Munich Personal RePEc Archive

Cost Accounting: A Pivotal Factor of Entrepreneurial Success

Salako, Mudashiru Abiodun and Yusuf, Sulaimon Aremu (2016): Cost Accounting: A Pivotal Factor of Entrepreneurial Success.

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Abstract

This paper presents “Cost Accounting: A Pivotal Factor of Entrepreneurial Success". The aim of the paper was to link and delineate how the cost accounting objectives are instrumental to the entrepreneurs’ expression and entrepreneurial success. A simple qualitative approach is used in its analysis by developing a sound framework. The study concluded that entrepreneurial efforts will be a ruse if the cost accounting, considering its functions and objectives is relegated to the background. The planning, controlling and decision-making roles that cost accounting plays through its functions cannot be negotiated. The study gave a final word as its recommendation that the grades the entrepreneurship students received in cost accounting are not what matters, but the appreciation of the knowledge, skills and application of it in the real world is highly of practical value. Because, the true test of the entrepreneurial potential and ability to succeed as an entrepreneur is in the marketplace where you must be able to put to practice the cost accounting and other relevant skills you have garnered through erudition, but not in the classroom.

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