Cost Accounting System and Performance of Business Organizations in Uganda; A Case Study of Lyantonde Uganda
Matovu Juma1 and Val Hyginus Udoka Eze2,*
1Department of Business Administration, Kampala International University, Uganda
2Department of Publication and Extension, Kampala International University, Uganda
*Corresponding Author: Val Hyginus Udoka Eze, udoka.eze@kiu.ac.ug, Department Publication and Extension, Kampala International University, Western Campus, Ishaka, Uganda (ORCID: 0000-0002-6764-1721)
ABSTRACT
The study examined the impact of cost accounting systems on business performance in Uganda, with a focus on Lyantonde District. A survey research design was employed, utilizing both qualitative and quantitative methods for data collection and analysis. The study aimed to: identify cost management methods, determine techniques to control costs for improving business performance in small industries, and propose measures for management to enhance business performance in Lyantonde District’s small industries. The findings revealed several cost control methods that can enhance business performance in small industries, including job costing, batch costing, contract costing, process costing, high-low method, marginal costing, historical costing, absorption costing, and uniform costing. Additionally, the study recommended several measures for management to improve business performance, such as understanding business basics before starting, reducing interest rates on loans, providing soft loans to small and medium enterprises, developing a business plan, anticipating future financing needs, requiring government regulation and support for collective bargaining by small businesses, implementing a well-planned marketing strategy, and avoiding borrowing for non-essential expenses.
Keywords: Cost Accounting, Business Organization, SME, Finance, e-Banking, Uganda
CITE AS: Matovu Juma and Val Hyginus Udoka Eze (2024). Cost Accounting System and Performance of Business Organizations in Uganda; A Case Study of Lyantonde Uganda. NEWPORT INTERNATIONAL JOURNAL OF CURRENT ISSUES IN ARTS AND MANAGEMENT,4(3):1-8. https://doi.org/10.59298/NIJCIAM/2024/4.3.18059