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BUDGETING AS AN INSTRUMENT OF
INTERNAL CONTROL-IN-A-MANUFACTURING-ORGANIZATION
Abstract
An efficient
budgeting control system is one that produces the desired result. A balanced
budget is the one that produces no variances but to achieve this, we are left
to contemplation rather than a reality. This has become the problem of most of
our manufacturing concerns in Nigeria. This study investigated the budget
control and execution in manufacturing concerns in Nigeria with a view of
appraising their efficiency. Out of a population of one hundred and fifty six
drawn from the manufacturing concern, seventy eight were selected as the sample
size using statistical sample tools (Taro Yamani). A questionnaire was designed
and distributed to elicit information from the sample population; also data was
sourced through primary and secondary sources. These data collected were
presented and analyzed by means of tables and percentages. The hypotheses
adduced were tested using such tools as chi-square. It was observed that
manufacturing concerns do plan their profit so as to minimize losses though the
procedure is not religiously carried out. However, it was discovered that the
procedure is inadequate and inefficient. An inadequate budget procedure and
execution causes a high accumulation of inventory thereby tying down the capital
which could have yielded greater profit to the organization. Therefore there is
need for the proper control of budgets in manufacturing concerns as to minimize
losses and maximize profits.
TABLE OF
CONTENTS
Approval
Page ii
Dedication
iii
Acknowledgement
iv
Abstract v
CHAPTER ONE:
INTRODUCTION
1.1
Background of the Study 1
1.2
Statement of the Problem 3
1.3
Objective of the Study 4
1.4 Research
Question 4
1.5
Hypotheses of the Study 5
1.6
Significance of the Study 6
1.7 Scope of
the Study 7
1.8
Limitation of the Study 7
1.9
Definition of Terms 8
References 9
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1
Definition of Budget Manual 10
2.2 Reasons
for Budgeting 11
2.3 Budget
and Budget Planning 12
2.4 Fixed
and Flexible Budget 13
2.5 Master Budget
14
2.6 Cash
Budget 17
2.7 How to
Prepare A Budget 20
2.8 Problems
of Budgeting 25
2.9
Effective Internal Control System 26
2.10 Tools
of Internal Control System 37
References
39
CHAPTER
THREE: RESEARCH METHOLOGY
3.1 Research
Design 40
3.2 Sources
of Data 40
3.3 Research
Instrument 41
3.4
Reliability/Validity of Research Instrument 42
3.5
Population 42
3.6 Sampling
Size/Technique 43
3.7
Administration of Research Instrument 47
3.8 Method
of Data Analysis 48
3.9 Decision
Criterion for Validation of Hypothesis 49
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data
Presentation 50
4.2 Analysis
of Questions 51
4.3 Test of
Hypotheses 72
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION
AND RECOMMENDATIONS
5.1 Summary
of Findings 83
5.3 Conclusion
84
5.4
Recommendations 86
Bibliography
88
Appendix 1
91
Appendix 2
92
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
According to
Enudu (1999), the business environment is characterized by a lot of
uncertainties ranging from such factors as: Economic environment, political and
legal factors, social environment, supply and demand forces, competition,
consumers' attitude and technological changes.
A critical
look at the performances of some of these manufacturing business organizations
will reveal a lot of business failures as a result of lack of proper planning
against these uncertainties.
According to
Drury (2000), proper planning of business helps in reducing uncertainties
thereby providing the management of these enterprises with a clear direction by
determining their courses of actions.
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