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TABLE OF CONTENT: CHAPTER ONE INTRODUCTION 1.1
Background of the Study 1.2
Statement of the Research Problem 1.3
Objectives of the Study 1.4
Significance of the Study 1.5
Research Questions 1.6
Research Hypothesis 1.7
Conceptual and Operational Definition 1.8
Assumptions 1.9
Limitations of the Study CHAPTER TWO LITERATURE REVIEW 2.1
Sources of Literature 2.2
The Review 2.3
Summary of Literature Review CHAPTER THREE RESEARCH
METHODOLOGY 3.1
Research Method 3.2
Research Design 3.3
Research Sample 3.4
Measuring Instrument 3.5
Data Collection 3.6
Data Analysis 3.7
Expected Result CHAPTER FOUR DATA ANALYSIS AND
RESULTS 4.1
Data Analysis 4.2
Results 4.3
Discussion CHAPTER FIVE SUMMARY AND
RECOMMENDATIONS 5.1
Summary 5.2
Recommendations for Further Study Bibliography |
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CHAPTER
ONE |
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1.0 INTRODUCTION Almost
all kinds of business activities directly or indirectly involve the
acquisition and use of funds. There
exists an inseparable relationship between finance on the hard and production
and other functions on the other. In a
business set up, the functions of recruitment and promotion of employees are
clearly the work of the personnel department. Sales promotion policies come within the functions of
the marketing department. These
activities performed by these departments (personnel and marketing
departments) require outlay of funds and therefore affect resources. The finance function of raising and using
money although has a significant effect on other functions but it need not
necessary limited the general running of the business. Generally firms formulate their policies
(marketing productions, personnel and other policies) most of the time, to
tally with the financial resources of the company available to them. The word “Finance” is viewed from different perspective
by different group thus: - a.
A layman sees finance as the volume of money in his prose, vault and at the
bank. b.
Investors sees finance as the provision of funds as at the time it is need
for investment. It goes beyond
coursing and applying the fund for profit maximization as well as the state
of sharing the profits. c.
Academic sees finance as the science of fund management. The investor view about finance shall be upheld in this
write up. This because it emphasizes
on profit making for the maximization of shareholders wealth. Wealth maximization is one of the corporate
financial objectives of a firms. This
can only be achieved by efficient and effective management of the company’s
resources. Financial
management involves all the activities that are concerned with planning cash
and credit requirement, including the effective control of the financial
resources The
activities could be segregated as follows i. Forecasting
the future availability of and requirements of cash ii.
Converting forecasts into plans and budgets iii.
Planning the appropriate capita structure iv.
Raising of cash from outside the business v.
Controlling cash balances and flows in accordance with plans and changing
circumstances vi.
Investing surplus fund In financial planning, this involves estimating and planning of the future flow of cash receipt and
disbursements. Also this is useful in raising of funds organizing and
ensuring that funds necessary for carrying on the operation of planning is
available. The wise use of funds by
allocating such funds ensuring efficient use of funds. In financial controlling, monitoring financial
operations to ensure that cash flows are proceeding according to plan. As a company is part of financial community, its
financial management can be fully interpreted only within the context created
by the workings of financial institutions and markers. The variables considered in the framework of financial
management are: a.
The financial goals of the company b.
The valuation of the company and the extent to which this valuations
uninfluenced by company decision. c.
The means of measuring the performance of the company. When it goals have been identified and the
method of valuation chosen, the company’s performance must be monitored and
measured accordingly. The researcher here wants to access the financial
health of a manufacturing industry, its strengths, weaknesses,
recent performances, future prospects and the implementation of its financial
policies. This involves a review of
the financial policies. This involves a review of financial statements followed
by careful consideration of their use in evaluating financial performance. ASSESSING THE
FINANCIAL HEALTH OF A MANUFACTURING
COMPANY The most important source of information for evaluating
the financial health of a company is its financial statement consisting of a
balance sheet and a income statements. EAGLE CEMENT is a public liability
company and as required by law, it is expected to submit her annual account
to the registrar, corporate affairs commission, Abuja. The account so prepared is for the
consumption of many interest group like: the shareholders, tax authorities,
investors, creditors etc. For the purpose of evaluating the financial health of
the company (EAGLE CEMENT), the use of financial statement for 1999 year
shall be reviewed and analyzed. See chapter
four on data presentation and analysis. 1.1 BACKGROUND
OF STUDY The research work is based on the NIGERIAN CEMENT
Company Plc. Nkalagu in Ebonyi State.
As miller puts it, “we cannot understand the attitude of either
management of workers unless they are seen in their historical context”. Here the history of NIGERCEM Nkalagu is
briefly narrated and derived from the management audit enquiry of NIGERCEM,
1976. The history of NIGERCEM dates back to colonial days in
Nigeria. I the early thirties of this
century, several district officers, geologists had report tot he existence of
large deposits of limestone in Nkalagu area – various over sees had as a
result of this shown interest in working of deposit. On 23rd August, 1954, the Nigerian
government signed an agreement with F. L Smith and company for the erection
of a cement works at Nkalagu. By the
same agreement, F. L. Smith and company limited as managing agents. The Nigerian Cement Company Limited,
Nkalagu was incorporated on 13th Novemenber 1954 to operate this
cement project. Mr. E. E. Sabben –
Clare became the first chairman of the board of directors. On December 20, 1957, the governor general of Nigeria,
Sir, James Robertson, opened the factory officially. Commercial production commenced on 1st
January, 1958. Once of such investors is flour mills of Nigeria which
Chief Emmanuel Ukpabi said arrears of staff salaries alone in Nigrecem in
conservatively put at N1.4billion according to him. Liabilities to individuals
and corporate bodies are estimated at several billions of naira. He recalls that there had been desperate
move by cement importing companies to either buy wholly or acquire majority
shares of ailing cement manufacturing firms.
But they all shunned Nigercem because of the said liabilities. Nigercem owned by the five south-eastern states ran
into hitches from the late 80’s due mainly to gross mismanagement. The development led to break down of three
of firms vital machines which remained unserviceable with the only functional
one operating at low capacity for some time until it finally got
grounded. The south-east governors who
are the major investors in the company had also contemplated many options
aimed at reviving the company. At recent meeting of the five south-eastern governors
in Owerri the Imo State capital, various options for the revival of Nigercem
topped the agenda of their parley. The
host governors Achike Udenwa who spoke with news men said Nigercem will be
privatized if the governor’s ratify is being considered for
privatization. The government of the
five eastern states are already considering this in order to improve
efficiency and productively. The chairman of Nigercem “Nze Clement Maduako noted
that eastern Rukeem company limited producers of Eagle Cement, was the major
shareholder in the privated Nigercem with a controlling share of 60
percent. Expressing confidence on the
ability of new management to kick-start Nigercem now called Eagle Cement
again, he said the new board has the first general manager of the cement
company as member, while another employee of the company is expected to join
the six-member board. Member of board,
who emerged from the election conducted by the 165 shareholder in attendance
were Nze Maduako, chairman; captain I.A Hastrup, Mr. H.N Onugbogu, Mr. Coran
Wejdmark, Mr. S.A Oludemi and Dr. J.O Ojukwu. The plant stopped production in 1999, but had a text
run in 2001 for only three months in preparation for the privatization. Some of shareholders who spoke said they
had not been paid for the past 40 months and pleaded with the new board to
consider clearing the arrears then works commences in the factory. 1.2 OBJECTIVE
OF THE STUDY The overall purpose of the study is to understand the
financial management practices that equips them with the conceptual and
analytical knowledge requires to make skillful, informed, sound, objective
and reliable decision of the company.
Specifically the objective of the study on this project is stated as
follows: a.
To evaluate the financial performance of EAGLE CEMENT Company. b.
To evaluate the management levels of control of financial performance of the
company. c.
To identify the accounting systems and procedures and check whether the
financial polices of the company are implemented accordingly. d.
To prefer solution to ineffectiveness in financial management of the company. 1.3 STATEMENT
OF THE PROBLEM a.
It is believed from the evaluation of financial status of the company that
the company is not financially healthy. b.
It is also established that there is inefficient and ineffective management
of the company’s resources c.
It equally discovered that the financial policies are not properly
implemented. d.
Exposing financial fraud noticed. It include as follows: i. Cash advance Staff
and management do apply for cash advance but over spend the amount approved
for them only to come back to claim a very huge amount as their balance ii.
Car repairs: Outside,
manager do not allow their official
cars to be repaired by the company’s employed mechanics. They prefer repairing it outside only to
present an inflated biill to the company payment iii.
The provision that all purchases should be routed through the purchasing
department is just in principle not in practice. iv.
Price invoicing: The
company allows suppliers to inflect the prices of their suppliers because of
the interest some of them have. v.
price variation: Some
supplier do after some months of supply sent a price increase to the company
for items already supplied and the company will honour such claim. vi.
Supply of item, which do not agree with the specification of item actually
required by the company. vii.
Contract prices are unjustifiable inflated viii. Cheque
exchange granted to some staff or managers take more than one year before it
is redeemed. 1.4 SCOPE OF STUDY The
study covers the area relating to financial manger of EAGEL CEMENT. It also touched on the effective
implementation of financial policies of the company. 1.5 RESEARCH QUESTIONS i. What are the levels of the financial
management control of the company? ii.
What are your accounting system and procedures relating tot he receipt and
disbursements of the company money? 1.6 HYPOTHESIS i. Financial management practices EAGLE
CEMENT COMPANY are not in line with the approved policy ii.
The accounting procedures are not in line with the approved policy iii.
The internal control system of the company are not in line with the
establishment system. 1.7 THE SIGNIFICANCE OF THE STUDY 1.
The study will reveal the ineffectiveness of financial management practices
in the company 2.
The study will equally reveal the weaknesses in the internal control system
of the company 3.
The study will also over haul the accounting procedures of the company as to
see how adequate they are. |
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