BUDGETING AND BUDGETARY CONTROL IN BUSINESS ORGANIZATION.
(A CASE STUDY OF EMENITE NIGERIA LIMITIED EMENE ENUGU BRANCH)
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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
ABSTRACT
This research work conducted with special reference to the budgetary system of Emenite Nigeria Limited with the view to ascertain the major role budgets play in the achievement of profitability for an organization. Budget as a profit planning device sets standards of performance of manager, while budgetary control is a tool implored by management to keep track of actual performance to ensure budgeted standards are achieved. In the course of this research work 40 managers were taken as sample population. Data is obtained through personal interview and the administration of questionnaires secondary data source is also implored. Data collected in subject to chi-square test in order to prove or disprove hypothesis therein. The analysis of the finding indicates that Emenite Nigeria Limited has a formal system of budgeting and does attach incentives for the attainment of budgetary goals.
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study: - - - - - 1
1.2 Statement of the Problem: - - - - - 2
1.3 Objectives of the Study: - - - - - 4
1.4 Significance of the Study: - - - - - 5
1.5 Formulation of Hypothesis: - - - - 7
1.6 Scope of the Study: - - - - - - 8
1.7 Limitations of the Study: - - - - - 8
1.8 Definition of Terms: - - - - - - 10
CHAPTER TWO:
2.1 Literature Review: - - - - - - 11
2.2 The Concept of Budgeting and Budgetary Control: 12
2.3 Main Types of Budget: - - - - - 17
2.3.1 Other Types of Budget: - - - - - 18
2.4 The Budget Period: - - - - - - 30
2.4.1 The Budget Committee: - - - - - 31
2.4.2 The Budget Manual: - - - - - - 32
2.5 Stages in the Budgeting Process: - - - 32
2.6 Zero Base Budgeting (ZBB): - - - - 38
2.6.1 Administration of Budget: - - - - - 41
2.6.2 Human Factors in Budgeting: - - - - 42
2.6.3 The Principal Budget Factors/Forecasting: - 44
2.6.4 Budget Education: - - - - - - 45
2.6.5 Budgeting in the purchasing Department of
Small and Large Companies: - - - - 46
2.6.6 Relationship Between Budgetary Control and
Standard Costing: - - - - - - 48
2.6.7 Participative Budget and Imposed Budget: - 49
2.6.8 Principal Budget/Forecasting: - - - - 51
CHAPTER TREE: RESEARCH DESIGN AND METHODOLOGY
3.1 Research Design: - - - - - - 54
3.2 Source of Data: - - - - - - - 56
3.3 Population Size: - - - - - - 57
3.4 Sample Size and Sample Techniques: - - 58
3.5 Research Instrument: - - - - - 61
3.6 Methods of Data Analysis: - - - - - 61
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Data Analysis (Questionnaires): - - - 63
4.2 Test of Hypothesis: - - - - - - 68
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings: - - - - - 77
5.2 Conclusion: - - - - - - - 77
5.3 Recommendation: - - - - - - 78
Bibliography: - - - - - - - 80
Appendix: - - - - - - - - 81
Questionnaire: - - - - - - - 83
CHAPTER ONE
INTRODUCTION
A budget is a financial and a quantitative statement prepared prior to a defined period of time of the policy to be pursued for the purpose of attaining a given objective.
Also according to A.U. Nweze (2004) in his profit planning.
Budget is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain a given objective.
Furthermore a budget is an attempt made at the beginning of each financial year to plan the profit and loss account for the year and to aim for a definite balance sheet. This profit planning must be a well thought- out operational plan with its financial implication expressed as both long and short range profit plans.
In any organization where budget is used as a means of profit planning many alternative plans have to be considered and the most profitable one will be adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.
On the other hand budgetary control is the establishment of policies and the periodic review or comparison of the actual result with the budgeted performances either to secure approval for individual action or to serve as a remedial course of action. Budgetary control whereby actual state of affairs can be compared with that planned for by the management, so that appropriate action may be taken to correct adverse situation that may occur before it is too late. It is also used to fix responsibility.
A budget systems serve the needs of management in respect of the Judgments and decisions it is fruited to make and to provide a basis for the management functions of planning and control. Developing a budget is a critical step in planning any economic activity. This includes business, governmental agencies and individuals.
Therefore businesses of all types and governmental units at every level must make financial plans to carry out routine operations, to plan for major expenditures and to help in making financial decisions.
On this back ground, every organization no matter nature has a plan for the future, simply because the success of any organization depends on the level of plan that is put into the organization.
The main problem with budgeting is that it reflects data from the past and present, and will only enable predictions and forecasts to be made out the future. At the same time, numerous pressures in the job may impose constraints upon managers, which affect the quality of information they collect. The problem can be numerous; clearly, nothing can be forecasted with absolute certainty. No matter what financial and marking researches take place every organization has to take risks.
Though accounting information may reduce the unpredictability of event in the future. It will never eliminate it.
All these can interrupt the system of budgetary control:
(A CASE STUDY OF EMENITE NIGERIA LIMITIED EMENE ENUGU BRANCH)
Download our android mobile app for more materials
ORDER NOW
COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
MAKE YOUR PAYMENT INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
MONEY BACK GUARANTEE
ABSTRACT
This research work conducted with special reference to the budgetary system of Emenite Nigeria Limited with the view to ascertain the major role budgets play in the achievement of profitability for an organization. Budget as a profit planning device sets standards of performance of manager, while budgetary control is a tool implored by management to keep track of actual performance to ensure budgeted standards are achieved. In the course of this research work 40 managers were taken as sample population. Data is obtained through personal interview and the administration of questionnaires secondary data source is also implored. Data collected in subject to chi-square test in order to prove or disprove hypothesis therein. The analysis of the finding indicates that Emenite Nigeria Limited has a formal system of budgeting and does attach incentives for the attainment of budgetary goals.
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study: - - - - - 1
1.2 Statement of the Problem: - - - - - 2
1.3 Objectives of the Study: - - - - - 4
1.4 Significance of the Study: - - - - - 5
1.5 Formulation of Hypothesis: - - - - 7
1.6 Scope of the Study: - - - - - - 8
1.7 Limitations of the Study: - - - - - 8
1.8 Definition of Terms: - - - - - - 10
CHAPTER TWO:
2.1 Literature Review: - - - - - - 11
2.2 The Concept of Budgeting and Budgetary Control: 12
2.3 Main Types of Budget: - - - - - 17
2.3.1 Other Types of Budget: - - - - - 18
2.4 The Budget Period: - - - - - - 30
2.4.1 The Budget Committee: - - - - - 31
2.4.2 The Budget Manual: - - - - - - 32
2.5 Stages in the Budgeting Process: - - - 32
2.6 Zero Base Budgeting (ZBB): - - - - 38
2.6.1 Administration of Budget: - - - - - 41
2.6.2 Human Factors in Budgeting: - - - - 42
2.6.3 The Principal Budget Factors/Forecasting: - 44
2.6.4 Budget Education: - - - - - - 45
2.6.5 Budgeting in the purchasing Department of
Small and Large Companies: - - - - 46
2.6.6 Relationship Between Budgetary Control and
Standard Costing: - - - - - - 48
2.6.7 Participative Budget and Imposed Budget: - 49
2.6.8 Principal Budget/Forecasting: - - - - 51
CHAPTER TREE: RESEARCH DESIGN AND METHODOLOGY
3.1 Research Design: - - - - - - 54
3.2 Source of Data: - - - - - - - 56
3.3 Population Size: - - - - - - 57
3.4 Sample Size and Sample Techniques: - - 58
3.5 Research Instrument: - - - - - 61
3.6 Methods of Data Analysis: - - - - - 61
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Data Analysis (Questionnaires): - - - 63
4.2 Test of Hypothesis: - - - - - - 68
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings: - - - - - 77
5.2 Conclusion: - - - - - - - 77
5.3 Recommendation: - - - - - - 78
Bibliography: - - - - - - - 80
Appendix: - - - - - - - - 81
Questionnaire: - - - - - - - 83
CHAPTER ONE
INTRODUCTION
- BACK GROUND OF THE STUDY
A budget is a financial and a quantitative statement prepared prior to a defined period of time of the policy to be pursued for the purpose of attaining a given objective.
Also according to A.U. Nweze (2004) in his profit planning.
Budget is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain a given objective.
Furthermore a budget is an attempt made at the beginning of each financial year to plan the profit and loss account for the year and to aim for a definite balance sheet. This profit planning must be a well thought- out operational plan with its financial implication expressed as both long and short range profit plans.
In any organization where budget is used as a means of profit planning many alternative plans have to be considered and the most profitable one will be adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.
On the other hand budgetary control is the establishment of policies and the periodic review or comparison of the actual result with the budgeted performances either to secure approval for individual action or to serve as a remedial course of action. Budgetary control whereby actual state of affairs can be compared with that planned for by the management, so that appropriate action may be taken to correct adverse situation that may occur before it is too late. It is also used to fix responsibility.
A budget systems serve the needs of management in respect of the Judgments and decisions it is fruited to make and to provide a basis for the management functions of planning and control. Developing a budget is a critical step in planning any economic activity. This includes business, governmental agencies and individuals.
Therefore businesses of all types and governmental units at every level must make financial plans to carry out routine operations, to plan for major expenditures and to help in making financial decisions.
On this back ground, every organization no matter nature has a plan for the future, simply because the success of any organization depends on the level of plan that is put into the organization.
- STATEMENT OF THE PROBLEM
The main problem with budgeting is that it reflects data from the past and present, and will only enable predictions and forecasts to be made out the future. At the same time, numerous pressures in the job may impose constraints upon managers, which affect the quality of information they collect. The problem can be numerous; clearly, nothing can be forecasted with absolute certainty. No matter what financial and marking researches take place every organization has to take risks.
Though accounting information may reduce the unpredictability of event in the future. It will never eliminate it.
All these can interrupt the system of budgetary control:
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