Get the complete project »
- The Complete Research Material is averagely 77 pages long and it is in Ms Word Format, it has 1 - 5 Chapters.
- Major Attributes are Questionnaire, Data Analysis,Abstract.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
An efficient budgeting control system is one that produces the desired result. A balanced budget is the one that produces no variances but to achieve this, we are left to contemplation rather than a reality. This has become the problem of most of our manufacturing concerns in Nigeria. This study investigated the budget control and execution in manufacturing concerns in Nigeria with a view of appraising their efficiency. Out of a population of one hundred and fifty six drawn from the manufacturing concern, seventy eight were selected as the sample size using statistical sample tools (Taro Yamani). A questionnaire was designed and distributed to elicit information from the sample population; also data was sourced through primary and secondary sources. These data collected were presented and analyzed by means of tables and percentages. The hypotheses adduced were tested using such tools as chi-square. It was observed that manufacturing concerns do plan their profit so as to minimize losses though the procedure is not religiously carried out. However, it was discovered that the procedure is inadequate and inefficient. An inadequate budget procedure and execution causes a high accumulation of inventory thereby tying down the capital which could have yielded greater profit to the organization. Therefore there is need for the proper control of budgets in manufacturing concerns as to minimize losses and maximize profits.
TABLE OF CONTENTS
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Research Question
1.5 Hypotheses of the Study
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitation of the Study
1.9 Definition of Terms
2.0 REVIEW OF RELATED LITERATURE
2.1 Definition of Budget Manual
2.2 Reasons for Budgeting
2.3 Budget and Budget Planning
2.4 Fixed and Flexible Budget
2.5 Master Budget
2.6 Cash Budget
2.7 How to Prepare A Budget
2.8 Problems of Budgeting
2.9 Effective Internal Control System
2.10 Tools of Internal Control System
3.0 RESEARCH METHOLOGY
3.1 Research Design
3.2 Sources of Data
3.3 Research Instrument
3.4 Reliability/Validity of Research Instrument
3.6 Sampling Size/Technique
3.7 Administration of Research Instrument
3.8 Method of Data Analysis
3.9 Decision Criterion for Validation of Hypothesis
4.0 DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation
4.2 Analysis of Questions
4.3 Test of Hypotheses
5.0 SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
1.1 BACKGROUND OF THE STUDY
According to Enudu (1999), the business environment is characterized by a lot of uncertainties ranging from such factors as: Economic environment, political and legal factors, social environment, supply and demand forces, competition, consumers' attitude and technological changes.
A critical look at the performances of some of these manufacturing business organizations will reveal a lot of business failures as a result of lack of proper planning against these uncertainties.
According to Drury (2000), proper planning of business helps in reducing uncertainties thereby providing the management of these enterprises with a clear direction by determining their courses of actions in advance.
According to Pandey (2010), for any enterprise to achieve these goals and objectives, they must be managed effectively and efficiently. Management is efficient if it is able to accomplish the objectives of the enterprise and becomes effective when it accomplishes the objectives with minimum efforts and costs. One of the ways in which the management can achieve these objectives is though profit planning and control or budgeting.
According to Nweze (2011), Budgeting in its true word is the design of the future state of an entity and the effective ways of bringing it about. Budgeting or planning involves the determination of the future course of actions for accomplishing the objectives of the enterprise.
According to Lucey (2002), the main purpose of budget planning is to provide the necessary guidelines for making decisions. With the proper budget planning, the enterprise can no longer be under the mercy of whims of Fickle economic and social forces thereby relying on the ability to sense what is required. (Nweze 2011).
The value of budgeting control of any organization can never be over-emphasized as these organizations and companies have limited resources and these scarce resources impose limits on the number of extent and range of end result the organization was set out to achieve.
According to Nwoha and Ekwe (1999), some of these goals include maximizing profit or achieving some satisfactory level of performance, profit satisfaction achieving continual growth or ensuring the survival of the organization avoiding risk in making investment and performing a social services desired by others.
According to Nweze (2011), A budget therefore co-ordinates the separate plans of different departments in an organization be it manufacturing concerns or non-manufacturing concerns and provides means of bringing both the marketing, production and financial activities of the organization together.
The proper co-ordination of the various activities of these organization especially manufacturing concerns by their management is the main concern of this study.
1.2 STATEMENT OF THE PROBLEM
Having stated earlier according to Enudu (1999) that the business environment is full of uncertainties as a result of such factors; socio-economic issues, political unrest, demand and supply forces, legal issues and technological changes all these affect the management of any organization in one way or the other thus needed attention for proper management.
You would equally recalled that organizational goals and objectives are numerous but the means or resources for satisfying these needs are limited, at times not available hence needed control to satisfy the high priority areas.
These problems enunciated above have led the researcher to find answers to such questions as follows:-
ï‚§ï€ Do manufacturing companies in Nigeria do Budgeting?
ï‚§ï€ If they do, what are the types of budgeting usually employed by them?
ï‚§ï€ The type used or applied does it enhances their profit planning strategies?
1.3 OBJECTIVES OF THE STUDY
According to Pandey (2010), Budgeting was undertaking with the following objectives in mind.
To find out whether or not manufacturing business organizations control their levels of profit making and the means used to achieve this.
To examine whether the manufacturing business concerns in Nigeria plans their profits hence their losses are unnecessarily large in relation to their budget estimate
To identify the types of budgeting in some of the manufacturing business concern in Nigeria that enhance efficiency
1.4 RESEARCH QUESTIONS
ï‚§ï€ Does the manufacturing business organization control their levels of profit making and the means used to achieve it
ï‚§ï€ Does manufacturing business concerns in Nigeria plans their profit hence their losses are unnecessarily large in relation to their budget estimate
ï‚§ï€ Does the types of budgeting in some of the manufacturing business concern in Nigeria enhance efficiency
1.5 HYPOTHESES OF THE STUDY
To identify the achievements of the desired objectives, the following hypotheses are formulated:
H0: Represents Null Hypothesis
H1: Represents Alternate Hypothesis
H0: Manufacturing business organization do not control their levels of profit making and the means used to achieve it
H1: Manufacturing business organization do control their levels of profit making and the means used to achieve it
H0: Manufacturing business concerns in Nigeria do not plan their profit hence their losses are unnecessarily large in relation to their budget estimate.
H1: Manufacturing business concerns in Nigeria do plan their profit hence their amount of losses are not unnecessarily large in relation to their budget estimate.
H0: The type of budgeting in some of the manufacturing business concern in Nigeria is not efficient.
H1: The type of budgeting in some of the manufacturing business concern in Nigeria is efficient.
1.6 SIGNIFICANCE OF THE STUDY
According to Nweze (2011), Budgeting is very important especially at this time of our economic development at this time of our economic development is that?
a. It will show why profit planning is very vital for any manufacturing establishment that wishes to survive.
b. It will help them to determine and maintain an acceptable level between high profit and low profit at a given time thus leading them to attain the various organizational goals and objectives.
1.7 SCOPE OF THE STUDY
According to Enudu (1999), it is expected that a study of this will entail visits to 36 states in the country to elicit information from numerous manufacturing concerns. But this was not possible because of some constraints such as time and money.
1.8 LIMITATIONS OF THE STUDY
As a result of these constraints (time and money) this study was limited to manufacturing concerns in the old Eastern states which includes; Enugu, Anambra, Abia, Ebonyi; and Imo state with hope that the conclusions reached in the course of the study would apply to other manufacturing business in Enugu State at AMA Breweries Plc. Enugu in particular.
Another limiting factor was the literacy level of the respondents. Out of 78 respondents sample their opinions, 2 of them were sceptical as regards given out useful information on the budget planning of this organization. This was a result of dishing out useful data to their competitors in the same manufacturing industries or business.
1.9 DEFINITION OF TERMS
EFFICIENT: A firm is said to be efficient if it can manage their resources well
EFFECTIVENESS: This entails proper co-ordination of these limited resources in form of both human and material resources to combat their responsibilities
PLANNING: The design of a desired future state of an entity and the effective ways of brings it about.
GOALS: Performances can be defined as the assessment of the company towards reaching the targeted goals and objectives.
Drury, C. (2000). Management and Cost Accounting, 5th Edition, Italy: Vincenzo
Enudu, T.O. (1999). Introduction to Business Management, Enugu: New
Generation Books Publishers
Lucey, T. (2002). Costing, 6th Edition, Great Britain; Biddles Ltd, Guildford &
King’s Lynn Publishers
Nweze, A.U. (2011). Profit Planning a Quantitative Approach 3rd Edition,
Enugu: M’Cal Communications International
Nwoha C. and Ekwe, M.C. (1999). Cost Accounting, Enugu: Veamaks
Pandey, I.M. (2010). Financial Management, 10th Edition, U.S.A: Vikas
Publishing House Pvt Ltd Publishers
You either get what you want or your money back. T&C Apply
Share a Comment
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
1. PLANTING TIME, SPRAY REGIME, DISEASE EXPRESSION AND THEIR IMPACTS ON SIX CUCUMBER LINES IN A DERIVED SAVANNA AGROECOLOGY OF NSUKKA, SOUTHEASTERN NIGER...» ABSTRACT Cucumber (Cucumis sativus L.) belongs to the Cucurbitaceae family. It is a major vegetable crop worldwide and develops rapidly, with a shorte...Continue Reading »
52 pages | 365 hits | Source: ACCOUNTING
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY According to Lucey T. (2009), stocks or inventory is one of the largest and most valuable current...Continue Reading »
52 pages | 360 hits | Source: ACCOUNTING
3. ETHICS AND ACCOUNTABILITY IN THE NIGERIAN CIVIL SERVICE: A CASE OF FEDERAL INLAND REVENUE SERVICE, ENUGU (2000-2010)» CHAPTER ONE INTRODUCTION 1.1 Background to the Study A group of people, an association, organization or even a settlement stays together due to norms ...Continue Reading »
50 pages | 304 hits | Source: ACCOUNTING
4. EVALUATION OF PREOPERATIVE NURSING INTERVENTION ON ANXIETY STATE AND POST OPERATIVE PAIN AMONG SURGICAL PATIENTS OF OBAFEMI AWOLOWO UNIVERSITY TEACHIN...» ABSTRACT Preoperative anxiety is a challenging concept in the preoperative care of patients and its incidence varies with different settings. The expe...Continue Reading »
124 pages | 440 hits | Source: ACCOUNTING
» ABSTRACT The aim of the study was to appraise internal control system in a medium scale business focusing on Innoson Company, Enugu. The objectives of...Continue Reading »
51 pages | 221 hits | Source: ACCOUNTING
» CHAPTER ONE 1.1 INTRODUCTION BACKGROUND OF THE STUDY The economy of any country consist of sectors these sectors include industrial transport, agricul...Continue Reading »
75 pages | 340 hits | Source: ACCOUNTING
» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The Economic Community of West African States (ECOWAS) is a regional organisation of 15 West Afri...Continue Reading »
52 pages | 121 hits | Source: ACCOUNTING
8. A CRITICAL ANALYSIS OF THE USE OF ACCOUNTING RATIO TO MEASURE FINANCIAL PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF UNILEVER FINANCIAL STATEMENT F...» ABSTRACT It is said that the population of any country constitute the most vital component of is resource base, as time potentials for development. Po...Continue Reading »
52 pages | 494 hits | Source: ACCOUNTING
9. THE EFFECT OF UNCAPTURED INFORMAL MARKET INCOME ON REVENUE GENERATION: A STUDY OF IBAKA COMMUNITY IN MBO LOCAL GOVERNMENT AREA» ABSTRACT The informal market employs a greater proportion of the labour force in developing countries compare to the formal market. This market or sec...Continue Reading »
52 pages | 195 hits | Source: ACCOUNTING
» CHAPTER ONE 1.0 INTRODUCTION The effective and efficient functioning of a productive system requires the regular demand and supply of inventory at the...Continue Reading »
74 pages | 378 hits | Source: ACCOUNTING