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Budgeting And Budgetary Control In A Business Organization
[A CASE STUDY OF AFRI BANKK NIGERIA PLC. ILORIN]
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1.4 SIGNIFICANCE OF THE STUDY
Several research work have been carried out on budget and budgetary control in various business organization like manufacturing , pharmaceutical and oil industries.
This research work can be said to be a fair work on the topic. This research will share more light on the efficient resources and effective decision making in business organization.
This research work can be said to be a fair work on the topic. This research will share more light on the efficient resources and effective decision – making in business organization.
It will also help the student to know how relevance budgeting and budgetary control is to an individual and business organization.
1.4 SCOPE OF THE STUDY
This research work will examine in details budgeting and budgetary control with emphasis on how its application aids in planning and controlling of activities of business organization to enhance or improve performance.
There are different types of banks as a business organization but commercial bank are the prominent types of business organization because of the n umber size therefore this research work is limited to commercial bank with Afri Bank Plc as a case study.
6. LIMITATION OF THE STUDY
Firstly, this research has the limitation of financial problems in the cause of carrying out the study.
Secondly, it was that due to time factor as the research was carried out along with academic work. Also, detailed budgeting statement and the corresponding actual result are not made available by the bank because of high confidentiality and very competition in the banking industries.
However, it is the researchers believe that the finding of the research will represent the pictorial of budgeting and budgetary control of the study.
1.7 RESEARCH HYPOTHESIS
The research shall focus and test the following alternative hypothesis.
The hypothesis is denoted with Ho alternative is denoted with Hi
i. Ho: There is no proper budgeting and effective budgetary in business organization.
ii. Hi: applications of budgetary control system do performance of business organization in terms of objectives realization.
1.8 DEFINITION OF TERMS AND CONCEPTS
Budget is a document containing words and figures which proposes expenditure for certain items and purpose.
Budget is a document or a collection of document that refers to the financial condition of an organization.
Budget is also merlya plan expressed in quantitative terms.
TERMS OF BUDGET
1. Budget cycle: Public budgeting system which are devise for selecting society ends and consist of numerous participants
2. Budget preparation and submission: phase of the budget is carried out by the executive aim of the government.
3. Budget authorization: Having compiled the various department estimates, the draft budget is new to be sent to the legislatures for authorization
4. Executive of the budget: Budget execution commences the moment the presidents signs the general warrant incur expenditure execution invest the transaction of financial outlays approved in the budget plants of action.
5. Line item budgeting: Is the tradition budgeting it is oldest types of budget.
6. Performance budget: was aimed at enhancing effectiveness and improving efficiency in public budgeting.
7. Planning programming budgeting system: Approach to budgetary decision making is a system approach that attempts to influence the choice.
SOME BUDGET CONCEPTS
i. Recurrent revenue: This include the year to year revenue of government from sources like taxes fines free specific charges profit.
ii. Capital receipt : These are in form of loan and graint
iii. Capital expenditure : This involves expenditure on productive economic activities i.e on agricultural road , Hospital and university etc.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTIn carrying out on investigation into an Afri -Bank of Nigeria plc, the major objective of any business Organization is base on profit maximization and improved future which leads to use of budgeting and burglary control, business organization to enhance growth and survival of the organization.Chapter one of this project work : Will explain what study of background is all about the statement of problems, the aims and objectives of the study , the significant and scope of th ... Continue reading---
