This chapter presents the summary of the research findings, the conclusion arrived at and the recommendations where the researcher would like to see some concrete outcomes in how the travel agencies manage and implement their cost accounting systems.
This research on the factors affecting the adoption of cost accounting system in selected travel agencies in Hanoi was conducted in Hanoi City by employing co relational research design utilizing some data gathered from 104 respondents consisting of accountants and managers employed in various Hanoi-basedtravel agencies. It provided answers to the following research questions: (1) What is the profile of the respondents in terms of gender, age, position and field of specialization? (2) What is the accountants’
and the managers’ perception of their level of awareness and understanding, ease of use, and usefulness of cost accounting system? (3) What factors are
significantly affecting the attitude of the accountants and the managers of travel agencies in adopting a cost accounting system? (4) Is there any difference in the accountants’ and the managers’ perception of their level of awareness and understanding, ease of use, and usefulness of cost accounting system? (5) Is there any difference between the accountants’ and the managers’ attitude towards adherence to the cost accounting system in the management of costs in travel agencies?
Summary of Findings
The research findings can be summarized as follows:
1. The respondents were generally female while 80% of them were under 40 years old. Sixty four percent (64%) of the respondents were accountants; 36%, managers. Majority have solid background in either business or accounting.
2. The accountants and the managers have high perception of their level of awareness and understanding of cost accounting system.
3. Both the accountants and the managers highly agreed on their positive perception regarding ease of use and of the usefulness cost accounting system.
4. The accountants’ and managers’ attitude towards adherence to cost accounting system in cost management was high.
5. The factors that significantly affect the accountants’ and the managers’
attitude towards adoption of cost accounting system are:
a. Attitude towards adherence to cost accounting system;
b. Awareness and understanding of the system;
c. Ease of use of the system; and d. Usefulness of the system.
6. There exists a high positive correlation between the accountants’ and the managers’ perception of their level of awareness and understanding of cost accounting system and their attitude towards adoption of the same cost accounting system in travel agencies.
7. There exists a high positive correlation between the accountants’ and the managers’ perception of the ease of use of cost accounting system and their attitude towards adoption of the same cost accounting system in travel agencies.
8. There exists a high positive correlation between the accountants’ and the managers’ perception of the usefulness of cost accounting system and their attitude towards adoption of the same cost accounting system in travel agencies.
9. There is a difference between the accountants’ and the managers’
perception of their level of awareness and understanding of the cost accounting system in travel agencies.
10. There is no difference between the accountants’ and the managers’
perception of ease of use of the cost accounting system in travel agencies.
11. There is adifference between the accountants’ and the managers’
perception of the usefulness of the cost accounting system in travel agencies.
12. There is a difference between the accountants’ and the managers’
attitude toward use of the cost accounting system in travel agencies.
Conclusions
The overall objective of the study was to determine the factors that significantly affected the adoption of cost accounting system in selected travel agencies in Hanoi. Based on research findings, it was ascertained and concluded that (a) attitude towards adherence to cost accounting system; (b) awareness and understanding of the system; (c) ease of use of the system;
and (d) usefulness of the system are the factors that significantly affect the adoption of cost accounting system.
Recommendations
Considering the noted weaknesses in the present-day implementation and adoption of cost accounting system and the inherent benefits of effective and efficient management of the system can bring to the travel agencies, the following recommendations are hereby stated:
1. Travel agencies should expand the role of their accountants from merely record keepers and processors of supporting documents to financial and business advisors.
2. Re-tool the accountants in the use of international financial reporting standards that fit the requirement of the travel agencies.
3. Enhance the competencies of the managers by providing them adequate knowledge and skills in using financial information in making
informed decisions. Re-tooling the managers on financial management may come in the form of formal and informal trainings.
4. Appraise the cost accounting system that the travel agencies are adopting. The cost accounting system must fit the requirements of the particular travel agency. It cannot be a system that fits all as each travel agency can be unique in its own way. The appraisal should proceed to a formulation and implementation of a more appropriate system for the travel agency.
5. It is also recommended that further research be conducted to include studies on:
a. The level of accountants’ appreciation of their role as financial and business advisors;
b. The effectiveness of cost accounting system in the hospitality industry in Hanoi; and
c. The extent of use of management accounting in travel agencies in Hanoi.
REFERENCES
Accounting Law (2003).
Administration of Tourism (2012), Report on tour in 2012, Hanoi
Ahmed Riahi-Bekaoui(2002), Behavioral management accounting, Wiley Publishing, Inc.
Ajzen,I.,&Fishbein,M.,1980,Understandingattitudesandpredictingsocial behavior, EnglewoodCliffs,NJ: Prentice-Hall.
Ajzen, I., 1991, “The Theory of Planned Behavior, Organizational Behavior and Human,” Decision Processes, vol. 50, pp. 179-211.
Dang Van Thanh, Xuan Tien Doan (1998), Corporate Governance Accounting, Finance Publishing House, Hanoi.
Davis and Hamilton, 1993 G.B. Davis and S. Hamilton, Managing information:
How information systems impact organizational strategy, Business One Irwin, Homewood, IL (1993).
Davis, F.D., 1989. Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly 13 (3), 319–342.
Fishbein, M., and Ajzen, L., 1975, Belief, Attitude, Intention, and Behavior: An Introduction to Theory and Research, Addison-Wesley, Massachusetts.
Garrison& Noreen(2008), Solutions manual Managerial Accounting, Oxford OX2 8DP.
Giang Nguyen Phu (2009), International Accounting, Finance Publishing House, Hanoi.
Hilton(1997), Management Accounting, McGraw-Hill, USA
"Information and data", Journal of Travel Vietnam (2012), (1), p. 16th
Internal documents JSC Vietnam Tourism, Long Duong Co., investment companies, and commercial services Thang Loi Nguyen Co., Ltd.
Nguyen Phuong Lien (2006), Guide to the regime of corporate accounting, Finance Publishing House, Hanoi.
Nguyen Tan Binh (2004), Analysis of Financial Management, Statistical Publishing House, Hanoi
Nguyen Van Cong (2007), Business Accounting, Publishing House National Economic University, Hanoi.
Phan Duc Dung (2007), American Accounting, Statistical Publishing House, Hanoi
Pham Huy Guess (2006), A Practical Guide Business Accounting, Finance Publishing House, Hanoi.
Phạm Thị Kim Vân(2002) ,Organization of cost accounting management and business results in the travel business, Economics doctoral dissertation, Academy of financial
Ray.H.Garrisin (1993), Management Accounting, University of Economics Ho Chi Minh City.
School of Accounting and Finance University of Hanoi (1999), Financial Accounting, Finance Publishing House, Hanoi.
Steven M.Bragg(2009), Management Accounting Best practices, John Wiley&Sons,Inc.
Thach Ha Xuan (2002), A Practical Guide accounting and business services, Statistical Publishing House, Hanoi
T. Yu-Hui, C. Chia-Ping, C. Chia-Ren. (2007). Unmet adoption expectation as the key to e-market place failure: a case of Taiwan's steel industry, Industrial Marketing Management 36 (8) (2007).
Vo Thi Thang (2000), "Creating positive change, sustainable tourism in Vietnam to step into the 21st century," Vietnam Tourism, (1), L 2.
Vo Van Nhi (2005), A Practical Guide to current accounting regime, Finance Publishing House, Hanoi.
Website: http://www.tapchiketoan.com
World Bank (2002), The International Accounting Standards, National Political Publishing House, Hanoi.
"Yearbook Conference deployment of culture, sports and tourism in 2008 ', Statistical Publishing House, Hanoi.
Appendix A Survey Questionnaire
The Factors Affecting the Adoption of Cost Accounting Management System in Selected Travel Agencies in Hanoi, Vietnam
Dear Respondents,
I am a graduate student of Southern Luzon State University . I am conducting a research entitled: “The Factors Affecting the Adoption of Cost Accounting System in Selected Travel Agencies In Hanoi, Vietnam” as a partial fulfillment of the graduation requirements for the degree in Doctor of Business Administration program at Southern Luzon State University, Philippines.
The purpose of this research is to identify what factors affectthe adoption of cost accounting system in selected travel agencies in Hanoi. Your responses to the questions below will certainly be valuable contributions to the outcome of this research. Kindly spend a little of your time in completing this survey questionnaire. All information that you will provide shall be treated with utmost confidentiality and will only be used for purpose of this research.
Should you have some clarifications, please feel free to contact me via my email address: quynhanh_ulsa@yahoo.com.
Doan Thi Quynh Anh - Angel
Doctoral Business Administration program Southern LuzonStateUniversity