CHAPTER ONE

Introduction

Nigeria Commence and Industry are passing through a period of economic recession, they are struggling to maintain satisfactory earnings in a situation where cost are raising and some industrialist complained that price increase are becoming more and more difficult to obtain even at less proportionate degree with cost.Foreign and domestic competition as well government effort to prevent further inflation put serious resistance and additional increase. In addition to those are government (both at the state and federal levels) stabilization measure aim at re-strutting and improving the economy and their attendant effect.Some of those measures like the second tier foreign exchange market (S.F.E.M) having had the effect of not only causing the increase price as a result of increased cost of inputs they have ever gone further to multiply in built imported inflation by the incremental exchange rate of the naira against the convertible currency that are used in those importation market.To maintain earnings or increase earning in the face of those conditions, many companies are taking strong steps to control cost if not reduce cost and eliminating waste and increase productivity. Automation and improvement in technologies are helping to control and reduce cost but are often insufficient.The top managements of many companies a consequence are putting pressure on their organization at every point to reorganize the role of cost accounting jobs are being timed and standards set in manufacturing department where timing and standard did not exist previously. These procedures are also being made more detailed. They are tighter, religiously adhered to and are not controlled more vigorously.Economies are sought all through the organization in this wise, the manufacturing companies are not left out. In order to endure their survival and also to create more positive impacts on the economic growth many method of cost control are being utilized. The purpose of this research work therefore, is to examine critically the various roles/significant of cost account information in the manufacturing industry in Nigeria, it study of Guinness Nigeria plc. Benin City.

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