BUDGETING AND BUDGETARY CONTROL IN BUSINESS ORGANISATION. (A CASE STUDY OF EMENITE NIGERIA LIMITIED EMENE ENUGU BRANCH)

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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. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

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.

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                                                     ABSTRACT

 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.

 

CHAPTER ONE:      INTRODUCTION

1.1   Background of the Study:        –       –       –       –       –       1

1.2   Statement of the Problem:       –       –       –       –       –       2

1.3   Objectives of the Study:   –       –       –       –       –       4

1.4   Significance of the Study:        –       –       –       –       –       5

1.5   Formulation of Hypothesis:      –       –       –       –       7

1.6   Scope of the Study:  –       –       –       –       –       –       8

1.7   Limitations of the Study: –       –       –       –       –       8

1.8   Definition of Terms: –       –       –       –       –       –       10

CHAPTER TWO:     

2.1   Literature Review:    –       –       –       –       –       –       11

2.2   The Concept of Budgeting and Budgetary Control:  12

2.3   Main Types of Budget:     –       –       –       –       –       17

2.3.1       Other Types of Budget:      –       –       –       –       –       18

2.4   The Budget Period:  –       –       –       –       –       –       30

2.4.1       The Budget Committee:     –       –       –       –       –       31

2.4.2       The Budget Manual: –       –       –       –       –       –       32

2.5   Stages in the Budgeting Process:     –       –       –       32

2.6   Zero Base Budgeting (ZBB):     –       –       –       –       38

2.6.1       Administration of Budget: –       –       –       –       –       41

2.6.2       Human Factors in Budgeting:   –       –       –       –       42

2.6.3 The Principal Budget Factors/Forecasting:     –       44

2.6.4 Budget Education: –       –       –       –       –       –       45

2.6.5       Budgeting in the purchasing Department of

Small and Large Companies:   –       –       –       –       46

2.6.6 Relationship Between Budgetary Control and

Standard Costing:    –       –       –       –       –       –       48

2.6.7       Participative Budget and Imposed Budget:       –       49

2.6.8       Principal Budget/Forecasting: –       –       –       –       51

CHAPTER TREE:    RESEARCH DESIGN AND METHODOLOGY

3.1   Research Design:     –       –       –       –       –       –       54

3.2   Source of Data:        –       –       –       –       –       –       –       56

3.3   Population Size:       –       –       –       –       –       –       57

3.4   Sample Size and Sample Techniques:     –       –       58

3.5   Research Instrument:      –       –       –       –       –       61

3.6   Methods of Data Analysis:       –       –       –       –       –       61

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1   Data Analysis (Questionnaires):       –       –       –       63

4.2   Test of Hypothesis:  –       –       –       –       –       –       68

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1   Summary of Findings:     –       –       –       –       –       77

5.2   Conclusion:     –       –       –       –       –       –       –       77

5.3   Recommendation:    –       –       –       –       –       –       78

Bibliography:   –       –       –       –       –       –       –       80

Appendix:        –       –       –       –       –       –       –       –       81

Questionnaire: –       –       –       –       –       –       –       83

 

 CHAPTER ONE

INTRODUCTION

• BACK GROUND OF THE STUDY

A budget is a financial and a quantitative statement prepared prior to a defined period of time of the policy to be pursued for the purpose of attaining a given objective.

Also according to A.U. Nweze (2004) in his profit planning.

Budget is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain a given objective.

Furthermore a budget is an attempt made at the beginning of each financial year to plan the profit and loss account for the year and to aim for a definite balance sheet. This profit planning must be a well thought- out operational plan with its financial implication expressed as both long and short range profit plans.

In any organization where budget is used as a means of profit planning many alternative plans have to be considered and the most profitable one will be adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.

On the other hand budgetary control is the establishment of policies and the periodic review or comparison of the actual result with the budgeted performances either to secure approval for individual action or to serve as a remedial course of action. Budgetary control whereby actual state of affairs can be compared with that planned for by the management, so that appropriate action may be taken to correct adverse situation that may occur before it is too late. It is also used to fix responsibility.

A budget systems serve the needs of management in respect of the Judgments and decisions it is fruited to make and to provide a basis for the management functions of planning and control. Developing a budget is a critical step in planning any economic activity. This includes business, governmental agencies and individuals.

Therefore businesses of all types and governmental units at every level must make financial plans to carry out routine operations, to plan for major expenditures and to help in making financial decisions.

On this back ground, every organization no matter nature has a plan for the future, simply because the success of any organization depends on the level of plan that is put into the organization.

 

• STATEMENT OF THE PROBLEM

          The main problem with budgeting is that it reflects data from the past and present, and will only enable predictions and forecasts to be made out the future. At the same time, numerous pressures in the job may impose constraints upon managers, which affect the quality of information they collect. The problem can be numerous; clearly, nothing can be forecasted with absolute certainty. No matter what financial and marking researches take place every organization has to take risks.

Though accounting information may reduce the unpredictability of event in the future. It will never eliminate it.

All these can interrupt the system of budgetary control:

LIQUIDITY PROBLEMS IN COMMERCIAL BANKS

 

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COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

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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. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

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

 

 

ABSTRACT

This study is aimed at appraising the liquidity problems in commercial banking in Enugu state with a view of determining how these problems affects commercial banking business, as well as determining whether the policies imposed by the central bank has actually solved the liquidity problems of commercial banks or not.  In doing this, we want to classify the period under review (1980-1980) into want to pre-sfem period and the post-sfem period.  In order words, the study intends to discuss the pre-sefem and post-sfem experiences of banks and offer useful suggestions as to how their problems could be alleviated if not eradicated.

For this purpose, empirival survey and history research was carried out and the statistical tool used is percentages.  The source of data for this study are both primary and secondary where the primary soruce consists of questionnaires and oral interviews, the secondary source is in the form of books, journals and news papers.

The research revealed that prior to the introduction of the structural adjustment programme with the second tier foreign exchange market (sfem) as its main feature, the problem has been that of excess liquidity, however, the introduction of the structural adjustment programmes (SAP) brought about the present liquidity crunch in the banking system.  It was further found out that both excess liquidity and shortage of liquidity affect the banks loans and advances as well as their profits.  Further more, it was observed that the policies imposed by the central bank has not solved the (excess and shortage of) liquidity problems of commercial banks.

As a result of these, it is suggested, among others, it is suggested among others, that banks should intensity their efforts towards acquiring more deposits drive for deposits (as it is popularly known) in order to alleviate the present problem of liquidity shortage in the system.  Moreover, there should be effective supervision of the policies imposed by the central bank to combat the liquidity problems of commercial banks to ensure that the policies are adequately implemented.  Other measure to alleviate either the excess or shortage of liquidity problems include adjustment of interest rates, adjustment of liquidity ratio, diversification of commercial banking services, establishment of more rural banks to mobilize rural savings and so on.  The essence of these is to maintain adequate liquidity and at the same time make enough profit for the shareholders.

 

 

 

 

 

PREFACE

 

          As a matter of fact, a lot has been written on the liquidity problems in commercial banking in Enugu state.  The basic challenge of this text attempts to discuss the two experiences (Excess liquidity and shortage of liquidity) of commercial banked in Nigeria and on a final note offer useful suggestions as to how these problems could be alleviated if not eliminated.  It is true that liquidity and profitability are among the many problems with which bank management struggles constantly.  This is because of the need to balance the pursuit of profit will the need to remain liquid.

As indicated above, commercial banks in Enugu state have obviously experienced excess liquidity era and are presently going the specific experience or shortage of liquidity.  This study therefore aims to find out the ways of the two experiences on the profitability of commercial banks, whether the agencies imposed by the federal government of ten though the central bank have solved the problems or not and how the dual problems have affected commercial banks loans and advances to their customers.

In terms of chapter organization, the next is arranged into five chapters.  The first chapter is devoted to introduction and some fundamental issues related to the research work.  The second chapter contains the review of related literature to the research work.  Here, too, the exposition of the liquidity problems of commercial banks in Enugu state is carried out.  The approach used here is pre-sfem and post-sfem experiences of banks.  Discuss here also, is the policies introduced by the federal government, mostly through the central bank, in alleviating the liquidity problems of banks.  Pre-sfem policies and post-sfem policies approach has been used here too; chapter three deals with research design and methodology which include the sources of data, interview questions, samples used, methods of investigation and scope and limitations of the study.  Chapter four bears the presentations, interpretation, test and analysis of data.  Finally, in chapter five are the summary finding, conclusion and recommendations.  Recommendation are based on the two experiences of banks, although on the two experiences of banks, although situation since it is the prevailing situation of commercial banking system in Enugu state.

TABLE OF CONTENTS

 

CHAPTER ONE

INTRODUCTION

1.1            Background of study

1.2            Statement of the study

1.3            Objective of the study

1.4            Significance of the study

1.5            Scope and limitations of the study

1.6            Definition of terms

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1            Liquidity ratio significance of liquidity ratio computation of liquidity ratio

2.2            Cash ratio

2.3            Liquidity risk

2.4            Liquidity requirements of commercial banks in Enugu state

2.5            Liquidity problems of commercial banks in Enugu state pre-SFEM Experience post-SFEM Experience

2.6            Policies introduced by the central banks of Nigeria in solving liquidity problems of commercial banks in Enugu state. Pre-SFEM policies post-SFEM policies

 

CHAPER THREE

Summary of findings, conclusions, and recommendations

3.1            Summary of findings

3.2            Conclusions

3.3            Recommendation

Bibliography

Appendix

CHAPTER ONE

INTRODUCTION

1.1            BACKGROUND OF STUDY

Liquidity is the word that the banker uses to describe his ability to satisfy demand for cash in exchange for deposits.  It can also be defined as the capacity of the bank to meet promptly demands that it pays its obligation.

A bank is considered to be liquid when it has sufficient cash and other liquid assets, together with the ability to raise funds quickly from other sources to enable it to meet its payment obligation and financial commitments in a timely manner.  In addition there should be a sufficient liquidity buffer to meet almost any financial emergency.

How much liquidity to hold and in what forms to hold it are a constant concern of bank management.  Banks are required to comply with legal reserve, requirements.  In addition, banks need liquidity to meet seasonal and unexpected loan demands and deposit fluctuations.  The majority of the transactions can be anticipated in advance and met from expected cash in flows from deposits, loan repayment or earnings.

Cash reserves also are needed to take advantage of unexpected profit opportunities, or for what might he termed aggressive purposes.  When a business firm that the bank has been working to secure as a customer finally presents a loan application, or a particularly desirable investment develops, the bank must have funds available to seize these opportunities.  During periods of expanding economic activity, banks are frequently presented with attractive loan situations which can only be met if banks maintain adequate liquidity. To determine the liquidity a bank needs at a particular time is to find the ratio of loans to deposits.  The higher the ratio is, the less willing banks will be in lending out and vice versa.

In Enugu State, commercial banks activities are regulated strictly by the banking act of 1969 as amended under the control of the central bank of Nigeria.  As a result of these regulation by the central bank, the commercial banks are required to hold specific assets equal to a certain percentage of their deposits and certain liabilities in liquid form.  This is known as the legal reserve requirement.  In the legal reserve requirements are liquidity ratio requirement, cash reserve requirements, stabilization securities issued by the central bank and special deposits.

Liquidity problems, for the purpose of this study, are looked at as the problems encountered by bank managers who are responsible for liquidity management, when there is either excess liquidity or liquidity squeeze in the banking system or in commercial banks.

 

1.2            STATEMENT OF THE STUDY OR PROBLEM IDENTIFICATION

There is no gain-saying, the fact that prior to the introduction of the structural adjustment programme (SAP) of which the second-tier foreign exchange market (SFEM) is the nucleus, the commercial banks in Enugu state have been wallowing in excess liquidity.  Consequently, they maintained excess liquidity ratios and were in the habit of refusing, deposits from the public.  These may be accountable to some deficiencies in the management policies of the central bank of Nigeria and the overall under developed nature of the entire economic system.  However, the structural adjustment programme with SFEM as the chief feature changed the trend.  The situation became that of shortage of liquidity or liquidity crunch, as it is popularly called.

In any case, for the purpose of this treatise, the liquidity problems of commercial banks have been identified from two perspective.

One is that they had excess liquidity before the advent of SFEM.

The other is that shortage of liquidity have been telling hard on them since the existence of SFEM under SAP.  In otherwords, this treatise takes a PRE-SFEM and posi-SFEM change on the liquidity problems of commercial banks.

With respect to the excess liquidity situation, this study intends to find out the effect of the excess liquidity in the banking system on the profitability of commercial banks, it investigates whether or not the policies imposed on the commercial banks by the central bank have succeeded in mopping up the excess liquidity in the banking system, and finally whether or not the excess liquidity in commercial banks affects loans and advances to their customers.

On the other hand, the shortage of liquidity perspective, focuses on its (shortage of liquidity) effect on the profit ability of commercial banks, whether or not the policies of the central bank can actually corrects the shortage of liquidity position of commercial banks, and above all how shortage of liquidity affects loans and advances to customers.

1.3            OBJECTIVE OF THE STUDY

Having identified the problems to which this study addressed itself, the writers shall in this work make a critical insight into the dual problems of excess and shortage of liquidity in commercial banks in enugu state and determine the effect and reaction of the two situations on the following:

1).     The profitability of commercial banks in Enugu State.

2).     Their reaction to the various policies of the government through the CBN to correct the two anomalies.

3).     The overall impact of these two situation on loan advanced to customers of the commercial banks.

 

 

THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS

 

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 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:0115939447

First Bank:
Account Name: Chi E-Concept Int’l
Account Name:3059320631

We also accept :   ATM transfer , online money  transfer 

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

form>

Call Help Desk Line :  08074466939,08063386834.

After Payment Send Your Payment Details To

08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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ABSTRACT

This study investigated the proposed that favour this proper and adequate financial record keeping in the success of small scale business. also discussed is a documentation of the research findings carried out among merchandizing oriented small business with the aim of charging the assertion among our small business proprietors that there is no relationship between sound accounting practices and profitability in business.

In began with under surveying the effects and cause of inadequate or complete lack of proper financial record among our small scale business proprietors. It also underlined the benefit of good financial record keeping. Discussed also is the extent to which simple companies maintained proper and adequate financial records.

Lastly, a relationship was established between proper and adequate financial records and success of small business.

Recommendation outlined a system of financial records for merchandizing oriented small scale businesses.

 

TABLE OF CONTENTS

CHAPTER ONE

• Introduction 1

1.1     Historical development of book-keeping                           2

1.2     Statement of problems                                                       3

1.3     Objective of the study                                                        4

1.4     Significance of the study                                                   5

1.6     Definition of terms                                                            23

 

 

 

CHAPTER TWO

• The review of related literature                                         26

2.1     Concept of small scale business                                         26

2.2     Constituents of proper and adequate financial record keeping in business.                                                                                 27

2.3     Benefit of proper and adequate financial record keeping business 30

2.4     Causes of inadequate record keeping in small scale business.33

2.5     The task of designing financial record keeping system.     36

2.6     Measurement of success in small business.                        40

2.7     Small business and auditing                                               43

 

CHAPTER THREE

• Research design and methodology 47

3.1     Method and procedures                                                     47

3.2     Sources of data                                                                  48

3.3     Research instrument                                                           48

3.4     method of data analysis                                                     49

3.5     Data analysis of techniques.                                               49

 

CHAPTER FOUR

4.0     Data presentation and analysis                                           50

 

CHAPTER FIVE

5.0     Summary of findings, recommendation and conclusion

5.1     Summary of findings                                                         67

5.2     Recommendations.                                                            68

5.3     Conclusion                                                                        75

5.4     Limitation of study                                                            75

 

CHAPTER ONE

1.0     INTRODUCTION

DEFINITION, NATURE OF BOOK-KEEP AND ACCOUNTING

          Book-keeping may simply be defined as an art of recording all money transactions of an organisation so that its relationship to both its proprietor and outsider can readily be ascericuned for a particular point in time. Book-keeping cannot be easily differentiated from accounting in general. The book-keeper writer up books and keeps accounting records in a system designed by the accountant whereas the amount ant controls the book-keeping system and ares information produced to prepare financial statement and advice management and other users of financial information.

 

Accounting can be defined in various ways depending on the objectives which the writer wants to achieve for the purpose of this study, accounting can be defined as a process of collecting, analyzing interpreting and summarizing of information or date relating to an organisation in such a way that decision guide is made easy. It can also be defined according to the nature of the activities involved in an organisation either descriptive or analytics information obtained from the activities involved.

 

An on information system it collects and communicate economic information about business and organisation whse actions and decision are related to the activities being communicated. Accounting may be summarized as a machine behind the writing of an economic history and plan of an or both qualitative and financial in manner so that facts can be realized for decision making for internal and external papooses.

 

• HISTORICAL DEVELOPMENT OF BOOK-KEEPING

There have been no ascertainable record as to when book keeping and accounting developed. Many schools of thought have numerated the historical development of book – keeping and accounting record from their historical perspectives and philosophical background.

It is on record that about 850 BC the early man established the fact that there have been in existence of book-keeping and accounts. After several prove by academicians a record was discovered which reveals the book-keeping practices. Table of days were used in recording facts and events as well as business transitions.

Similarly tablets were also used in reporting on how well the business has been.

 

The modern accounting practice according to listo traced its origin from Egypt which indicted that precious materials like stocks of jewelsy and other precious stocks were bought and sold by early merchants of different countries which sees the facts that proper accountability is necessary in the smooth running of the business and understanding among the owners of the business.

 

• STATEMENT OF PROBLEMS

To many Nigerians small business men, to get rich quick and short term profitability rather than sustained grwtoh, survival and long term profitability is the aim of being in business. therefore many of them cannot easily be couninced that there is a correlation between sound accounting practices and long range profitability. Even where they do, the problem does not there, because the record must be designed to suite the specific business if it is to be  adequate and proper. The question is does proper bo

 

 

 

Continue reading THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS →

BUDGETING IN ALL INFLATIONARY ENVIRONMENT

(A CASE STUDY OF BINEZ HOTELS LTD ABA)

 

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COMPLETE PROJECT  MATERIAL COST 5000 NAIRA

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Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:0115939447

First Bank:
Account Name: Chi E-Concept Int’l
Account Name:3059320631

We also accept :   ATM transfer , online money  transfer 

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

form>

Call Help Desk Line :  08074466939,08063386834.

After Payment Send Your Payment Details To

08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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ABSTRACT

This topic was designed to highlight the importance and prominence budgeting in a very dynamic economy like ours as well as the difficulty to forecast the rate of inflation with accuracy and the problem posed by changing price level and how these problems are addressed in making budgeting decisions.

Highlighting the advantages as well as he problem associated with budgeting will enhance the managers skill and ability in the preparation and implementation of budgets. They will also see the correlation between budgeting and success as well as appreciate it students on the dynamics, complexities and mechanics of today’s business decision making. a part from making some contribution to knowledge, the study would also add to the existing. Finally, the study is significant as it is in partial fulfilment of the polytechnics requirement for the award of Higher National Diploma (HND) in Accountancy. This study report is five chapters. The first chapter introduces the topic, present the nature of the problem, the objective of the study significant of the study, the significant of the study the scope of the study as well as statement of hypothesis. The chapter also given a brief history of the company and the aware ship structure. Hence the first chapter serves as a prelude to the main study.

The second chapter examines the work of the other people on the study. Review is divided into sections top cover areas like of meaning and purposes of budget  and the techniques of the data treatment will be explained and the limitation to which we are subjected in the data treatment. The data collected will be analyzed and discussed so as to develop our findings in the context of the purpose for which the study was conducted chapter four.

Here, the statement of fact in connection with the study will be made. The finding of the study will determine whether the hypothesis were true or not.

Finally, in chapter five, statement of findings is made, conclusion are draw remarks and recommendations based on the study are made.

 

TABLE OF CONTENTS

 

CHAPTER ONE

• Introduction 1

1.1     Background statement                                             1

1.2     Nature of the problem                                              3

1.3     Statement of hypothesis                                           5

1.4     Objective of the study                                              6

1.5     Research question                                                    7

1.6     Significance of the study                                         8

1.7     Scope of the study                                                             9

1.7.1  Brief history of the company                                   10

1.7.2  Ownership structure                                                11

1.8     Organisation of the study                                         11

1.9     Definition of terms                                                  12

 

CHAPTER TWO

• Review of related literature                                     16

2.1     Introduction                                                             16

2.2     Meaning and purpose of budgeting                         21

2.3     Types of budgeting                                                  23

2.3.1  The operating budget                                               23

2.3.2  The finance budget                                                  26

2.4     Stamps in preparing budget                                     28

2.5     Techniques of budget                                              29

2.6     Meaning of inflation                                                31

2.7     Rates of inflation                                                     32

2.8     Types of inflation                                                    33

2.9     Pos and cons inflation                                              35

2.10   causes of inflation                                                    36

2.11   Control of inflation                                                  39

2.12   How Binez Hotels Ltd, Aba take care of inflation in

their budgets.                                                                     40

2.13   Budget planning implementation and control in Binez Hotel Ltd. 41

2.14   Types of budget prepared in Binez hotel                 42

2.15   Budget preparation implementation and control procedures in Binez Hotel Ltd.                                                                43

2.16   Data presentation, interpretation and various analysis. 45

2.17   Summary                                                                 45

 

CHAPTER THREE

• Research design and methodology 47

3.1     Research design                                                       47

3.2     Area of study                                                           48

3.3     Determination of sample size/population                 48

3.4     Sample and sampling procedure                              49

35      Types of data used                                                   49

CHAPTER FOUR 

• Data presentation and analysis 53

 

CHAPTER FIVE

• Findings, recommendation and conclusion 67
  • Introduction 67
  • Recommendations 69
  • Suggestions for further research 70
  • Summary/conclusion 71

Bibliography                                                            72

Appendix                                                                 77

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND STATEMENT

The concept of budgeting is as old man. In history, we learnt that the early man had to determine whatever he needed in advance before it eventually materialized. This very obvious in the present days in lives of individual, a state or a nation, as nation plans ahead in terms of revenue and disbursements within a specified period of time. Every establishment, be it public or private, finds it necessary to prepare budget and institutes budgetary control for the purpose of translating policies the best possible activities as well as financial control in order to achieve the best result.

 

A budget had been defined as “a financial and /or quantitative statement prepared and approved prior to a defined period of time of the policy to be pursed during that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital.

 

The institute of cost of management accountants (ICMA) defines budgeting control as’ the et of departmental budgets relating the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results, either to serve by individual action the objective of that policy or to provide a firm basis for its revision. In a nutshell a budget is a permute which measures the actual achievement of people , artments, ministries, firms etc.

Statement for review and control purposes. These financial statement as a guide to chief executives had of parastatals etc. In the operation of the resources at their disposals.

However, in recent times, increases in the general level of prices has in no small way unlimited the numerous advantages of budgeting planning as well as increased the degree instability and uncertainly in the business environment. No rigid reliance on budgeting as a management tool to provide direction basis for performance appraisal and for profit measurement can be grossly misleading inflationary result in reduced profits. It can equally create a false sense of well being for a company. For instance, where a company makes holding gains by merely deliberately holding its stock and reselling at a much higher price when actual supervisor managerial ability has not been demonstrated nor has capacity utilization or sale volume increased.

 

 

Also during inflation, the value of fixed assets are usually understated because the replacement or current cost of the assets are usually higher than their book values. This is turn understates the amount of deprecation charged for these assets and consequently overstate profit. The distribution of this Phony profit as dividends may result in capital depletion. This a negation of fundamental principle of income determination, which state that provision should be made to maintain the of existing capital intact.

Budgeting in an inflationary environment therefore requires considerable forecasting and predication of the economic, social political, and even legal trends in the business environment and their impact on both the centre economic factor in today’s activities of the particular business enterprise. As a recurring factor in business environment the need to recognize and incorporate inflationary pressure in budgeting decision is therefore very paramount.

 

• NATURE OF THE PROBLEMS

The dynamic complex, unstable and competitive environment under which Nigerian operates to day has made advance planning very crucial and infact a key factor for success. a business plan is usually actualized through the use of a budget. However, no matter how through and painstaking the preparation of a budget may be unforeseen fluctuations in general price level may cause unfavourable distributions or deviations between actual and budgeted activities.   

As a result of the dire need to plan effectively and keep pace with developments in the business environment, the following problems are addressed.

Inflationary pressures are incor

 

 

 

Continue reading BUDGETING IN ALL INFLATIONARY ENVIRONMENT →

AN OVER-VIEW OF LOCAL GOVERNMENT FINANCE IN THE NEW MILLENNIUM (A CASE STUDY OF IGBO – ETITI LOCAL GOVERNMENT COUNCIL)

 

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ABSTRACTS

This work is undertaken in response to the vexed question of mismanagement improper harnessing of revenue and ineffective control and accountability of local government finance in Nigeria. no doubt there has been a trend of mismanagement of the council revenues. This situation dove fails to the last millennium and has adversely affected grassroot development. It calls for a reversal of the friend for proper generation of revenues, for proper accountability of funds available to the councils for even development etc in the new (third) millennium.

 

To realize these onerous objectives this research is made it attempts at analyzing the problems and prospects of the third tier of governments in the third millennium of our Lord.

 

However this research work is confined to Igbo-Etiti local government council, Enugu since we cannot review the writes 774 local government councils in the country within limited scope of the reason for this confinement is obvious. It is informed by the nature and character of the academic respondent with its peculiar scope and limited resources to do otherwise within the circumstance would have been unusual – a situation analogous to stretching the skin of a rat to cover an elephant.

The project undergous for chronological chapters with the first chapter highlighting the introduction with its background, scope, significance etc.

Chapter to reviews available literature  on the problem and underscores the structure, constitutional basis and reforms of the local government systems, their revenue sources and expenditures their statutory roles etc. the project reaches its climase in the third chapter which is the over-view of Igbo-Etiti local government finance in the third millennium of our Lord as a case study of local government finance in Nigeria.

The study is wound up in the fifth chapter with summary of findings, recommendation and conclusion. This was facilitated by the presentation. Analysis and interpretation of Data in Chapter four.

 

 

 

 

TABLE OF CONTENTS

Chapter one

• Introduction 1
  • Background of the study 1
  • Statement of the problem 2
  • Objectives of the study 3
  • Significance of the study 4
  • Scope and limitation of the study 5
  • Statement of hypothesis 7
  • Definition of terms 8
  • Research design and methodology 10

Chapter two

• Literature review 12
  • What is local government? 12
  • Local government administrative structure 13
  • History of local governments in Nigeria

(local government reforms)                                               16

• Functions of local government           18

Chapter three

• An over-view of Igbo-Etiti local government finance in the new millennium 21
  • Igbo-Etiti local government sources of revenue in the new millennium                                                              21
  • Problem and prospects of Igbo-Etiti local government finance in the new millennium 24

Chapter four

• Presentation, analysis and interpretation 29
  • Test of hypothesis 32

Chapter five

• Summary of findings, recommendation and conclusion
  • Summary of findings 34
  • Recommendations 35
  • Conclusion 36

Bibliography                                                                     37

Appendix                                                                           39

 

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Local governments form the third tier of government. The aim of creating local government is to decentralized government activities so that local governments which are nearest to the people will enable the people to participate in development process of their area.

 

In other to ensure their constant existence local governments need to ensure that adequate controls exist over the transactions that funds are promptly and properly accounted for and all documents and records relating to the financial transactions are accurate and complete. There are increasing demands on and expectations of the local government councils in Nigeria, while their revenue continues to be mismanaged. To prevent this trend and for significant objectives to be achieved in the new millennium there is need for proper harnessing, management, control and accountability of funds available to the councils.

 

In addition constitutional mechanisms to autonomy, abolition joint accounts and development countries. In this analysis Igbo-Etit local government is our case study. Obviously we have been compelled by limited resource to confine this review to one out of the 774 local government in Nigeria and this forms the fulcrum of this review. Moreover the fact that this work is an academic project with its peculiar characteristics and scope make this choice quite germane.

 

Furthermore, the finance available to the local government is very low and if specified objectives are to be achieved there must be proper harnessing of this resources, therefore must be proper control of revenue generated and proper accountability of funds available to them. I equally looked at local government sources of revenue, the manner and effective collection and disbursement of funds.

 

• STATEMENT OF PROBLEMS     

The main targets of this study is to determine the followings:

1. Whether the financial management procedures carried out in local government are adequate and effective in meeting the objective of the local government.
2. Whether laid down control procedures are complied with.

• To identify the major problems methodology in the implementation of financial administration procedures.

Sources of council revenues and expenditure and most importantly the control and ac

 

 

 

Continue reading AN OVER-VIEW OF LOCAL GOVERNMENT FINANCE IN THE NEW MILLENNIUM →