IMPACT OF STANDARD COSTING ON PROFITABILITY AND MANAGERIAL EFFECTIVENESS OF A MANUFACTURING INDUSTRY

This research work will treat in detail the impact of standard costing on profitability and managerial effectiveness of a manufacturing industry. It will also take into account what standard cost does and the check it provides or control such that exceptional profit oriented goal performance can be achieved and on the reverse, adequate punishment to be exercised for bad performance. Chapter one of this work is going to discuss the brief history of the case under study, statement of the problem, purpose of study, significance of the problem, scope of the study, limitations of the study, assumption of the study. In Chapter two, the researcher will deliberate on the standard costing and overview, characteristics of standard costing, advantages and disadvantages of standard costing, essential features of standard costing, standard cost card, types of standard costing, setting standard, revision of standard etc and the areas standard costing helps in improving management efficiency. Chapter three will consider design and methodology, selection of data and analysis, presentation and data analysis, a test of hypothesis and interpretation of the result. Finally, chapter five will contain a summary of findings, the conclusion from the study, recommendations, and suggestions for further research.