BUDGET AND BUDGETARY CONTROL AS A MEANS OF ACHIEVING ORGANIZATIONAL OBJECTIVES
(A CASE STUDY OF RANCCOR FOOD AND PACKAGING NIGERIA LTD).

Click here to download our android mobile app to your phone  for more materials and others

COMPLETE PROJECT  MATERIAL COST 2500 NAIRA OR $10 , WITH THE SOFTWARE 30,000 NAIRA

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

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. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL 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

1.0 INTRODUCTION
A budget is designed to express forecast of revenue and expenditures for the ensuring fiscal year, which may correspond to the calendar year with exemption of primitive economics. The budget is the key instrument for the expression and execution of policies, principles, procedures, plans and objectives of management in quantitative and monetary values. Management of an enterprises is efficient if, it is able to accomplish the objectives of the enterprise and it is effective when it accomplishes the objectives with minimum effort.
After planning and setting of designed goals which in essence means making a project in the form of predetermined statement of managerial policy during a given period that provides a standard for comparison with actual results to achieve an organizational objective. There is need to monitor the progress of the company towards these goals. In controlling, managers measure their firm’s performance against established objectives, determine the cause of deviation and take corrective action where necessary. Without budgets, controlling would lack a plan against which to measure performance and as such the companies organizational objectives would not be attained.
Horngren and foster (1999), defined a budget as “a quantitative expression of a plan of action and an aid to co-ordination and implementation”. Also, Warren and fess (1998) defined budgeting as “formal written statement of management plans for the future expressed in financial terms.
Almost everyone uses some form of budgeting to handle personal finances, whether it be a written plan for how much to spend on rent, food, clothing, entertainment, travel etc. In order to control this expenditure, they normally set limits on how much they will spend on each item. As they incur the actual expenditure, they make comparison with the budgeted estimate. Both the public and private enterprises use the budget and budgetary control system. The private enterprise, which are profit oriented are aimed among others at maximum profit achievable which forms the core objectives of the financial aim of the enterprises.
An organization must plan in order to decide what line of action to pursue in a future time period and effective ways of bringing it about. Planning is vital to the success of an organization because when formulated, it leads to making critical appraisal of existing condition and gives the business a sense of direction. Thus, we can say that a plan which is prepared to show how resource will be acquired and used over a period of time is known as budgeting. Its use to control activities is known a budgetary control. A budget draws the course of future action; thus it aids management in fulfilling its planning function. Managers set different goals for their business but a common goal for almost every business are a planned profit. To ensure that its goals is attained, a firm must set limits on what is to be spend and what is to be considered acceptable operating performances. The limits are set forth in a master budget ad compared with the actual result as the year progresses. Without budget such find that its cost have exceeded acceptable level. This brings about the budgetary control system.
The budgetary control system is a system where the act plans or goals to achieve an organization objective is monitored and actions are taken to improve performance or reverse goals which becomes unrealistic. According to Hussey, R (2000) the budgetary control system “is the setting of plans (or budget) which lay down policies for which managers are responsible”. Howard and Brown (1998) sees budgetary control as a “system of controlling cost which includes the preparation of budgets, coordinating the department and establishing responsibilities, comparing actual performance with budgeted and acting upon result to achieve maximum profitability”.
The process of budgetary entails the following:
1. Determining the company’s objective
2. Preparing preliminary forecasts
3. Considering alternative plans and selecting the optimum
4. Preparing and examining the functional budget
5. Summarizing budget into master budget
6. Comparing actual results with budget.
7. Calculating the variance and analysis the resources for their occurrence.
8. Taking corrective action to remedy the situation.
The budgeting process serves several purposes firstly; it provides a financial blue print that enables a firm to coordinate all its activities. Using budgets, manager can project outcome and adjust strategies where they are needed before operations begins, thus avoiding costly errors.
Also, the budgeting process forces the managers to re-examine past performances, which may enable them to discover and correct inefficient outmoded method and operations.
In addition, budget enables manager to implement the planning and control functions some organization see the preparation formal budget as time consuming and expensive but, the cost of not budgeting may be far greater and many ultimately lead to the company’s failure. As a guard against total failures in and organization, adequate planning to reduce uncertainty about the future must be the watch wood. The planning process of an enterprise would involve four fundamental procedures:
– Establishing the objectives
– Determining the short-range objective
– Developing strategies
– Formulating profit plan or budget.
Using a budget and budgetary control system for frequent comparison between planned and actual performance, a firm is able to isolate deviations from the budget soon after their occurrence and take appropriate corrective action.
This study is therefore intended to examine the efficiency of budgeting as a means of achieving the financial objective of an organization.

1.1 STATEMENT OF PROBLEMS
The essence of budget and budgetary control is comparison of performance against plan or target. The implementation of plan without well designed budget and budgetary control system is a waste of time. In other to achieve and ensure efficiency there is need to plan and maintain effective and efficient budgeting control system. Such planning and control needs to be coordinated as a result of scarcity of resource and the need to achieve profitability. The following problems will therefore to critically examine in the study.
(i) To find out whether there is any relationship between the estimated figure and the actual.
(ii) To find out whether budgeting can help in achieving the organizational objectives
(iii) To find out whether budgeting can help in effective planning and control of the financial activities of an