BUDGETING AND BUDGETARY CONTROL IN BUSINESS ORGANIZATION.

 (A CASE STUDY OF EMENITE NIGERIA LIMITIED EMENE ENUGU BRANCH)

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                                                     ABSTRACT

 This research work conducted with special reference to the budgetary system of Emenite Nigeria Limited with the view to ascertain the major role budgets play in the achievement of profitability for an organization. Budget as a profit planning device sets standards of performance of manager, while budgetary control is a tool implored by management to keep track of actual performance to ensure budgeted standards are achieved. In the course of this research work 40 managers were taken as sample population. Data is obtained through personal interview and the administration of questionnaires secondary data source is also implored. Data collected in subject to chi-square test in order to prove or disprove hypothesis therein. The analysis of the finding indicates that Emenite Nigeria Limited has a formal system of budgeting and does attach incentives for the attainment of budgetary goals.

CHAPTER ONE:      INTRODUCTION

1.1   Background of the Study:        –       –       –       –       –       1

1.2   Statement of the Problem:       –       –       –       –       –       2

1.3   Objectives of the Study:   –       –       –       –       –       4

1.4   Significance of the Study:        –       –       –       –       –       5

1.5   Formulation of Hypothesis:      –       –       –       –       7

1.6   Scope of the Study:  –       –       –       –       –       –       8

1.7   Limitations of the Study: –       –       –       –       –       8

1.8   Definition of Terms: –       –       –       –       –       –       10

CHAPTER TWO:     

2.1   Literature Review:    –       –       –       –       –       –       11

2.2   The Concept of Budgeting and Budgetary Control:  12

2.3   Main Types of Budget:     –       –       –       –       –       17

2.3.1       Other Types of Budget:      –       –       –       –       –       18

2.4   The Budget Period:  –       –       –       –       –       –       30

2.4.1       The Budget Committee:     –       –       –       –       –       31

2.4.2       The Budget Manual: –       –       –       –       –       –       32

2.5   Stages in the Budgeting Process:     –       –       –       32

2.6   Zero Base Budgeting (ZBB):     –       –       –       –       38

2.6.1       Administration of Budget: –       –       –       –       –       41

2.6.2       Human Factors in Budgeting:   –       –       –       –       42

2.6.3 The Principal Budget Factors/Forecasting:     –       44

2.6.4 Budget Education: –       –       –       –       –       –       45

2.6.5       Budgeting in the purchasing Department of

Small and Large Companies:   –       –       –       –       46

2.6.6 Relationship Between Budgetary Control and

Standard Costing:    –       –       –       –       –       –       48

2.6.7       Participative Budget and Imposed Budget:       –       49

2.6.8       Principal Budget/Forecasting: –       –       –       –       51

CHAPTER TREE:    RESEARCH DESIGN AND METHODOLOGY

3.1   Research Design:     –       –       –       –       –       –       54

3.2   Source of Data:        –       –       –       –       –       –       –       56

3.3   Population Size:       –       –       –       –       –       –       57

3.4   Sample Size and Sample Techniques:     –       –       58

3.5   Research Instrument:      –       –       –       –       –       61

3.6   Methods of Data Analysis:       –       –       –       –       –       61

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1   Data Analysis (Questionnaires):       –       –       –       63

4.2   Test of Hypothesis:  –       –       –       –       –       –       68

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1   Summary of Findings:     –       –       –       –       –       77

5.2   Conclusion:     –       –       –       –       –       –       –       77

5.3   Recommendation:    –       –       –       –       –       –       78

Bibliography:   –       –       –       –       –       –       –       80

Appendix:        –       –       –       –       –       –       –       –       81

Questionnaire: –       –       –       –       –       –       –       83

 CHAPTER ONE

INTRODUCTION

• BACK GROUND OF THE STUDY

A budget is a financial and a quantitative statement prepared prior to a defined period of time of the policy to be pursued for the purpose of attaining a given objective.

Also according to A.U. Nweze (2004) in his profit planning.

Budget is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain a given objective.

Furthermore a budget is an attempt made at the beginning of each financial year to plan the profit and loss account for the year and to aim for a definite balance sheet. This profit planning must be a well thought- out operational plan with its financial implication expressed as both long and short range profit plans.

In any organization where budget is used as a means of profit planning many alternative plans have to be considered and the most profitable one will be adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.

On the other hand budgetary control is the establishment of policies and the periodic review or comparison of the actual result with the budgeted performances either to secure approval for individual action or to serve as a remedial course of action. Budgetary control whereby actual state of affairs can be compared with that planned for by the management, so that appropriate action may be taken to correct adverse situation that may occur before it is too late. It is also used to fix responsibility.

A budget systems serve the needs of management in respect of the Judgments and decisions it is fruited to make and to provide a basis for the management functions of planning and control. Developing a budget is a critical step in planning any economic activity. This includes business, governmental agencies and individuals.

Therefore businesses of all types and governmental units at every level must make financial plans to carry out routine operations, to plan for major expenditures and to help in making financial decisions.

On this back ground, every organization no matter nature has a plan for the future, simply because the success of any organization depends on the level of plan that is put into the organization.

• STATEMENT OF THE PROBLEM

          The main problem with budgeting is that it reflects data from the past and present, and will only enable predictions and forecasts to be made out the future. At the same time, numerous pressures in the job may impose constraints upon managers, which affect the quality of information they collect. The problem can be numerous; clearly, nothing can be forecasted with absolute certainty. No matter what financial and marking researches take place every organization has to take risks.

Though accounting information may reduce the unpredictability of event in the future. It will never eliminate it.

All these can interrupt the system of budgetary control:

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EFFECTIVE IMPLEMENTATION O ORGANIZATION POLICES AND PRODUCERS IN NIGERIA BUSINESS

(A CASE STUDY OF FIRST BANK OF NIGERIA PLC ENUGU)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

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08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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ABSTRACT

This study is aimed at finding a tool to effective unplementation of organizational policies and procedures in our day to day business. Its important can never be over emphasized.

To achieve this aim I target, it is backed on the designed of mangers who do not sit there as a ceremonial heads rather they have role of implementing the organic function of management in today dynamic and competitive business environment in Nigeria .

In generation the data needed for this profit, it well entails constants ie time money and lack of corporation by the audience .

The source of data comes from both primary and secondary modes of data collection. The secondary data form the centre stages on which this project was based.

The research depth of knowledge is broaden it embark on renew of related literatures. The data is also presented on frequency table and analysis  in sample percentages (%) hypothesis tested with Z. test.

Based on the data collected and analyzed some findings were made which was proceeded by conclusion and some recommendation. Suggestions were also made for further studies summarily from the questionnaire administrated and data collected which were analyzed and interpreted it has been generally in inter prated that most organization can not get the best out of their workers or reach to their target because of or implementation of organizational polices and procedure in Nigeria business.

TABLE OF CONTENT

 CHAPTER ONE

• Introduction
• Background of study
• Statement of problems
• Purpose of study
• Scope of study
• Scope of the study
• Research question
• Significance of the study
• Definition of terms

CHAPTER TWO

• Review of related literature
  • Effective implementation of policies
  • Effective implementation of organization function
  • Effective control of organization policies.
  • Profile of first bank Nigeria plc.
  • The management structure of FBN Plc
  • Banking Nigeria
  • Electronic banking
  • Critical issues in banking
  • Effective function of bank generally

CHAPTER THREE

• Research and methodology
  • Research design
  • Are of study
  • Population of the study
  • Sample size and its determination
  • Instrument for data collection
  • Validation of the instrument
  • Reliability of the instrument
  • Method of data collection
  • Method of data analysis

CHAPTER FOUR

• Data presentation and analysis
  • Presentation and analysis of data
  • Testing and prove of hypothesis

CHAPTER FIVE

• Summary of finding conclusion and recommendation
  • Conclusion
  • Recommendation
  • Bibliography
  • Questionnaire used

CHAPTER ONE

INTRODUCTION

• GENERAL BACKGROUND OF THE STUDY

Effective implementation of organizational policies and procedures in Nigeria business encourages delegation of decision making to business mangers who not sit there as a ceremonialteas rather they have the role of implementing the organize function id management in  to days    dynamic and competitive business environment in Nigeria., this  research work is designed to expose and aid the serious minded mangers to be adequately equipped to face the challenges ahead as future management pensioner in business.  Good policies provides definite an clear director by top management and at the same time allow subordinate to make   their own  decision with clearly stated limited. The usual source of policies and procedure in Nigerian business is embedded on manger and it is apartment to note that for a business to retain it position as a “going concernentity, it is imperative that managers formulated polices, plan strategies and also implement those plan effectively for the continued growth and survival of the business enterprise.  This is a major aspect           of a task facing mangers especially in a modern complex business situation. Therefore, to day’s mangers must take into consideration the following measured for effective implementation of organizational policies and procedure in Nigeria business.

They must specifically take into account the forces and trends such as environmental, economic, political social psychological technological legal and ethnical factors while formulating the policies that can facilitate the accomplishment of the over all objectives and goals of the business in question of course, if a policy has been formulated but has not been carried out or implemented into action it can not be effective since it has not come to the attention of the employees but it runs the risk of being overlooked or misinterpreted but according to (Akpala 1990: 59) he said that written  policies are more precise and less prone to misunderstanding for effective implementation of organization policies and procedures in Nigeria business to be properly executed the laid down rules guiding the organization must be followed.

Procedure on the other hand can be stated as the system that described in details the step to be taken in order to accomplish a set objective in business which is the  main target that he at to effective implementation of policies and procedures emphasis more in details while policies concentrate on the basic general approaches A policy is therefore a guilder for making decision thus according to AKPALA (1990:57) he simple define policy as a guidelines to managerial actions while Coventry and Barker (1985;93) defines policies as the guideline laid down in general or specific terms to make organization to reach the expected target or objectives.

• STATEMENT OF THE PROBLEM

This boils down to what constitute the problem of the study of effective implementation of organizational policies and procedure in Nigeria business can not exist on it own, it needs employers who will work in implement those polices needed for effective business environment and all these will not take expected standard unless workers who are properly motivated is given required training internal and external incentives and their     salary may even be increased paying them overtime and considering them as human beings and not machines by so doing the business will be booming since it I effectively structured and implemented but if the reverse is the case, things will be moving haphazardly and it will constitute a lot of  problem to the study.

• PURPOSE OF THE STUDY

THE USEFULNESS OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF COMPANIES AND IN GUIDING INVESTMENT DECISIONS

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

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CHAPTER ONE:  INTRODUCTION

• Background of the study
• Statement of the problem
• Objectives of the study
• Significance of the study
• Scope and limitation of the study
• Research Questions

1.7     Statement of Hypothesis

1.8     Definition of terms

CHAPTER TWO:  REVIEW OF RELATED LITERATURE

• Basic concepts
• Points of sales
• Development of generally accepted accounting principles
• Profile of the company
• Analysis of trading accounts of marketing department of the company
• Analysis of profit and loss account of the company
• The fund flow statement
• Profit and Loss Appropriation Account
• Interpretation of Final Accounts of the company.
• Evaluation of items with ratios.
• Auditors report and information.

CHAPTER THREE:  RESEARCH DESIGN AND METHODOLOGY

• Sources of Data
• Interview questions
• Sample Design
• Method of Investigation
• Statistical method used for data analysis.

CHAPTER FOUR:

• Presentation, Analysis and Interpretation of data

4.1     Data presentation

4.2     Data Analysis

4.3     Testing of Hypothesis

4.4     Data interpretation

CHAPTER FIVE:  FINDINGS, CONCLUSION AND RECOMMENDATION

• Discussion of findings
• Conclusion
• Recommendation

Bibliography

Appendix A:  Questionnaire

ABSTRACT

The use of financial statement in any business organization cannot be over emphasized, financial statements are needed by variety of people for different purposes.

For instance, the government needs the financial books (reports) of a company for taxation purposes, the investors want to know how profitable a company is and will be able if the management of the company will like to know the level of their performance, all these cannot be known without the analysis of financial statement of the company or companies involved.

The research work therefore forecast on the usefulness of financial statements in assessing the performance of companies and guiding investment decisions, in order to provide investors, management, government and others what the company is worth.

Finally, the sources of data which are, primary and secondary data which led to the discussion of findings, conclusions and recommendation of the research topic.

CHAPTER ONE

• INTRODUCTION:

1.1     BACKGROUND OF THE STUDY:

A company’s financial statements are analyzed internally by management and externally by investors and creditors.

Management analysis of financial statements primarily relates to parts of the company which enables management to plan, evaluate, and control operation within the company.  Investors and creditors generally focus their analysis of financial statements on the company as a whole, which helps them decide whether to invest in or extend credit to the company.

As a minimum, financial statement will include a statement of source and application of funds.  Having been able to obtain a fair knowledge of the legal aspects of preparing financial statements and having worked examples through basic financial statements of a company, it is reasonable to begin to think of the significance of the futures therein.

His is because except the figure in financial statements will not in itself serve any purpose, the figures in the financial statements are therefore:

• How well or badly the company is performing.
• How financially strong or otherwise the company is.
• How valuable or otherwise the company is in terms of its assets base.

Unless a means is available for being able to obtain the information specified above a financial statement would just be of no substance and use.

In order therefore to interpret financial statements for the proper information of users, there is the need to proper ratio analysis and when to present to management, a number of issues must be considered.

These include:

• Profitability of the business, operations, particularly in relation to capital employed.
• Solvency of the firm: The ability of the business to pay its creditors the adequacy of its working capital and the liquidity of its current assets viewed side by side with the current liabilities.
• The business trend: An analysis of the pattern of business overtime to determine whether profits are rising or falling and the implications for future performance.
• The gearing and cover: Assessing the adequacy of profits to meet interest payments, pay dividends to shareholders’ investment.

• STATEMENT OF THE PROBLEM:

This research work intends to look into the extent to which investors do carry out and rely on the results of financial statements analysis before making their investment decisions, and the employment by companies of financial statement analysis in assessing their performance and that of their respective management.

BUDGETING AS A CONTROL STRATEGY

(A CASE STUDY OF UNIONBANK OF NIGERIA PLC ENUGU OGUI ROAD)

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

CHAPTER ONE

INTRODUCTION

• Background of study

               Union Bank of Nigeria plc is one of the first generation banks started to the colonial era. Formally known as Baraclays bank DCO (Dominion Colonial and Overseas) it was opened in1917.

In compliance with the directive of the government in 1968, that all companies (Including Banks) must be incorporated  locally in Nigeria in1969 and its name was consequently changed to Baraclays Banks of Nigeria Limited with its registered Head office at 40 Marina Lagos.

As a result of Nigerian Enterprises promotion decree of 1972 and 1977, the federal government of Nigeria acquired 52% of the Bank shares Leaving 40% for Barclays Bank international ltd (Now Baraclays-Bank plc) while the remaining 8% was taken up by the Nigerian public Baraclays Bank plc sold 20% of its shares to Nigerian in 1979 and the remaining 2% in June 1989.  Thus, it became an indigenous bank wholly managed by Nigerians.  And the name was changed to Union Bank of Nigeria Limited.  In 1990 the name was further changed to Union Bank of Nigeria Plc.

The bank is one of the commercial bank that survives and strives during the nations economic unsteadiness.  Union bank of Nigeria plc currently has her corporate head office at 40 marina Lagos.  This Head office building “The STALLION PLAZA” is a 32 story edifice and is now the most magnificent and tallest building in Africa.

The bank now has 9 Area office branches, including full indigenous branch in LONDON and SOUTH AFRICA respectively.  It has 5 staff training centres with on LAGOS, IBADAN, PORT-HARCOURT, ZARIA JOS.  The bank which is regarded as the largest employer of labour in banking industry in Nigeria, now has a staff strength of 8 workers.  It has some group of company such as union merchant bank, union assistance and union Homes.

The bank is about 75% computerian and has an outstanding record in term of profitability.  As at Septembers 30^th 1998 bank’s gross earnings total assets and deposit base stood at N13.8 billion N102.4 billion and N77 billion respectively.

The principle and consent of budgeting centres around the optional allocation scarce resources.  Resources are limited but human wants are not only unlimited but also multifarious.  In order to make the best use of available resources, the principle of budgeting has to be adopted.

Every business organization, government, sole propertor and banks employs the principle of budgeting as a control strategy.  Even individuals like salary earners hardly know that they are adopting the principle of budgeting when at the end of the month,  they try to reconcile their monthly salaries with their expenses for the month.

The budgetary control strategy calls for the preparation of plane in the form of ideas and values for the future.  Budgeting cannot be performed in isolation.  This is one of the reasons that all managers should be financially aware because almost every decision taken will have financial implication and will therefore effect other department, even if this means they have less money available for their Own budget.

Clearly, once a budget has been established it is necessary to set up  control and procedures which enables the  budget to be monitored.

Budgetary control is the establishment of budget relating the responsibilities of executives to the requirement of actual with budgeted results either to secure by individual action the objective of the policy or the provide basis for its revision. It should be pointed out that there is on significant difference between the principles of budgeting control in either the banks or public sectors, the statement implies that as budgets are established for various elements of the bank managers are given responsibility foe the management  of  budget resources in those.

Clearly, a strategy require information which has to be related to the delegate responsibilities within the bank, these should be related to the objectives of the  budget and then be monitored as  out turn figures  become available.  Overall, it was  felt that the budgetary control process and demand that it places on financial management skills represents the major challenges of change being faced by the bank.

The budget can be a powerful tools for motivating people to achieve the bank objectives or it can lead to either bad or good consequence according the way it applied in various type of organization.

Budgeting is essentially concerned with establishing a t plan or target of performance which co-ordinates all the activities of the business and calculating differences or various and analysising the reason for them. One general purpose of budget in bank, sole proprietor and government is to enable them to plan their financial resources which will be consumed and generated during the course of the budget period

The period generally adopted for budgeting is one year and this usually coincides with the financial year of the bank.

Finally, in introducing an effective budgeting strategy, management has to make penetrating critical and uncompromising study of the business to determine its strength and weakness in relation to what it is trying to achieve.  Budgets should be capable of change when circumstances changes so that the yardstick is a realistic attainable one. The strategy should operate to assist motivation and not simply be used as a bigstick or a pressure device.

• STATEMENT OF RESEARCH PROBLEM

It is generally agreed that every business organization, government and sole-proprietors should employ the principle and concept of budgeting control as a tool in achieving set goals. Consequently, for this research work, the following are the problems which this study hope to provide solution to:

The inability of banks to property forecast expenditure matched to revenue given the insta