THE PROBLEM OF BUDGET AND BUDGETARY AS MANAGEMENT TOOL FOR DECISION MAKING

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ABSTRACT

 

The scarcity of human and material resources, the competitive nature and the uncertainty about future has made both government and most modern business enterprises to find away of improving upon them performance to achieve increasing productivity, profitability and reduction on cost.  A common instrument is a good budgets and budgetary control system.

The work was aimed at a study of the role of budget and budgetary control system, its attendant problems and remedies.  The study also deals on how the state government uses budgetary control to make decision for effective economic management.

The study observed the inherent problems on drawbacks in the implementation of the budget and budgetary control system as follows:

1. The problem of ensuring involvement of departmental heads.
2. Lack of proper understanding of the system by departmental heads.

• Departmental heads pursing individual goods instead of organizations goals.

 

In conclusion, the following recommendation were made:

1. The minimum qualification for those involved in budget preparation should not be less than HND/B.SC.
2. Flexible budgets should not be adopted to take care of fluctuation of the naira against other foreign currencies.

• Those responsible for budget preparation should undergo training programmes, seminars and workshop at least one every year.

1. Adequate planning and control through budget and budgetary controls will help greatly the overall performance of government and Nigeria as a whole.

 

TABLE OF CONTENTS

CHAPTER ONE:

• Introduction

1.1     Purpose of the study

• Significance of the study
• Scope and limitation of the study
• Definition of terms

 

 

 

CHAPTER TWO:

2.0     Literature Review

• Definition of budget and budgetary control
• The budget period
• Purpose for preparing budget
• A comprehensive budgetary system
• Merits and demerits of budgetary control
• Human aspects of budgeting and budgetary control

 

CHAPTER THREE:

3.0     Summary of findings, conclusion and recommendation

• Discussion of findings
• Conclusion
• Recommendations

Bibliography

CHAPTER ONE

 

INTRODUCTION:

A successful financial administration in government and any organization rests on two prerequisite system, namely, accounting and financial control.

These are the essence of budgeting and budgetary control.  Budding and budgetary control are designable to ensure that business organizations survive and meet the expectations of investors.  For government, they underline government ability to meet its responsibility for ensuring stable price level, high level of employment, law and order, and good balance of payments.  In order to achieve economics in the use of resources or maximize productivity, there is need to plan so as to help management in decision making.

Budget has been defined in various ways by different authors and by both private and public entities but the underlying philosophy and concept remains the same.

Business sectors look at budget as a quantitative plan of action and policies (usually monetary) prepared and approved prior to the time which it related.

1. Lucey (1983) ‘Government sector looks at budget from legal point of view as proposed estimates by revenue and expenditure within a fiscal year. According to Steamy (1992) government budgets usually consists of the following features:
   1. A general review of the economy in terms of its performance in the last budget year.
   2. The estimates, both revenue and expenditure, arranged under recurrent and capital groupings.
   3. The fiscal monetary and other controls to be introduced by the government.

According to Chartered Institute of Management Accountant (CIMA), budget is defined as “financial and quantitative statements prepared and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaining a given objective.  They may involve income, expenditure and employment of capital.  Budget could be said to be a standard with which to measure the actual achievement of people, departments and firms.  On the other hand, budgeting control has been defined.

However, Chartered Institute of Management Accountant (CIMA) defined budgetary control as the establishment of budget relating the responsibilities of executives to the requirement policy, and the continuous comparison of actual with budgeted results.

Budgetary control is usually operated with a system of standard costing, because both systems are interrelated at not interdependent.  Budgetary control is thus a system of controlling costs which includes the preparation of budgets, comparing actual performance with budgeted and acting upon results to achieve maximum profit and set objectives.

 

1.1     PURPOSE OF THE STUDY:

The purpose of this study is to look critically into relevant areas of budget and budgetary control.  Thus, it is to find out what type of budget and budgetary control are in use