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TITLE PAGE

BUDGETING AND BUDGETARY CONTROL IN A BUSINESS ORGANIZATION

BY

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EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---

DECEMBER,2018

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APPROVAL PAGE

This is to certify that the research work, "budgeting and budgetary control in a business organization" by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.

By
---                                                     . ---
Supervisor                                                  Head of Department.
Signature……………….                           Signature……………….        

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External Invigilator

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DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.

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ACKNOWLEDGEMENT

The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.

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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.

TABLES OF CONTENT
INTRODUCTION

1. Background of the study
2. Statement of the problem
3. Aims and objective of the study
4. Significant of the study
5. Scope of the study
6. Limitation of the study
7. Research hypothesis
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

1. Presentation of data
2. Analysis of data

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION

1. Summary
2. Conclusion
3. Recommendation

References

CHAPTER ONE

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. 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. 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.

1. To examine the procedure for drawing up budget in business organization and to know how budget are being approved implanted, improved and revised.
2. To know who there budgeting and budgetary controls assist the managements of business organization effective decision making and efficient resources allocation.
3. To know whether the use of budgeting and budgetary control is indispensable to achieve organizational goals and objective.
4. To evaluate performance by comparing budgetary with actual result of the business  stand 
5. To know whether budgeting and budgetary control serves as a communication tools between the top management and the low staff.
6. 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. 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.

1. 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. RESEARCH  HYPOTHESIS

The research shall focus and test the following   alternative hypothesis.
The hypothesis is denoted with Ho alternative is denoted with Hi

1. Ho:  There is no proper budgeting and effective budgetary in business organization.
2. Hi: applications of budgetary control system do performance of business organization in terms of objectives realization.
   
   
1. 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

1. Recurrent revenue: This include the year to year  revenue of government from sources like taxes fines free specific charges profit.
2. Capital  receipt : These are in form of loan and graint     

Capital  expenditure : This involves expenditure  on productive  economic activities i.e on agricultural  road , Hospital  and  university etc.

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CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of "budgeting and budgetary control in a business organization" is also available. Order full work to download. Chapter two of "budgeting and budgetary control in a business organization" consists of the literature review. In this chapter all the related work on "budgeting and budgetary control in a business organization" was reviewed.

CHAPTER THREE: The complete chapter three of "budgeting and budgetary control in a business organization" is available. Order full work to download. Chapter three of "budgeting and budgetary control in a business organization" consists of the methodology. In this chapter all the method used in carrying out this work was discussed.

CHAPTER FOUR: The complete chapter four of "budgeting and budgetary control in a business organization" is available. Order full work to download. Chapter four of "budgeting and budgetary control in a business organization" consists of all the test conducted during the work and the result gotten after the whole work

CHAPTER FIVE: The complete chapter five of design and construction of a "budgeting and budgetary control in a business organization" is available. Order full work to download. Chapter five of "budgeting and budgetary control in a business organization" consist of conclusion, recommendation and references.

 

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