ABSTRACT
In
carrying out on investigation into an Afri -Bank of Nigeria plc, the major
objective of any business Organization is base on profit maximization and
improved future which leads to use of budgeting and burglary control, business organization
to enhance growth and survival of the organization.
Chapter
one of this project work : Will explain
what study of background
is all about the statement of
problems, the aims and objectives of the
study , the significant and scope of the
study , the limitation and research hypothesis and definition of terms and
concept.
Chapter
two: Will review the relative literature e.g the Historical development,
meaning and usefulness of budgeting and budgetary control in business organization,
Types
and budgeting process, preparation and administration of budget,
fundamental principles and budget
implementation and control
including Budgetary improvement techniques.
Chapter
three: this chapter will expose the research methodology ie research design,
characteristic of the study population, sampling method, research instrument and
as well method of data process.
Chapter
four of this project work will simply talk of presentation interpretation and analysis
of it shows that the organization’s staff
agreed that the organization
prepare budget.
Chapter
five: This will be the last chapter of the research work and it‘ll summary,
conclusion and recommendation and questionnaire, the reliant and useful point
of action that will solve the study problems.
CHAPTER
ONE
TABLES
OF CONTENT
INTRODUCTION
1.1
Background of the study
1.2
Statement of the problem
1.3
Aims and objective of the study
1.4
Significant of the study
1.5
Scope of the study
1.6
Limitation of the study
1.7
Research hypothesis
1.8
Definition of terms and concepts
CHAPTER
TWO
LITERATURE
REVIEW
2.1 Introduction
2.2 Historical
development of budgeting
2.3 Meaning
of budget, budgeting and budgetary control
2.4 Usefulness
of budgeting in business organization
2.5 Types
of budget
2.6 Preparation
and administration of budget
2.7 Budgeting
and administration of budget
2.8 Fundamental
principles of budget
2.9 Budgetary improvement techniques
2.10 Budget
implementation and control
CHAPTER
THREE
3.1 Research
methodology
3.2 Characteristics
of the study population
3.3 Sampling
method
3.4 Research
instrument
3.5 Method
of data process
3.6 Questionnaires
CHAPTER
FOUR
PRESENTATION
INTERPRETATION AND ANALYSIS
4.1
Presentation of data
4.2
Analysis of data
CHAPTER
FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1
Summary
5.2
Conclusion
5.3
Recommendation
References
CHAPTER
ONE
1.1 BACKGROUND OF THE STUDY
The
fundamental question which should be asked about any enterprises is “How well
is it doing?” ad his can be rightly answered accessing the extent to which the objectives
of the enterprises are achieved.
The
major objectives of the enterprises are achieved, base on profit maximization and
improved future profit tend to enhance growth and survival. The increasing
complexity of the business and ever changing
condition of the business environment, social environment technological and political changes have made companies
investors and management to realize the need for new techniques to protect and
improve performance.
To
achieve the Afro- mentioned objects it becomes imperative for management of
business organization to develop ways of attaining them.
The
available instrument at Management’s disposal is the adoption of adequate
planning and control. one of the basic
device used in planning and controlling the activities of business
enterprise is by means of financial
standard and management of
budgeting and budgetary control.
To
many the terms can not retraining influence on action service the needs or
opportunity which the enterprise would
like to service budgeting remains the most tactical budget is essentially on
agenda setting. It is carefully designed, packaged and aimed at achieving the
goals and objective of business
organization or individual with the
limited resources at their disposal.
According
to fubara( 1988) in his book “ business management principle and strategies.
He
further and described budgeting is a means of utilizing collective knowledge of
an enterprise to prepare a co-ordinate plan for future activities.
Budgeting
control is a techniques that emphasizes control of plan by companing actual
result against target to identify variance upon which corrective measure should
be taken to improve the performance of the enterprises.
The
primary function of business organization is production of goods and
services and make it available
for the consumers when ever is needed. All these functions are performed
in order to achieve the organizations goals which is profit maximization. Performances
are evaluated based on the actual result. To achieve the organizational objectives
there is need for adequate planning and control, efficient budgeting and effective
budgetary control system in business organization.
1.2 STATEMENT OF THE PROBLEM
Budgeting
and budgetary control is very important
in business organizational due to its function in relation to planning , organize coordinating and
controlling functions of management forwards.
Successful
realization of the organizational objective. Performance evaluation in business
organization is usually base on effective decision making and efficient resources allocation. These have been
affected due to the incorporate of
budget and budgetary control.
This
improper budgetary control responsible for poor performance of some business
organization most business organization do prepare budget. Yet there are deviation
from such budgets and they fail to investigate the causes deviation and thus take
appropriate corrective measures to prevent re-occurrence most business organization sues budgeting as
just useful for planning purpose but refuse
to take cognizance of its benefits whom to revise budgets to make it reflect prevailing situation or whom to hold
responsible for budget vacancies.
1.3 AIMS AND OBJECTIVE OF THE STUDY
The
main aim of this research work is to examine budgeting and budgetary control in
business organization in order to see the extent to which it’s to be applied in
management planning and control.
These are some of the aims of the
research work.
i.
To examine the procedure for drawing up
budget in business organization and to know how budget are being approved
implanted, improved and revised.
ii.
To know who there budgeting and budgetary
controls assist the managements of business organization effective decision
making and efficient resources allocation.
iii.
To know whether the use of budgeting and
budgetary control is indispensable to achieve organizational goals and
objective.
iv.
To evaluate performance by comparing
budgetary with actual result of the business
stand
v.
To know whether budgeting and budgetary control
serves as a communication tools between the top management and the low staff.
vi.
To provide a useful l recommendation on
the application of budgeting and
budgetary control as means of improving business performance.
1.4 SIGNIFICANCE OF THE STUDY
Several
research work have been carried out on budget and budgetary control in various business
organization like manufacturing ,
pharmaceutical and oil industries.
This
research work can be said to be a fair work on the topic. This research will share
more light on the efficient resources and effective decision making in business
organization.
This
research work can be said to be a fair
work on the topic. This research will share more light on the efficient
resources and effective decision –
making in business organization.
It
will also help the student to know how relevance budgeting and budgetary
control is to an individual and business organization.
1.4 SCOPE OF THE STUDY
This
research work will examine in details budgeting
and budgetary control with emphasis on how its
application aids in planning and
controlling of activities of business
organization to enhance or improve
performance.
There
are different types of banks as a
business organization but commercial
bank are the prominent types of business organization because of the n umber size therefore this research
work is limited to commercial bank with Afri Bank Plc as a case study.
6.
LIMITATION
OF THE STUDY
Firstly,
this research has the limitation of financial problems in the cause of carrying
out the study.
Secondly,
it was that due to time factor as the research was carried out along with
academic work. Also, detailed budgeting
statement and the corresponding actual
result are not made available by the bank because of high confidentiality and
very competition in the banking industries.
However,
it is the researchers believe that the finding of the research will represent the
pictorial of budgeting and budgetary
control of the study.
1.7 RESEARCH HYPOTHESIS
The
research shall focus and test the following alternative hypothesis.
The
hypothesis is denoted with Ho alternative is denoted with Hi
i.
Ho:
There is no proper budgeting and effective budgetary in business
organization.
ii.
Hi: applications of budgetary control
system do performance of business organization in terms of objectives realization.
1.8 DEFINITION OF TERMS
AND CONCEPTS
Budget
is a document containing words and
figures which proposes expenditure for certain items and purpose.
Budget
is a document or a collection of document that refers to the financial
condition of an organization.
Budget
is also merlya plan expressed in quantitative terms.
TERMS OF BUDGET
1.
Budget cycle: Public budgeting
system which are devise for selecting society ends and consist of numerous participants
2.
Budget preparation and submission: phase
of the budget is carried out by the executive aim of the government.
3.
Budget authorization: Having compiled
the various department estimates, the draft budget is new to be sent to the
legislatures for authorization
4.
Executive of the budget: Budget execution commences the moment the
presidents signs the general warrant incur expenditure execution invest the transaction
of financial outlays approved in the budget plants of action.
5.
Line item budgeting: Is the tradition
budgeting it is oldest types of budget.
6.
Performance budget: was aimed at
enhancing effectiveness and improving efficiency in public budgeting.
7.
Planning programming budgeting system: Approach to budgetary decision making is a system approach that attempts to influence the choice.
SOME BUDGET CONCEPTS
i.
Recurrent revenue: This include the year
to year revenue of government from
sources like taxes fines free specific charges profit.
ii.
Capital
receipt : These are in form of loan and graint
iii.
Capital
expenditure : This involves expenditure
on productive economic activities
i.e on agricultural road , Hospital and
university etc.
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