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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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