EVALUATION OF CASH AND CREDIT MANAGEMENT POLICIES AS AN INSTRUMENT FOR AVOIDING ILLIQUIDITY AND LIQUIDATIONS

EVALUATION OF CASH AND CREDIT MANAGEMENT POLICIES AS AN INSTRUMENT FOR AVOIDING ILLIQUIDITY AND LIQUIDATIONS

(A CASE STUDY OF ANAMCO, ENUGU STATRE)

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CHAPTER ONE:

 INTRODUCTION

  • General introduction and background of the study
  • Statement of problem
  • Objective of the study
  • Research questions
  • Working hypothesis
  • Significant of the study
  • Scope and limitation of the study
  • Historical background of Anamco
  • Definition of terms and concepts

References

 

CHAPTER TWO:

 LITERATURE REVIEW

  • Concepts of liquidity and its effect on business operations
  • Issues in cash management
  • Cash planning and control
  • Techniques of cash control
  • Management f receivable (debtors)
  • The use of accounting ratios in the management of cash and accounts

References

 

CHAPTER THREE:

 RESEARCH DESIGN AND METHODOLOGY

  • Sources of data
  • Research population
  • Sample size and sampling techniques
  • Questionnaire design /administration
  • Validity and reliability of instrument
  • Method of data analysis

 

CHAPTER FOUR:

DATA PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

  • Analysis and discussion of research questionnaires
  • Test of hypothesis

 

CHAPTER FIVE:

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

  • Summary of findings
  • Conclusion
  • Recommendations

References

Appendix

Questionnaires

CHAPTER ONE

 

INTRODUCTION

  • General introduction and background of the study

The management of an organization’s capital relates to the finance and investment of non-human resources, that is, physical and monetary assets, for the purpose of maximum benefit in terms of profitability.  According to Frear (1980) profitability is determined in part by the way in which a company manages its working capital elements, especially the company’s management policies in respect of cash and account receivable/payable.  Basically, there would be a drop in profit if the basic element of working capital were raised without a corresponding rise introduction or margins. So one of the principal functions of a financial manager is to provide the erect amount of each elements of working capital at the right time and in the appropriate place to realize the greatest return on investment. A business which is basically profitable in a capital intensive industry with high level of inventory turnover but does not have an effective/efficient policies for it’s’ working capital constituents, especially cash, can easily be stopped by a temporary set-back into liquidation because it has no room to maneuver.  Traditionally, the users of accounting information, especially the external users are interested in notions of solvency and liquidity as criteria for assessing credit worthiness.  In recent years, cash and trade credit management has become the most important sector of financial management in many trading and manufacturing organizations.  At one time, it was possible for a business to survive without proper cash management policies as well as lay down policies for accounts receivable (trade debtors) as long as it was reasonably profitable.  Accounting to Bennel (1989) prior to 1970’s; trade credit was not a dominant feature of conducting business and procurement of fund were largely easily were not exploited to its fullest use.  Today however, this has not generally been the case and many highly profitable companies have had liquidity.  Problems and some have gone into liquidations, largely because of lack of appropriate cash and credit management policies/techniques.  In these circumstances, business executives now attach a high decree of importance to the cash and accounts receivable management function.  In large organizations, the financial director or treasurer is usually in charge of the management of cash resources and in introducing appropriate systems that will ensure adequate working flow that enable the economy to remain liquid at all times.  Illiquidity problems could be found in all types of companies and not restricted to small inefficient firms.  In some cases, large well known companies have experiences illiquidity problems and in some few instances, liquidation proceedings and eventual demise of such organizations.  The current wave to distress in our financial sectors (Banks and insurance companies) provides a good background to illiquidity problems arising from ineffective in cash and credit management policies in spite of their profitability.  Today, several of these institutions have been liquidated.

These developments have naturally had an effect on credit and cash management policies and it is therefore considered to be particularly important that the reasons behind these liquidity problems should be appreciated; using Anambra motor company ltd – a manufacturing organization as a case study.  The choice of this organization is the relevant, which cash and credit management policies bear to its operation.

 

  • Statement of the problem

Many profitable organizations are forced into untimely liquidation, bankruptcy and experience work stoppages as a result of strike action and consequently operate at losses not because the business is not profitable but due to inefficient utilization of cash and other material resources at its disposal.  Moreover, majority of business transactions are conducted credit basis and this has always increased the volume of account receivable (debtor) and a substantial amount of these receivable are lost daily through bad and doubtful debts.  The resultant effect is that companies have huge amount of its fund tied to un-collectables, hence a state of illiquidity can arise.  Therefore,

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