ACCOUNTING INFORMATION AS A TOOL FOR DECISION MAKING IN BUSINESS (A STUDY OF SOME SELECTED FIRSM IN RIVERS STATE)

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ABSTRACT

This work is an attempt ot re-emphasize the role of accounting information in ensuring good decision of business organizations. In this work, accounting information is seen as the only means by whicich the amagement of any business organization could communicate to its staff, debtors, creditors, government and infact, the general public about its operation successes and failure properly packed, the accounting information of a business speaks volumes of the avaibility or other wise of the business. specifically, this work ex-rays the extent to which business organizations make use of accounting information in achieving the objective of good management direction and control. All the accountants, managers, and some other staff in decision making position in business organization of this study. A total of 23 accountants, managers and members of management were randomly selected from three companies in PortHarcourt – River state.

This work notes that inspire of the importance of accounting information to business organization, companies make little or no good use of it. I should encourage the use of accurate, timely and capable financial data to generate good accounting information adequate enough to be used in a basis for day to day and periodic business decision. This is necessary not only to sale their organization from collapse but to help our economy to grow

ACCOUNTING INFORMATION AS A TOOL FOR DECISION MAKING IN BUSINE

TABLE OF CONTENTS

CHAPTER ONE: Introduction

• Background of the study ………………………………………..……1
• Statement of problem…………………………………………………3
• Objective of the study………………………………………3
• Research Questions……………………………………………………4
• Significance of the study………………………………………………6
• Scope of the study………………………………………………….…7
• Definition of terms ………………………………………8

CHAPTER TWO:

2.0     Introduction …………………………………………………………12

2.1     What is accounting ……………………………….………12

2.2     Objective of accounting ………………..…………14

2.3     Business objective & management function ……..………14

2.4     Application of accounting  in decision making planning and control. ………15

2.5     The scope and users of accounting  information ……………………17

CHAPTER  THREE:

3.0     Introduction ………………………………….……….35

3.1     Research  Design…………………………………………………….35

3.2     Population of the study………………………………………………36

3.3     Sample and sampling techniques ……………………………………36

3.4     Sources of data

3.5     Method of data collection ………………………………………36

3.6     Validation of the instruments.………………………….…………37

3.7     Distributed and retrival of the instruments…………………………38

3.8     Method of data Analysis …………………………………………….39

CHAPTER FOUR:

4.1     Introduction

4.2     Data presentation and Analysis ……………………………………..40

4.3     Finding  …………………………………………………..50

CHAPTER  FIVE:

5.0     Summary,  Conclusion And Recommendation ………………….….54

• Summary of the Findings ……………………………………………54
• Conclusion …………………………………………………54
• Recommendation ………………………………………..…56

References……………………………………..………57

Appendix A ………………………………………….………59

Appendix B……………………….………………….………60

Questionnaires …………………………………….……..61

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

The Board of Internal Revenue, Enugu in Enugu state has its origin back to the era of our colonial masters in Nigeria being establish along side other government agencies. As internal Revenue, a division of the ministry of finance in the then Eastern Nigeria, the aim was to generate revenue to enhance the execution of her mapped out programmes. The Board of internal Revenue was established as an autonomous government agency charged with the sole responsibility of tax administration with the jurisdiction of the then Eastern Nigeria. This took effect in 1960 after the independence followed by much demanding and expanding responsibilities.

It therefore, has undergone and served various governments since its inception such like Eastern Nigeria, East central state, Anambra state and to its present state as one of the leading and autonomous viable extra-ministerial department of Enugu state government. Policies are formulated and implemented just for the better welfare of the people by the government either in national, state or local levels. therefore at different levels the government has various organs by which it executes their policies for the interest of its subjects. Among these organization especially in Enugu State is the Board of internal Revenue, Enugu.

It is through that there were such changes in government and the ones arising from even successive governed especially on those government organs yet, there is that constance in the duties and responsibilities of the said Board in Enugu as the main organ charged  with the generation of revenue for the government the execution of her programmes.

With due consideration, therefore as to the objective and with particular reference towards achieving the goal of the Board of internal Revenue, Enugu as an organization. There must be an effective and efficient tax administration with in and outside state on behalf of the government. A summarized break down of the objectives of the organization goes thus:

• To assess personal income tax on persons and enterprises other than that of limited liability companies.
• Taxes is to be collected on behalf of the state under the following divisions:

1. Personal Income tax
2. Entertainment tax
3. Pay as you earn
4. Road tax
5. Social function tax
6. With holding taxes on contracs, rents, dividends, director’s fees and professional fees etc.

• To advice government on tax matters.
• To render proper account of the revenue collected on behalf of the state.
• To formulate tax policies in liaising with the joint board.
• To prepare annual revenue estimate.
• To liaise with federal Board of Internal Revenue for the state share of value Added Tax (VAT)
• To prepare and render weekly, monthly and annual revenue returns.
• To issue and validate tax clearance certificate.
• To investigate and obtain information for tax purposes etc.

The Board with its present organizational structure has the director of internal Revenue as the Chief executive and Accounting officer. The position of the director of internal revenue through mandatorily as occupied by a career officer, yet has the status of director general by federal government directive.

In accordance with Decree 43 of 1983 (now abrogated) the Board now has three main service department namely: personnel management department with sole responsibility for all personnel functions; finance and supplies department directly incharge of all matters concerning finance and supplies; and the planning, research and statistics department-which is incharge of planning and other related matters. Others are the line department which carryout the duties with which the Board is identified / established. These department include Assessment Department. It shoulders all matters related to tax assessment. Then the collection department which is entirely responsible for tax collection form all sources; the investigation and information procurement department whose duty is to investigate and procure information for tax purposes. Then to enhance a grassroots and effective execution of its due responsibilities, there are three special zonal officers married by zonal tax authorities re-established by the Board with in the state namely zonal tax authorities, Enugu zone, Nsukka zone and Abakaliki zone (in the present Ebonyi state capital). They are responsible for tax assessment and collection form all local government motor licensing and tax offices with their zonal being directly responsible to the director of internal revenue as it affect all tax activities in their different zones, they collect and render weekly, monthly and annual returns as at when due.

The motor licensing offices are controlled by the motor licensing offices authorities while the executive secretaries to assessment authorities control the local governed tax office. The life wire of the Board of internal revenue activities within the present Enugu state comprises the zonela and local government tax and motor licensing offices.

Below is a diagram of organizsational structure of Borad of internal REvenue, Enugu to expantiate more as ot the above:

ORGANISATIONAL STRUCTURE OF BOARD OF INTERNAL REVENUE

 

 

DIAGRAM

 

 

1.2     STATEMENT OF THE PROBLEM

Almost all activities are generally and basically determined and are being carried out by actors (persons) that maku up such public sector. Lmachinery, materials and money (structures) together iwht time can be unproductive without human efforts and directions human manpower, simply every aspect of the activities of any or all public sector is determined by the competence and general effectiveness of its available human resources.

I therefore, maintain that both the behaviour and attitude ot work by the employees of any said public sector are often associated with or influenced by level of motivation and other factors available in such establishment such employee motivation includes:

1. a) Clealry defined schedule of duties
2. b) Reward for effectiveness / over time claim
3. c) Conductive working environment
4. d) Hazard allowance
5. e) Adeqauate information
6. f) Opporltunities for improvement – Training etc.
7. g) Adequate supply of working tools
8. h) Transportation – travel allowance
9. i) Health / welfare service (canteen, hospital, sick / maternity leave
10. j) Confidence and trust
11. k) Adequate recognition and protection
12. L) Accommodation
13. M) Reward for sacrifice
14. n) pre-retirement attention / pre-briefing
15. o) Equity and fairness

these and other employee motivation factors plays a vital role (positive effect) in the performance and effectiveness of the staff in any public sector. Therefore the level with which these motivating factors are provided especially to public sector offers some remedy for comparison in terms of genral performance between two organizations that perform similar functions e.g (union bank and Afri bank)

1.3     PURPOSE OF THE STUDY

This little work is hereby deigned to contribute to the issue of employee motivation as it affects the public sector, its workers to enable them put in their best performance in the immediate existing task of nation building towards the imporvemnt of our economy. This sole desire and hopelessness into which the employee motivation especially in publc sectors has been place. This resulting from the unstable policy, economy and its inflationary trend.

The study therefore is aimed ot identify those factors that motivate employee in the public sector and their impact on job performance. it is basically directed toward identify those motivating factors which are lacking in the board of internal rEvenue Enugu. Analysis would be made on their general implicsation and suggest possible solution on how best an employee should be motivated in order to effect an improved job performance especaily in the public sector.

1.4     SIGNIFICANCE OF THE STUDY

This study of under taken to emphasize the necessity of employee motivation I public sectors which are service oriented establishment with set objectives to achieve lack of such factor and hence motivation shall obviously lead ot how performance among workers and eventually to non-realizaiton of the set goal of the establishment.

It will offer possible solution as ot how employee can be motivated in order to enhance job performance.

1.5     RESEARCH QUESTIONS

It will be necessary to examine the following question.

1. Can you identify the time / duration spent by employees in the Board of internal Revenue, Enugu
2. Do you think that the employees of the Board of Internal Revenue performed at optimum level? yes / No

• From the question above, if you answer is yes please could you mention some of he factors where you based your opinion.

1. Is there over-staffing in the Board of Internal revenue Enugu state, which may prevent the government from motivating them accordingly.
   • SCOPE / DELIMITATION OF THE STUDY

This study is focused on those factors which affect the motivation of employees in the public sector, with particular reference to the workers of the Board of Internal Revenue Enugu state.

1.7     DEFINITION OF TERMS

For the purposes of clarification and proper under standing of this work, several concepts and term used here with, to an extent be defined as follows:

1.7-1 EMPLOYEES:    This refers to all the worker employed and

working in an organization / establishment.

1.7-2 MOTIVATION: Is a general term applying to he entire class of

drives, desire need wished and similar forces. This reflects wants, hey are the identified rewards or incentives that sharpen the drive to satisfy these wants. It also the menas by which conflicting needs may be recociled or one need hightened so that it will be given priority over another that conscious effort made to induce a positive attitude of a person or group of persons toward something.

1.7-3 SATISFACTION:  Refers to the contentment experienced when

a ant is satisfied. It is the out come already experienced.

1.7-4 PUBLIC SECTOR: It is there establishments set up and is controlled

by either the government by private individuals. A field of activity especially of business trade etc solely designed to serve the public.

1.7-5 GOAL:                This refers to the objective or target set for

achievement or realization by an organization.

1.7-6 CONDITION OF SERVICE: This is he stipulation of a number of

incentives aimed at attracting he right calibra of employees as well as inducing the worker to produce salary. Housing allowance, pension, leave allowance, free insurance vehicle loan and free medical etc.

1.7-6 PRODUCTIVITY:      It refers to the workers out put per annual,

hour or performance in relation to his work.

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 ACCOUNTING FOR INTANGIBLE ASSET, THE WAY OUT

(A CASE STUDY OF GUINNESS NIGERIA PLC SAPELE BRANCH DELTA STATE)

 

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ABSTRACT

This project is a comprehensive study and examines the “Accounting treatment of intangible assets the way out, (A case study of Guinness Nigeria Plc Sapele branch Delta state. This project is aimed at determining the impact of the current accounting range of thinking relative to intangible assets and how such resources should be valued, recognized and presented in the financial Reporting of companies. Data were collected through primary and secondary sources. The finding revealed that the impact of goodwill as intangible assets plays vital role on the organization adequate skilled personnel in measuring and evaluating accounting for intangible assets. Therefore, the impact of accounting for intangible assets cannot be over emphasized hence it depends on the conferment of a given organizational setting. Form the conclusion of the study: it can be observed that there will be serious potentials for misunderstanding and suspicious resulting from information based on mix of conflicting accounting policies. It is therefore recommended that policy maker should promote education business training initiative with a view to building broad capacities in intangible management.

 

 

TABLE OF CONTENTS

 

CHAPTER ONE

1.0     Introduction ………………………………………………………………1

• Background of the study…………………………………………….……1
• Statement of the problem………………………………………………….4
• Objective of the study…………………………………………………….6
• Significant of the study……………………………………………………6
• Research questions……………………………………………………..…6
• Research Hypothesis………………………………………………………7
• Scope / Delimitation of the study……………………………..…………8
• Definition of terms ………………………………………………….……8

CHAPTER TWO

2.0     Literature Review……………………………………………….………10

2.1     Theoretical framework of the study……………………..………………10

2.2     Current  literature  review………………………………………….……16

2.3     Models and theories relevant to the Research question …………………21

2.4     Summary of the literature ………………………………………………21

CHAPTER THREE

3.0     Research Methodology………………………………………….………24

3.1     Design of the study……………………………………..……….………24

3.2     Area of the study…………………………………………………………24

3.3     Population of the study………………………………………….………24

3.4     Sample and sampling techniques ……………………….………………25

3.5     Instrument for data collection …………………………………..………25

3.6     Validity of  the  instrument …………………………….…………….…25

3.7     Distribution and Retrieval of the instrument ……………………………26

3.8     Instrument for Data Analysis ……………………………………………26

CHAPTER FOUR

4.0     Data presentation and Analysis…………………………………………28

4.1     Data presentation and interpretations ………………..…………………28

4.2     Finding …………………………………………………………….……35

CHAPTER FIVE

5.1    Summary of findings, conclusion, Limitation and Recommendation ….40

5.2     Conclusion ………………………………………………………………41

5.3     Recommendation …………………………………………………..……41

5.4     Limitation for the study …………………………………………………42

5.5     Suggestion for further studies ………………………….………………..43

References ………………………………………………………………..44

Appendix  A………………………………………………………………45

Appendix   B…………………………………………………………..…46

Questionnaire ……………………………………………………………47

 

 

 

 

 

CHAPTER ONE

1.0     INTROUDCTION

1.1     BACKGROUND OF THE STUDY

 

Accounting for intangible asset has gained prominence in the past few decades due to changes in the way the business world operates. Intangible assets are  either acquired in a business combination  on developed internally. In case of acquisition in a business combination such assets are recorded at their air value, while in case of internally generated intangible assets the assets are recognized at the cost incurred in development phrase. In relation to the development of internally generated intangible assets there are two phrases research phases and development phase. Research phase includes all activities and cost incurred before the intangible assets is commercially feasible, while the development phase include all activities and costs incurred after the asset is established to be commercially feasible. All costs in research phase are expensed in the period incurred while costs incurred in development phase are capitalized. Intangible assets are typically expensed according to their respective life expectancy. Intangible assets have either an identifiable or indefinite useful life. Intangible assets with identifiable useful lives are amortized on a straight line basis over their economic or legal life, which ever is shorter. Examples  of intangible assets with identifiable useful like include copyrights and patents intangible assets with indefinite useful lives are reassessed each year for impairment. If an impairment has occurred, then a loss in determined by subtracting the assets fair value from the asset’s book / carrying value. Trademarks and goodwill are examples of intangible assets with indefinite useful lives. Goodwill has to be tested for impairment rather than amortized if impaired, goodwill is reduced and loss is recognized in income statement.

According to International Accounting standards Board Standard 38 (IAS 38) defines an intangible asset as: “an identifiable non-monetary asset without physical substance. This definition is in addition to the standard definition of an asset which requires a past event that has given rise to resource that the entity controls and from which future economic benefits an expected to flow. Thus, the extra requirement for an intangible asset under IAS 38 is identifiable. This criterion refines that an intangible asset is separable from the entity or that it arises from a contractual or right.

According to financial accounting standards Board (FASB) Accounting standard codification 350 (ASC 350) defines a intangible asset as an asset, other than financial asset that lacks physical substance. The lack f physical would therefore seen to be a define characteristic of an intangible asset. Both the (IASB) and (FASB) definition specifically preclude monetary assets in their definition of in intangible asset. This is necessary in or to avoid the classification of items such as accounts receivable, derivatives and cash in the bank as an intangible assets, including: computer, software, copyright and patents.

The international Accounting standards Board (IASB) of some guidance (IAS38) as to how intangible assets should be accounted for in financial statements. In legal intangibles that are developed internally are not recognized and legal intangibles that are purchased from third parties are recognized. Wordings are similar to under generally accepted accounting principles (GAAP), intangible asset after their initial recognition is not allowed. Intangible assets are carried as historical cost less accumulated amortization and impairment.

Intangible assets have been argued to be one possible contributor to the disparity between company value as per their accounting records, and company value as per their market capitalization considering this argument, it is important to understand what an intangible asset truly is in the eyes of an accountant. A number of attempts have been made to define intangible assets. Despite difficulty to carryout in practice the problem there are a number of performance measure of intangible assets presented in the literature also applying them in practice see example mouritse et al, (2003), ratuating et al (2004), currently, there is very little experience on how different organizations are using performance measurement  to manage their intangible assets is systematically allocated to expenses allowed to exceed forty years. The process of allocating the cost of intangible assets to expenses is called amortization and companies almost always use the straight line method to amortize intangible assets.

Furthermore, this issues is so important to business organization in that if adequately maintained it bring about good relationship between the organization and the society. In view of this study which is narrowed down to guinness Nigeria Plc can approximately be describe as one of the most prominent and well known company in the country. The company celebrated its 50^th year (Golden Jubilee) in the year 2002. Now it is obvious that it has been in existence since the past 53 years in Nigeria and the demand for it product, no doubt has continue to grow and its has indeed remained consistently high all through the years. The company majors in production of small and big Guinness stock, bear, harp, guilder, spark, malta guinness. It also produced satzenbian beer. This company has branches in various parts of the country since early seventies precisely 1974. It first production plant was established at Ikpoba scope of Benin city. This date the company has continued grow and it remains the most dominant and prominent companies in the Brewery industry.

1.2     STATEMENT OF THE PROBLEM

Management accountant have long recognized that for many product the proportion of indirect overhead costs has tended to increase firms, make greater use of intangible investments to produce their input and to manage their business strategies. Such observation driven by increased product, complexity and often arising from the adoption of mass customization strategies led to the development techniques such as activity based costing and the balance score card designed to produce more strategy   relevant costing information and key performance indicators than recognized indicators than recognized the intangible value drivers of the business. The problems associated with the research which motivated the researchers to embark in the study are

1       The generally accepted accounting principle recognized as financially relevant accurate event that arise from intangible asset.

2       The GAAP account, process and present there intangible asset related events.

1.3    OBJECTIVE OF THE STUDY

The objective of this work is intended to do the following:

• To explore the current range of thinking native to intangible assets.
• To determine how such intangible resources in values, recognized and presented in the financial reporting of companies.
• To determine whether accounting for intangible assets enhances accountability, transparency, and unproved quantity in reporting financial results of the companies
• To find out if accounting for intangible asset is cumbersome and create problems

 

1.4         SIGNIFICANCE OF THE STUDY

The significance on the benefits of accounting for intangible asset are:

• It shows valuation, recognition and presentation of intangible asset.
• To enhance ac accountability and transparency in reporting
• It gives the user of the financial statement maximum satisfaction and reliability of the financial statement.

1.5         RESEARCH QUESTION

These are question asked in order to create answer to the research  problems. The questions are as follows:

• Should the generally accepted accounting principles (GAAP) be recognized as financially relevant and accurate event that arise from intangible assets?
• How should generally accepted accounting principles (GAAP) account process and present these intangible assets.
• Does accounting for intangible asset enhance accountability transparency and quality in reporting?
• Does the impact of goodwill as intangible asset provides steady growth and continuous profit when properly analyzed?
• Does the diversified accounting skill and experience of the accountant help in the account recognition and presentation of intangible assets?
• Does accounting for intangible asset in an organization increase customer’s patronage?
• Does an accountant follow the statutory requirement in the preparation of intangible asset account?
• In accounting, for intangible assets does it creat problem in the preparation.
• Should organizations have adequate skilled personnel in measuring and evaluating accounting for intangible asset?
• Does the employment of unqualified staff create problems in accounting for intangible asset?

 

1.6     RESEARCH HYPOTHESIS

1       Ho: The diversified accounting skills and experience of the accountant does not help in the account recognition and presentation of intangible asset.

Hi:     The diversified accounting skills and experience of the

accountant help in the account recognition and presentation of intangible asset.

2       Ho: The generally accepted accounting principles (GAAP) account, process and presentation of intangible asset does not enhance accountability and transparency in reporting.

Hi:    The generally accepted accounting principles (GAAP) account, process and presentation of intangible assets enhance accountability and transparency in reporting.

3       Ho: The accountant should not follows the statutory requirement in the presentation of intangible asset.

Hi: The accountant should apply the statutory requirement in the presentation of intangible asset.

1.7     SCOPE OF THE STUDY

The scope of the study of the researcher delimits its study to accounting  for intangible assets, the way out (A study of guinness Nigeria Plc Sapele branch Delta State).

1.8     DEFINITION OF TERM

The following are terms associated with the research work.

• Intangible Asset (IA) The dictionary defined intangible asset as an asset that is saleable though not material or physical
• Intellectual capital (IC): is defined as an intangible asset that I not financial or physical and has been a formalized. Captured and leverages to produce a higher valued asset.
• Goodwill: Goodwill is arguable the most conforming intangible asset to (GAAP) it is the excess it four value over book in a purchase transaction.
• Financial statement: According to dictionary of finance defines it as written record of the financial status of and individual association or business organization.
• Financial Reporting; It essentially involves preparing and issuing financial statement (J.C. Aroh 2010)

 

 

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 CASH BUDGET: A TOOL FOR DECISION MAKING IN AN ORGANIZATION

(A CASE STUDY OF NIGERIA BOTTLING COMPANY, ONITSHA)

 

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ABSTRACT

This study examined cash budget a tool for decision making in business organization.  The purpose of cash budget is to facilitate and ensure that cash is available so that the company can operate effectively at the levels provided for in the other budgets. For effective management of decision making. The objective of this study was achieved by using the under mentioned Nigeria bottling company Onitsha as a case study. The survey research method was made possible through the administration of questionnaires which were distributed randomly to management and supervisory level staff and some accounting staffs their responses where collected form the respondents and then analyzed, using the percentage rate methods. The analysis of data and finding revealed that cash budget is an aid to effective management, impact positively on profitability and above all, it was greatly accepted and applied, through there were some factors that hindered their full implementations. Conclusively, it could be said that without cash budget organizational goals and objectives may not be achieved. Therefore, it is recommended that control should follow planning and variance should be reporting and corrective action taken immediately.

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of contents

CHAPTER ONE: INTRODUCTION

• Background of the study
• Statement of problem
• Objective of the study
• Research questions
• Hypothesis (if any)
• Significance of the study
• Scope of the study
• Assumption of the study(if any)
• Definition of terms

CHAPTER TWO: LITERATURE REVIEW

• Conceptual definition of budget
• Theoretical framework
• Current Literature review
• Summary of Literature review

CHAPTER THREE: RESEARCH METHODOLOGY

• Design of the study
• Area of the study
• Population of the study
• Sample size and sampling technique
• Instrument for data collection
• Validity of the Instrument
• Distribution and Retrieval of Instrument
• Method of data analysis

CHAPTER FOUR: DATA PRESENTATION  AND ANALYSIS

• Tabulation of Responses
• Testing of hypothesis
• Discussion of findings

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

• Summary of findings
• Conclusion
• Recommendation
• Limitation of the findings

References

Appendix A

Appendix B

Appendix C

Appendix D

Appendix E

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

Every rational economic unit has some objectives to attain, individual, corporate bodies in government have objectives to achieve. To achieve their respective objectives, resources have to be made available, unfortunately nature did not distribute her resources abundantly, whilst objectives and needs are numerous and varied as they are various economic units.

In order to make resources available, cash is needed, according to investopedia, cash is legal tender or corns that can be used to exchange goods, debt or services some time it can also incluces the value of assets that can be converted into cash immediately, as reported y a company.

Acoring to Shine Mat (15 June 2012): companies have those primary motives for holding cash and hey are:

The transaction motive

The precautionary motive

The speculative motive.

The transation motive enables firms and companies to conduct their ordinary business making purchases and sales. The precautionary motive depends on the predict ability of cash flow and the ability of company to borrow a short notice. This motive enable a firm to provide enough funds as a protection against unexpected opportunity that may arise. Moreover, sound working capital management require the maintenance of adequate amount of cash. The organization must plan towards its and this plan is know as budgeting a subset of corporate plan.

1.2     STATEMENT OF PROBLEM

Budget is one of the controlling instruments used by the management, it is a plan or estimate to be attained by an enterprise. In this study, efforts are made ot find solution to the following problems. The problem of why budget cases failed to be realized it is because of insufficient capital. Another problem that management face is their liability ot manage (long term) cash budget and forecast which may take up to two years, this is because of instability in the inflow and outflow of cash. Cash balances my fluctunate considerably within a single accounting period, there by making cash short tall that can put a company in serious jeiopardy. To solve this, it is quite common to create and maintain cash forecasts on a weekly basis. If there may be large or unusually cash balances indicated in the cash budget. these balances are dealt with in the financing budget where suitable investment is indicated for them.

 

• OBJECTIVE OF THE STUDY:

The main objective of this study is to investigate cash budget as tool for decision making in an organization specifically, the researcher wants to:

i         Determine where cash budget is actually a basis for decision making in an organization.

ii        Know the impact of conducting continuous cash budget

iii       The level of which cash budget has help organizations increasing more wealth and effective management

iv       How cash budget allows management to establish the amount of credit that it can extend to customers without beginning to have problem’s with liquidity.

v        Know how cash budget help the organization to avoid having a cash shortage during when you have numeral expenses.

vi       To know how management manages it inflow and out flow

1.4     RESEARCH QUESTIONS

i         Is cash budget actually basis for decision making in an organization?

ii        What impact is continuous cash budget is to management?

iii       Does cash budgets help organization to create wealth and run an effective management?

iv       Does cash budget help management to determine the amount of dividend or credit to be given to the customers?

v        How does cash budget help the management in avoiding having cash shortage?

1.5     Formation of Hypothesis

The following are formulated for the study Hypothesis 1

H0: Cash budget does not make decision making in business organization easy and reliable.

HI: Cash budget make decision making in business organization easy and reliable.

Hypothesis II

H0: Cash budget have not brought efficiency and effective decision making in business organization.

HI: Cash budget has brought efficiency and effective decision making in business organization.

1.6     Significance of the study

The significance of this study are:

• It provides the yardstick for control of operation’s in a business organization or any firm
• It provides reference material for others who might wish to conduct enquire into similar area.
• It makes possible the control over operation revenue and cost.
• It instills in executive as well as their sub-ordinates the habit of basing decision on investigating studies and research. It with widen the knowledge of the research on the subject matter.
• It generate and recommend to be government means of initiating the objectives of the cash budgeting.

1.7     SCOPE OF THE STUDY

The scope of this study is to analyze the cash budget tool for decision making in business organization especially that of Nigeria bottling Company Onitsha. The work is focused on Nigeria Bottling Company Onitsha due to certain obvious factors such as financial and time constraints and non-disclose of information by the management of the company.

1.8     DEFINITION OF TERMS

Budget: It is a future plan of action express in quantitative terms, financial or monetary terms. It is also defined as a financial and quantitative statement prepared and approved prior to a given period of time specifying the policies to be pursue for the attainment of some set of objectives. It might be include income expenditure and employment of capital.

Cash: It can be defined as those monetary items that are immediately available for use at any point in time. Cash can be refer to money in the physical form or currency such as bank notes and coins.

Accounting:

It is the process of recording, classifying, seleting, measuring, interpreting and communicating financial data or an organization to enable users make decision.

Budgeting:

It is a process, this means budgeting is a number of activities performed in order to prepare a budget. it is also the crafting of the plan for future events, applying laid down concepts for proper / implementation, monitoring, evaluation and control in order to achieve defined goal.

Cash budgeting:

This is a financial budget which is prepare in an organization, it shows in summary form the expected cash receipt and expected cash payment during the budget period.

1.9     HISTORY OF NIGERIA BOTTLING COMPY

Coca-cola first arrived in Nigeria in 1951. That same year, the Nigerian Bottling company Ltd (NBC) was incorporated to bottle and sell carbonated non-alcoholic beverages. NBC has the sole franchise to bottle coca-cola products in Nigeria.

Coca-cola was an instant hit with the Nigeria consumer and has remained so. Over the next six decades, NBC has continued on its journey keeping its promise of refreshing consumers, strengthening its communities, enriching the workplace land preserving the environment while recording many memorable milestones along the way. To mention a few.

1953:

Production of coca-cola began at a bottling facility in Ebute-metta, Lagos state. The same year the company opened its first bottling plant in Apapa.

1960:

The year Nigeria gained independence, NBC exceeded the one million case a year mark.

1961:

Commissioned its second bottling facility at Ibadan, Oyo state and rapidly expanded its operation over the next couple of years.

1972:

Listed its shares on the Nigerian stock Exchange and became a publicly quoted company

 

1991:

Acquired the Eva premium water and Schweppes brands.

2001:

Became a member fo the newly formed coca-cola Hellenic Bolling Company S.A Can anchor Bottling group with operations in 28 countries worldwide)

2003:

Launched the five alive juice brand

2004:

Launched pet packaging for its sparkling soft drinks category

2006:

Launched the energy drink, burn

2007:

Launched on-the-go can packaging or core brands coca-cola, fanta and sprite in 2006

2008:

Introduced the more environmentally friendly “ultra” glass packaging for its returnable glass Bottling product segments.

2010:

Today the operations stands at 13 facilities and 59 depots across the country.

2011:

The company was recognized for its corporate social responsibility activities as the most socially Responsibility Company in Nigeria and most environment friendly company at he social enterprise Reporting Awards. The company obtained Nigeria’s first food safety systems certification (FSSC) 22000.

From 2011 till date there is not new product in the company.

 

 

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BUDGETING AND BUDGETARY  CONTROL  AS  TOOLS FOR ACCOUNTABILITY  IN GOVERNMENT PARASTATALS

 

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	ABSTRACT
This research work was	focused on investigation on the use of budgeting
and  budgetary  control	as    tools  for  accountability  in  government

 

Parastatals. (A case study of Enugu State Housing Development Corporation). Budgetary control is a quantitative expression of plane of action prepare in advance of period to which it relate. The organization is face with the problem of lack of budgeting while planning and controlling their activities. The objective of the study is to determine if budgeting and budgetary control affect the quality of services delivery in government parastatals. The research also aims at determining if budgetary control contributes to the improvement of management efficiency and high productivity. Data were collected from primary and secondary source. Secondary source of data were collected from textbooks, periodic articles and journals. Questions were distributed as well as personal interviews with functional and departmental heads were conducted. The sample size of 60 were used and was chosen among the number of department / section using Bowleys proportional allocation formula Data were analyzed using table and simple percentage, hypothesis were tested using chi-square statistics. We discovered among other things that budgeting and budgetary control affect the quality of service delivery in government parastatals. It was also revealed that budgeting and budgetary control contributes to the improvement of management efficiency and high productivity. In line with the above, we recommend among other things that the budget plan and preparation should be a corporate duty of the unit heads with head of department in the corporation, improving legislation, realistic budget target. Adherence in the budgeting provision should be practiced by top management.

 

TABLE OF CONTENTS

 

CHAPTER ONE:

1.0     Key words / introduction.……………………………………………………1

• Background of the study .……………………………………………………1
• Statement of problem.…………………………………………….…………4
• Objective of the study.………………………………………………………4
• Research Question.……………………………………………………..……5
• Hypotheses of the study.……………………………………….……………5
• Significant of the study.………………………………………..……………6
• Scope and limitation .……………………………………………………..…7
• Definition of terms .…………………………………………………………8

CHAPTER   TWO

2.0     Review of related literature .……………………………….………………10

2.1     Budgeting and budgets.……………………………….……………………10

2.2     Current literature on theories models.……………………………….……..19

2.3     Empirical study.……… …………………….…….……..21

2.4     Features of budgets.… ……………….……..23

2.5     Budgetary control.…………… ………………..….……..37

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2.6     Innovation in the area of budget zero – based budgeting (Z.B.Z)…….……42

2.7     Advantage of zero based budgeting.……………………………………..44

2.8     Disadvantage of zero based budgeting .………… ……..44

 

CHAPTER  THREE:

3.0     Research Methodology.………………… ………..…..48

3.1     Research design.……………… ………………..……..48

3.2     Source of data .………………… ………………………..49

3.3     Population of the study.……………… ……….………………50

3.4     Sample / sampling technique.……………… …………..…..51

3.5     Instrument  for data collection .………… ……………………..53

3.6     Reliability / validity of  research instrument .………… …………54

3.7     Method of  data Analysis .……… ………………………….…54

3.8     Decision criterio validation of hypothesis .………………………55

CHAPTER FOUR:

4.0     Data Presentation  and Analysis .…………………………56

4.1     Data presentation.……………………………………..………………56

4.2     Testing Hypothesis .…………………………………..………75

CHAPTER  FIVE:

5.0     Summary of Findings / Conclusion and Recommendation ……..……….87

• Summary of Findings .…………………………………………………….87
• Conclusion .……………………………………………..………………88
• Recommendation .……………………………………….……………53

References…………………………………………………………91

Appendix 1.……………………………………………….………………93

Questionnaires .……………………………………………..……………94

	vi

                                          

 

 

                                      CHAPTER   ONE

          

  1.0       INTRODUCTION

 

  1.1       BACKGROUND OF THE STUDY

 

The efficiency and effectiveness of the operations of a business

 

depends on the control available to management in almost every business organization, there are a number of activities going on at the same time such as producing, purchasing, distributing, selling and financing a product. These are interrelated in such a way that they affect the attainment of the organization goals.

 

The institution of cost and management accountant(ICMA)defined budget as a financial or quantitative statement prepared and approved prior to defined period of time of the policy to be pursed during the period for the purpose of attaining a given objectives. It may include income, expenditure and the employment capital.

 

Therefore in order to achieve these objectives or goals, the

organization must economize resources and discover the means of achieving these goals. These goals can only be realized when the property planned use of available resource are controlled and co-ordinate effectively. Thus a system of managing a business by making forecast of the different

activities and applying a financial to each forecast becomes imperative. These forecasts

 

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Are guided by the information and adoption of planned system such as techniques in budgeting, variance analysis. Etc.

 

Pandy (2008) defines budgeting control as the establishment of departmental budget relating the responsibilities of the executive to the requirement of a policy, and the continuous comparison of actual budgeted result either to secure by individual actions. The objective of that policy is to provide a firm basis for its revision.

 

Osisoma, (2000) opined that budgeting is a systematic and formalized approach for accomplishing the planning, co-ordination and control responsibilities of management. It is a process of preparing in advance of the period to which it relates a summary statement of plans expressed in quantitative terms, which if utilized with sophistication and good judgment, would enhance the attainment of an organization’s objectives. A budget therefore, 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 objectives.

 

A budgetary control is described by lacey, (2002) as a quantitative expression of a plan of action prepared in advance of the period to which it relates. Budget may be prepared for the business as a whole, for

 

3

 

 

Departments, for functions such as sales and production, or for financial and resources items such as cash, capital expenditure, manpower, purchase. Etc. the process of preparing and agreeing budgets is a means of translating the overall objectives of the organization into detailed, feasible plans of action. It is therefore, germane to say that the level of importance that is attached in this plan and effort made in controlling the finance differ in organizations. Once the goals are set, which must be based on the detailed analysis of feasibility within the content of the political and social value the plans will enable it to strive towards its attachment.

 

Often than not when these plans are put into operation, conditions prevail which trends to cause deviation from the plan and corrective measures are always taken to steer the business back on the right track. The process already mentioned as it is applied entailed budget and its control. And to lend credence to goal congruence suitable techniques should be applied to specific areas that need special attention hence measurement of budgeted with actual to arrive at the finance cannot be over emphasized. A business is said to be on the right track if the outcome of the budgeted estimate is favorable as against the actual. The little that is said concerning this project has encompassed all avenues in which the subject can aid

 

4

 

 

management  decision,  rather  it  should  be  seen  as  a  guide  for  people

 

Business.

 

• STATEMENT OF THE PROBLEM

 

The growth of the business hinges, or better put, rests squarely units

 

Budgetary control system or techniques hence they are considered as vital tools in any business situation. This study then is aimed at assessing and evaluating the event to which budgetary control has been a tool for the growth and global realization of any organization.

 

Lack of budgets in planning and control has required in the indiscriminate use of fund meant for more viable activities. Again the inability of many companies to plan and accomplished budget goals is traceable to their inability to apply controls in their budget system.

 

Budgetary goals are not realized due to low level of understanding of the budget system by middle and low level of management staff. Other problems are shortage of stocks and shut down. These and many more are some of the problem of lack of budgeting control.

 

• OBJECTIVE OF THE STUDY

 

The primary purpose of this study is four fold. They include the

 

 

Following

 

5

 

 

1. To determine if budgeting and budgetary control affect the quality of service delivery in government parastatals.

 

1. To determine if there is a connection between the type of budget implemented and their actual performance.

 

• To determine whether or not budgetary controls as a management tools contribute to the improvement of management efficiency and high productivity.

 

1. To find out the use of the budgetary controls as an appraisal parameter for assessing managers budget.

 

• RESEARCH QUESTIONS

 

1. Does budgeting and budgetary controls affect the quantity of services delivery in government parastatals?

 

1. What are the connection between the type of budget implemented and their actual performance?

 

• How can budgetary control as management tools contribute to the improvement of management efficiency and high productivity?

 

1. How can budgetary control be used for assessing Manager’s budget?

 

                        

• HYPOTHESIS OF THE STUDY

 

1. H0: Budgeting and budgetary control does not affect the quantity of services delivery in government parastatals.

 

6

 

 

H1:   Budgeting and budgetary control affect the quantity of

 

Services delivery in government parastatals.

 

2. H0: Budgeting and budgetary control does not contribute to the improvement of the management efficiency and high productivity.

 

H1: Budgeting and budgetary control contribute to the improvement of the management efficiency and high productivity.

 

3. H0: Budgeting and budgetary control is not used for assessing manager’s budget.

 

H1: Budgeting and budgetary control is used for assessing manager’s budget.

 

4. H0: There is no connection between the type of budget implemented and actual performance.

 

H1: There is connection between the type of budget implemented and actual performance.

 

• SIGNIFICANCE OF THE STUDY

 

Budgeting and Budgetary control is a function that is very important and of great significant to any of organization. It is not peculiar to only the manufacturing organization but also necessary to service of the government.

 

7

 

 

The study will contribute towards enhancing profits of the organization, business or an individual. It will help to control one’s income.

 

Budgeting is necessary to make matters simple and hence life easy to handle.

 

 

Budgeting guides people towards the allocation of money in different sectors, such as food, shelter, clothing, household expenses, medical care, utilities etc.

 

In case of an annual budget of a nation budgeting makes a blueprint of the overall funds that the concerned government will spend on various sectors, the kinds of tax that would be levied and how the prices of essential commodities would increase or decrease in the month ahead.

 

In summary, this study will be a guide to scholars, researchers or writers who may wish to carry further study on budget and its control apparatus.

 

1.7 SCOPE AND LIMITATION OF THE STUDY

 

This study is aimed at finding out the impact of budget and budgetary control in Enugu State Housing Development Corporation.

 

The limiting factors are that of availability of data which might be difficult to obtain following the trend of the attitude of Nigerians with regards to giving out information. Time constraints are also a limiting factor

 

8

 

 

in undertaking this study. The availability time and short period of the study made it difficult for the researcher to carry out a wider and more through work on the issue, at the same time carryout academic activities.

 

Also literature on the topic as it relate to government parastatals

 

is very few.

 

1.8 DEFINITION OF TERMS

 

The following are defined in the work:

 

BUDGET: Budget simply means estimate of income and expenditure, which are planned by the organization for a specific future. In Britain, it means the annual statement made to the House of Commons by the Chancellor of the Exchequer, giving details of the government financial plans for the coming year.

 

BUDGETING CONTROL: This means a system of managing a business by making forecasts of the different activities and applying of financial value to each forecast. Actual performance is subsequently with the estimate.

 

BUDGETING PERIOD: The budget period coincides with accounting period. The period varies according to different organization.

 

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THE MASTER BUDGET: This is a total budget package which effectively combines in one statement, the sells, expenses, production and cash budget of an organization.

VARIANCE: This is the difference between the estimates and actual

 

Result.

 

 

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