BUDGETING AND BUDGETARY CONTROL AND EFFECTIVE FINANCIAL MANAGEMENT IN GOVERNMENT PARASTALS IN NIGERIA
Abstract
An organization plan entails the objectives to be, and the policies to enhance their attainment. These policies are transacted into action plans called budgets. The budget is a quantitative expression of managerial plans prepared and approved prior usually a year, while budgetary control compares actual results with budgeted performance and make for corrective action. Budget is as important to a country as to a state and to business organization. As a nation plan ahead in terms of revenue and expenditure within a specific period, so also business organization or state conceptualizes anticipated revenues and disbursement within a specific time. Every establishment, be it business organization, private or public, makes it a point of necessity to prepare a budget and institute budgetary control for the purpose of translating policies coordinating activities as well as financial control in order to achieve the best possible results. This project sought to examine budgeting and budgetary control and effective financial management in government parastals in Nigeria and highlight the process, type, classification, also, an overview of budgetary and budgeting implementation in Guinness (Nig) Plc.
TABLE OF CONTENTS
Title Page
Certification
Dedication
Acknowledgements
Abstract
Table of content
Chapter One: Introduction
Chapter Two: Review of Related Literature
Chapter Three: Research Method and Design
Chapter Four: Data Presentation, Analysis and Interpretation
4.1 Introduction
4.2 Data Presentation
4.3 Data Analysis
4.4 Hypothesis Testing
Chapter Five: Summary of Findings, Conclusion and Recommendations
5.1 Introduction
5.2 Summary of Findings
5.3 Conclusion
5.4 Recommendations
References
Appendices
CHAPTER ONE
INTRODUCTION
Background to the Study
In the year 1962 at Ikeja, Lagos State, Nigeria, a brewery company was incorporated named Guinness (Nigeria) Plc. The Benin branch which is the case study was established in mid 1972 as at the time of incorporation, it was called Guinness (Nigeria) Ltd.
It was changed to Guinness Nigeria Plc in the year 1991 due to government directive to distinguish public limited companies from other limited companies. Guinness (Nigeria) Plc, Benin branch is located along the Benin Agbor road, at Oregbeni Housing Estate, Ikpoba Hill in Ikpobookha Local Government Area, Edo State.
The objectives of the company (Guinness Nigeria Plc) include amongst others:
As a result of the recent structural re-organization of the company, the total number of full time staff of the company is 2250. Moreover, about 250 casual workers are employed on daily pay basis. However only 106 people are in the management cadre. It is noteworthy to understand that expatriated workers do come from time to time to the company to offer technical and other managerial advice particularly when a new product is to be introduced into the market. The board of directors is made up of sixteen (16) members.
Statement of Problems
The following are the problems faced in the preparation of budgeting.
Moreover, in per unit cost, distribution must be made between fixed and variable cost. It must be known that fixed and variable costs are expressed in total but not in per unit cost for the purpose of budgeting.
Objectives of the Study
The purpose of this research work is to examine how budgeting and budgetary has been used as an effective tool for organizational planning and control in Guinness Nigeria Plc.
Moreover, it will highlight among others the budgeting and budgetary control process and also to make research into budget implementation in Guinness Nigeria Plc.
Objectives of Budget
Objectives of Budgetary Control
Statement of Hypotheses
Research Hypothesis: In order to provide researchers towards effective conduct of investigation, the following tentative statement are made as the cause of the problem faced by budgeting department.
Hypothesis One
The budget department of the Brewery will be ineffective where management restricts budgeting activities.
Hypothesis Two
The inadequacy of business experience and general educational background under the achievement of the service objective affects budgeting.
Hypothesis Three
The apathy or influence of management in budget department, findings and recommendation affects the performance of budget department.
Significance of the Study
The study will be useful to the company by a detached critical and practical view of the area, in which the company needed useful information concerning making of its product, this would be of benefit to the management of the company by providing the theoretical and practical framework from which useful and quality decision for future plans on matters affecting the company’s business operations can be taken.
Scope of the Study
This research work will be limited in scope to Guinness Nigeria Plc, Benin City. However, it will extend to all the departments division and units within the organization to the extent of their involvement in the budgeting and budgetary control of the organization.
Limitations of the Study
Generally, the increase in cost of transportation restricted the number of trips that could have been made to the case study.
Moreover, much money is also spent in purchasing stationary and materials for the production of this project. Apart from that, there are other issues like:
In spite of these constraints, the research have to remark that the study has a good degree of validity.
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