INVENTORY CONTROL PROCEDURES IN MANUFACTURING ORGANIZATIONS

 

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CHAPTER ONE

1.0            Introduction                                                                   1

1.1     Background to the study                                                         2

1.2            Statement of problems                                                   3

1.3            Objective of the study                                                    3

1.4            Scope of the study                                                                   4

1.5            Research questions                                                                  4

1.6            Significance of the study                                                5

1.7     Brief history of Emenite                                                5

CHAPTER TWO

2.0     Literature review                                                            10

2.1            The concept of inventory control                                   10

2.2            Inventory control procedures                                        13

2.3            Finished goods inventory                                              16

2.4            Problems of inventory control                                                 18

2.5            Inventory control decisions                                           19

2.6            Stock control models                                                     22

2.7            Inventory valuation                                                       26

2.8            Inventory records                                                                    30

2.9             Summary of Related Reviewed Literature                              35

 

CHAPTER THREE

3.0    Methodology                                                                 37

3.1            Research design                                                             37

3.2            Area for the study                                                                   37

3.3            Population for the study                                                         38

3.4            Sample and sampling procedure                                    38

3.5            Instrument for data collection                                                 42

3.6            Validation of instrument                                                         42

3.7            Reliability of the instrument                                          42

3.8            Method of data collection                                              43

3.9            Method of data analysis                                                          43

 

CHAPTER FOUR

4.0            Data presentation and analysis of data                                   44

Summary of findings                                                     55

 

CHAPTER FIVE

5.1            Discussion of results                                                      57

5.2            Conclusion                                                                     58

5.3            Implications of the research results                               58

5.4            Recommendation                                                           59

5.5            Suggestion for further studies                                                 60

5.6            Limitations of the study                                                          60

References                                                                      62

Appendix                                                                       63

 

 

ABSTRACT

This is a research project on inventory control procedures using Emenite Limited as a case study of manufacturing company.

This study is necessitated by the fact that many manufacturing firms can no longer meet up to installed capacity due to poor management of inventories. This has led to closing down of various companies or retrenchment of workers due to lean pockets. Therefore in this project, I am at critically examining the inventory control procedures of Emenite limited with the view that some other manufacturing companies in Enugu will learn from its success.

To solve the problem, both primary and secondary data were collected by using questionnaires, oral interviews of staff and personal observations. And in organizing the data, taxes and percentages were used.

The interpretation of the findings provide that Emenite Limited is a successful manufacturing company whose firm inventory control policies vitally ensures its success, and that other manufacturing companies can successes by following in the footsteps of Emenite Ltd.

 

 

CHAPTER ONE

 

INTRODUCTION

Inventory could be defined as the stock of materials kept in anticipation of future demand or use. The term was originally an American term for depicting the value or quality of materials that are kept or stored for use as the need arises. It is applied to a detailed list of goods or articles in a given place or a stock – taking.

Furthermore, there are about five classifications of inventory; namely;

–         Raw materials

–         Components and sub-assembles

–         In process materials or work in progress

–         Finished goods

–         Consumables.

Having said these, it is the process of controlling these inventories or materials that I am going to research about in this project, using Emenite Ltd as a case study.

 

1.1     BACKGROUND TO THE STUDY

          Having pointed out in the introduction that inventory includes Raw materials, finished goods, components and sub-assemblies, work-in-progress, consumables etc, it means that a very substantial amount of a company’s working capital is always tied up in it’s inventories, it implies that the company should be able to control it’s inventory effectively and this brings us to the definition of inventory control.

Inventory control is the activities, techniques and methods of maintaining an accurate stock of items or inventories at a desired level. This is because a company’s inventory can either be an asset or a liability to her, depending on the quantity available at the moment.

Too much inventories consumes physical space, increase the possibility of damages, spoilage or loss. While on the other hand, too little inventory disrupts manufacturing operations, engenders chaos on the shop floor and increases the likelihood of poor customer service.

Too much or too little inventory is an evidence of poor forecasting inadequate attention to processes and procedures and haphazard scheduling. Therefore if a manufacturing company must survive, strategies for minimizing avoidable waste, shortages and excesses must be developed so as to compete effectively with other firms. And all these can only be achieved through effective inventory control.

 

1.2     STATEMENT OF PROBLEM

          Since inventories are the wheels on which manufacturing activities run on, the progress of a manufacturing concern or it’s down fall depends on how firm their grip on inventories are. I have therefore set out by this project to:            

1. Consider and analyze the various systems of inventory control and the problems for maintaining them.
2. Know the standard system for controlling inventory
3. Find out the imitations against the effective implementation of inventory control procedures.

 

1.3            OBJECTIVE OF THE STUDY

a)                 Demonstrate the methodology of Emenite Ltd inventory control procedure.

b)                Present the various ways of achieving organizational goals through proper raw material handling.

 

1.4            SCOPE OR DELIMITATION OF STUDY

While conducting research for this project, there are some problems which were encountered and which affected (indirectly) the project. They include:

1)      For lack of time could not question all the staff of Emenite Ltd, hence I applied the sampling method.

2)      The study was limited to Emenite alone, since I could not reach other manufacturing companies. Hence the project only speaks about Emenite.

3)     There was not much money with which to run around for the project.

 

1.5            RESEARCH QUESTIONS

The information’s contained in this project were collected based on the presumption of the following hypothesis:

a)                 That the success of manufacturing concerns depends on their material management.

b)                That Emenite ltd has a very good inventory control procedure, hence their success in manufacturing.

c)                 Many other manufacturing companies can make good progress if they follow a suitable material control process.

1.6    SIGNIFICANCE OF STUDY  

This study is very important because:

1)      It will bring to the knowledge of manufacturing companies, that proper inventory control is the basis for organization progress in manufacturing.

2)      Up coming manufactures will be able to learn from an existing company how to handle their inventory so as to make profit from it.

 

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CHAPTER ONE

INTRODUCTION

“There have been some academic assertions to the effect that accountants and managers who are employed in the industry do not use most of the mathematical decision making tools, cost-volume-profit analysis inclusive”.

 

1.1     BACKGROUND OF STUDY

“Some industries today are encountering problems raised by expansion through increased sales and the introduction of new products. Many on the other hand are facing problem of contraction due to the introduction of substitute materials, products. Whenever is the case, it is vitally important that management should be in a clear position to plan for these changing levels of activity”.

Apart from the problem of contraction and expansion, during the period of economic depression a business 0may be faced with the alternative or closing down or selling its products at a price below the total cost. Also profit   planning and control is made more difficult by the changes in the general pattern of demand 0for the types of products offered and the action of competitors.

In order to solve the problem created by the above situation profit planning, cost and decision making require an understanding of the characteristics of costs and their behaviour at different operating levels. One of the most important tools develop by accountants to assist management in meeting the challenges is the cost volume-profit-analysis (C.V.P) otherwise known as the behaviour analysis.

Cost-volume-profit analysis is a management tool that could be used in making vital decision when a firm is faced with problems having cost, volume profit implications. Problems within this area do abound 0and occur frequently that appropriate decision on them are near daily requirements. Some of them are profit planning, product planning, product pricing, selection of promotion mix, selection of distribution channels make-or-buy decision and 0add-or-drop decisions.

According to J.M Pandey “the analytical technique used to study the behaviour of profit in response to changes in volume, costs and price is called the cost-volume-profit analysis it is the device used to determine the usefulness of the profit planning process of a firm.

 

1.2     STATEMENT OF PROBLEM

High aggregate import ratio of raw materials, machines and expertise used by manufacturing firms and coupled with the ever declining value of the naira resulted in cost problem with rising cost. Consequent increase in the 0cost of foreign exchange is that some manufacturing firms that could not cope with the situation were pulsed out of business cycle. While those that survived could not meet up their former capacity utilization level resulting again in volume problems because of rising cost of production and the low capacity utilization which means low volume of output, the manufacturing firms in their attempt to make up fix prices that are exorbitiveness and excess stock, which has the overall effect of reducing profit hence profit problem.

Management is faced with the problem on how to make use of he available scarce resources in order to achieve the objective of profit maximization. In this study, answers should be provided to the following questions.

• Is cost-volume –profit analysis extensively applied in firms.

Has the application of cost-volume-profit analysis

RELEVANCE OF ACCOUNTING SYSTEM ON THE PERFORMANCE OF MANUFACTURING COMPANY

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ABSTRACT

The relevance of effective accounting system on the performance of a manufacturing company was intended to investigate the effect of mediocre and lack of comprehensive accounting system, financial accounting system and management accounting system.

The research work also received work done by others in respect to his subject matter by using text books, questionnaires, professional journals and conference papers by prudent scholars.

The statistical research study also revealed that the application of the relevant accounting system in a manufacturing company couldn’t be over emphasized or compromised.

The cost accounting system of manufacturing firms clearly showed the cost of raw material consumed, the prime cost of production and their profit.

It was the recommendation of the researcher that the three accounting system can be used in any manufacturing company, but may not be used in a service oriented industries, except where they are considered essential and indispensable, otherwise, the system are very expensive to maintain.

CHAPTER ONE

1.0 Introduction                                                                                     1

• Background of the study 1
• Statement of the study 2
• Objective of the study 3
• Significance of the study 3
• Scope and limitation of the study 4

CHAPTER TWO

2.0 Review of related literature                                                              6

2.1 Concept of accounting                                                                     6

2.2 Evolution of the accounting system                                                 8

2.3 Accounting as a system                                                                   9

2.4 Sound accounting system              `                                                 12

2.5 Purpose of accounting system                                                         17

2.6 Accounting information system                                                       23

2.7 Relevance of an Adequate/sound accounting system                       25

CHAPTER THREE

3.0 Finding, Conclusion, Summary, Recommendation                          26

3.1 Finding                                                                                            26

3.2 Conclusion                                                                                      27

3.3 Summary                                                                                         28

3.4 Recommendation                                                                             29

Bibliography                                                                                32

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

In any organization, manufacturing or non-manufacturing that knows its functions requires an effective accounting system for it continues in existence. In the past, use have heard of how firms up due to one reason or the other. When properly investigated as to what constitute their folding up, one may not be surprised that it was due to negligence in operating on effective accounting system. Even the greatest book on earth “The Holy Bible” makes it own judgment on this, in Mathew 25:14-30. Which in this illustration, we heard of a master who, while away, entrusted various sum of money to his three servants, on return, he called them to “account” for the property entrusted to them, out of the three servants, one could not give a god account of the property entrusted to him, hence he was unsuccessful (and fold up).

Each of the manufacturing company needs an effective accounting system to determine its profitability position by at least break even. The shareholder is “interested in seeing his invested fund yielding profits, thereby increasing their shareholdings. The creditor wants to be sure that his fund is adequately guaranteed; However, penitent to highlight out this juncture that accounting system is a means of obtaining all relevant information, which is needed by management in decision making.

 

1.2     STATEMENT OF THE PROBLEM

When considering the problem that relates to an unsound accounting system, what easily comes to mind is the possibility of frauds, either by senior managers or other staff, to occur. Such fraudulent practices may include with holding of cash receipts, misuse of funds, falsification of documents of higher levels, purchasing Keck balks, padding of payrolls, diversion of securities, removal of materials or products of staff etc. Another problem is allowing the accounting function in the authority of incompetent personnel who has shallowed or no knowledge of accounting.

However, where there is negligence in keeping an effective accounting system, the management will definitely find it practically

THE ROLE OF STOCK BROKERS IN THE ECONOMIC DEVELOPMENT OF NIGERIA

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Foreign Transaction For Dollars Payment :
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 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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CHAPTER ONE

1.0     INTRODUCTION

In any economy there is a financial system  that is responsible for regulating  the financial environment of the society determining the types  and use of funds to be issued, source of funds to be put. The financial system is really made  up of two major markets, namely money and capital stock market. The many market is the market for short term funds and securities including treasury bills, treasury certificate negligence of deposits, commercial paper and other funds of   which are less than a year duration.

 

Thus the  aim of the regulating bodies composed of Nigerian stock  exchange commission (SEC) is to promote development of  orderly capital  market to have authority over its members (stock broking firms) to whom it set  rules of ethics are made to guide their  professional behaviour in the course of carrying  out its functions and create awareness of the general public. Stocks exist to enable companies in need of long term financing to sell pieces of the business stock equity securities in exchange for cash. This is the principal method of raising business capital other than  issuing bonds. When the stocks of these corporations, which all which corporations  must issue, are owned by the public at large, including both private investors and institutions, they are said to be publicly held. These publicly held shares can be easily traded (sold) to other investors in the stock market and are  thus  said to be liquid,  or  readily conversed to cash. Stock breakage firms usually, serve as intermediaries in the transactions, buying the new securities at wholesale prices from the issuer and then reselling them to  the investing public at retail prices

 

1.1     HISTORICAL DEVELOPMENT OF CASE STUDY   IN NIGERIA STOCK EXCHANGE

The dealing members of the Nigeria stock exchange are institutions who are licensed  by the exchange as stockbrokers to buy and  sell securities quoted on the  exchange on behalf of the investing public.

 

In 1960, Nigeria stock Exchange was established with branch  in Kaduna in 1978. Prior to the establishment of the Nigeria stock exchange the were not equipped enough with the information of stock broking and its importance to an individual, groups, organizations and global economic development.

In essence the awareness  was low but from 1936 to date a considerable number of stock broking firms sprang up in Nigeria and in  Kaduna particularly the first stock broking  firm served as an eye opener to investors and the potential ones, with a highly experienced board and a crop of seasoned and   dedicated  professionals positioned to tackle the challenges of this new millennium. The branch is situated  in Kaduna to exploit the immense untapped natural resources and economic potentials of the country in general.

There are today 226 dealing  members of the Nigeria stock exchange. Many of them are affiliates of bank and other reportable financials institutions. Dealing members of   Nigeria stock exchange  can now accommodate foreign shareholders in their equity capital or go into any form of partnership with foreign stock brokerage firms.

Application from foreign stock brokers as members of the   nigeran stock exchange can  now be  enter anted within the  rules and regulations of the inorganic stock exhcnage, as well as  registration with securities and exchange  commission and corporate afiars commission following the abrogation of the exchange control Act 1962 and Nigeria promotion Decree of  1982 as stated in the Nigerian stock exchange fact exchange book 2004 page 334.

Finally, the  existence of stock  broking firms as  members of  Nigeria stock exchange  has  helped to create a  wealthy tomorrow for clients and increase  the wealth of shareholders and job creation for the  unemployed.

 

1.2     STATEMENT OF PROBLEM.

Capital market are generally expected to produce the institutional arrangement through which funds from the surplus sector of the economy. The allocation of funds are mainly for industrial, commercial and agricultural development. The capital market growth  rate is very slow and not developing to meet the international standard. There is lack of awareness on the  part of the public and potential  investors.

Poor management for the operation and affairs of a business is one the major factors  leading to incompetence, inefficiency and dishonesty in managing organization in Nigeria and in the global which has not  been in the best interest  of the shareholders  and the general public. However, the

(A CASE STUDY OF FEDERAL RADIO CORPORATION NIGERIA  (FRCN) KADUNA.

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Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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ABSTRACT

The objective of this study is to effectiveness of public corporation and identifies its problems to over view of the historical background and organization chart of the case study. Review of the related literature research methodology is discussed. The chapters of this project are written in a simple form and language that will make it easy for a lay man to understand. It is hoped that this project will open the eyes of many public corporations for efficient management of resources available and will enhance development through adherence to the recommendation and suggestion offered in this work.

 

CHAPTER ONE

INTRODUCTION

1.0     Introduction                                                                              1

1.1     Historical background                                                             3

1.2     Statement of problems                                                             7

1.3     Statement of hypothesis                                                           9

1.4     Aims and Objectives of study                                                 9

1.5     Significance of the study                                                          10

1.6     Scope of the study                                                                    11

1.7     Limitation of the study                                                                      12

1.8     Definition of terms                                                                   13

CHAPTER TWO

LITERARUTE REVIEW

2.0     Introduction                                                                              14

2.1     Review of related literature                                                     14

2.2     SSAP and Expenditure drafts                                                  20

2.3     Designing of accounting system                                             21

2.4     Behavioral aspect of control account                                      23

2.5     Definition and scope of Internal control receipt

and payment of cash                                                                25

2.6     Summary                                                                                   30

CHAPTER THREE

RESEARCH METHODOLOGY

3.0     Introduction                                                                              32

3.1     Population of the study                                                           32

3.2     Sample of the study and sample size                                     32

3.3     Method of data collections                                                      33

3.4     Statistical techniques used for analysis                                  34

3.5     Statement of hypothesis                                                           35

3.6     Justification for the choice of the methodology                    35

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.0     Introduction                                                                              37

4.1     Data presentation and analysis                                               38

4.2     Hypothesis testing                                                                    39

4.3     Discussion of findings                                                              40

 

CHAPTER FIVE

SUMMARY, CONCLUSSION AND RECOMMEDATIONS

5.0     Summary                                                                                   43

5.1     Conclusion                                                                                 45

5.2     Recommendations                                                                    46

Bibliography                                                                              49

Appendix                                                                                   50

 

CHAPTER ONE

1.0     INTRODCUTION

Accounting can be defined as an act recording classifying, summarizing and reporting of business transaction for preparation periodic statement of  performance  and caused to provide information to management for decision making.

It’s an act of controlling a business by keeping records, preparing form those records certain statistics called ‘ accounting ration” and using those rations to detect financial difficulties before they become serious and uncontrolled so that certain measures may be taken.

One of the objectives of a business is to make a profit and  we defined a profit as a function of how the  resources of the  business in terms of manpower, raw material, capital are employed. One of the chief aims of accounting is to reveal whether or not a business is been conducted profitably.

Accounts, collects from those which relates to past performance and termed is historic accounts and prepared for stewardship purposes that is satisfy in the shareholders, government, creditors as well as the public as large, that the business has been conducted honestly and efficiently over the period of which the account is related.

This aspect is called financial accounting.

Management of an organization rely on a sound accounting system to achieve the following:

1. Preserve and control the operation of the organization.
2. To prepare a reliable financial statement.
3. To ensure proper, firmly and desirable allocation of funds to its’ different sections etc.

Allocation of fund to it’s different sections, accounting system enables for orderly preparation and preservation of accounting data and appropriate analysis for the preparation of a reliable financial statement. Any organization without an accounting system is on the verge of collapse. The importance of accounting system cannot be over emphasized.

1.1     HISTORICAL BACKGROUND   

The motive that underlined this project is to probe into modern rules of accounting system of the federal radio cooperation of Nigeria (FRCN) with the aim of finding out whether it is efficient and effective as planned working out the system compared to the size of the organization.

 

Further more, the station has gone through different names before it finally attained it’s present name as the federal radio cooperation of Nigeria Kaduna. It was first known as the broad casting company of Northern Nigeria Limited (BCNN). It was established as a radio and television broadcasting state from which it’s formal name was radio, television Kaduna (RTK) was derived.

 The cooperation has gone through a lot of various government changes since the station was formed, e.g. The nineteen Northern state of Nigeria as a linguist broad casting cooperation in which broadcasting was aimed in languages related to the state that owns it as at that period. Languages like, Hausa, Kanuri, Fulfulde and Nupe as well as English language, it was the same nineteen Northern state that financed the cooperation in a form of subventions as a means of revenue to the station. To keep it in operation and it in operation and it wan done annually.

In the year 1976, the federal military government took over the television aspect of the station, the present Nigerian television authority, as that part of incorporated into it and while northern states continues with the maintenance of the radio cooperation.

In addition, the corporation source  its’ fund from the government under that act that established the existence of the