other individual Nigerians

In its first year, the company produced about 4,352 units of various truck models.

This achievement was 58% of its installed annual capacity, which was 7,500 vehicles within the first five years, the plant had produced what had put on additional 14,609 Mercedes Benz vehicles into the Nigerian market.

They also manufactured heavy duty trucks such as LS 1924, Ls 3224, models and light duty Buses such as 911, L1414, MBO 1414 (Federal Mass transit) MBO 809 formerly MBO 608 etc which has greatly enhanced the mass transit policy of the federal, state and local government.

They have grown from manufacturing company to a maintenance and repair (Services) company.  They company operates line function with the Board of Directors assisted by the Deputy Managing Director.  The managing director reports to the board.  There are four divisions (financial, personnel, technical and marketing) headed by a general manager who reports to the managing director

The divisions are further divided into departments headed by functional heads like financial/accounting manager.  Departments are further broken down to groups, groups to sections and sections to operations.

 

1.2     STATEMENT OF PROBLEM

The price of any conceivable item from garri and bread to radio and book not to mention petroleum products has been soaring in geometric proportions over the years.  The economy is truly in dire starts.  These compounds and implicates intricately the problems of organization vis-à-vis effective planning and decision making processes.  Other factors such as stagflation, taxation, economic an

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