AN EVALUATION OF BUDGETS AND BUDGETARY CONTROL SYSTEMS IN MEDIUM SCALE INDUSTRIES

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ABSTRACT

In carrying out the research it has been known to the researcher the reason of some of the problems faced by some medium scale industry and it was realized that the English adage that say “If you fail to plan, you plan to fail” is having effect on many of these industries with this the research was able to come up with something useful not only to the medium scale industry but also to any organization whether profit earning organization or non-profit earning organization.
In achieving this objective secondary data is made use of to obtain information. This consists of the use of Journals, Magazines, Textbooks and so many others.
It was also known that management has a very big role to play and their behavior has implication in relation budgeting and control measure.
In conclusion, some summary, findings and recommendation were induced.
TABLE OF CONTENTS
TITLE PAGE I
APPROVAL PAGE II
DEDICATION III
ACKNOWLEDGEMENT IV
ABSTRACT V
TABLE OF CONTENTS VI

CHAPTER ONE
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEMS 3
1.3 OBJECTIVES OF THE STUDY 4
1.4 SIGNIFICANCE OF THE STUDY 5
1.5 THE SCOPE OF THE STUDY 5
1.6 LIMITATIONS OF THE STUDY 6
1.7 DEFINITIONS OF TERMS 7
REFERENCES 10

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.0 INTRODUCTION 11
2.1 MEANING OF BUDGET 11
2.2 PRINCIPLES OF BUDGETING 13
2.3 FORMS OF BUDGET 16
2.4 TYPES OF BUDGET 20
2.5 RATIONALE FOR BUDGETING 26
2.6 BUDGETING CONTROL 28
2.7 RELATIONSHIP BETWEEN BUDGETS AND BUDGETARY CONTROL 29
2.8 TECHNIQUES OF BUDGETARY CONTROL 30
2.9 THE RELEVANCE OF BUDGETARY SYSTEM TO MEDIUM SCALE INDUSTRIES 3I
REFERENCES 33

CHAPTER THREE
3.0 RESEARCH DESIGN AND METHODOLOGY
3.1 SOURCES OF DATA COLLECTION 34
3.2 LOCATION OF DATA 36
3.3 METHOD OF INVESTIGATION 37
REFERENCE 38

CHAPTER FOUR
4.0 SUMMARY OF FINDINGS 39

CHAPTER FIVE
CONCLUSION AND RECOMMENDATION
5.1 CONCLUSION 40
5.2 RECOMMENDATION 41
BIBLIOGRAPHY 43
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Any organization whether public or private, that fail to plan is planning for failure, so therefore planning can be defined as the process of establishing and clarifying objectives and goals and determing the policies the policies and procedures necessary to meet these objectives and goals. This study is to bring light into different budgetary systems as being adopted in the medium scale industries. As budgetary is made up of budgetary planning as well as budgetary control. Accountants and managers of business need to ensure that emphasis on control of plans comparing actual operation against planned to identify variance upon which corrective action can take place especially under this economic condition have to be maintained.
For the past years, Nigeria has been experiencing economic fluctuation which has led to un table economic activities. Therefore, this has incapacitated the budgeting system adopted in various medium scale industries and as a result has great impact on the budgetary control due to discrepancy in variances resulted into. As a matter of fact, this has a great effect on profit of the medium scale industries.
According to chartered institute of management Accountant (CIMA) budgetary control could be defined as “the establishment of budgets relating the responsibilities of executives to the requirement of a policy, and the continuous comparism of actual performance with budgeted result either to secure by individual actions, the objectives of such policies on to provide a basis for its” revision.
It is therefore the responsibility of the management to ensure that all the variance functions of organization are co-cordinated by preparing plans of actions for future period.
These detailed plans are usually referred to as budgets.
Budgetary control and standard costing techniques are regarded as the two principal control techniques at the disposal of the management accountant when evaluating the budgetary system of any set-up.
This is because both techniques involve.
a) Setting up target
b) Accumulation of historical cost
c) Comparing actual result with targets.
d) Taking corrective measures in the variance highlighted.
Hopefully, this study will be of immense contribution to medium scale industries in Nigeria in widening their knowledge as regards budgetary control and the for adopting appropriate budgeting system in a particular economic condition.
1.2 STATEMENT OF THE STUDY
Medium scale industries world-over are faced with the problem of budgetary system. The problem is facing suitable system of budgetary as regards different sectors of operation that will not have adverse effect on the budgeted income of a manufacturing industry in medium scale as well as taking necessary corrective measures on the variance highlighted consequently to reduce deviation from standard set.
Whether a medium scale industry is adopting fixed, flexible, control or rolling and programmer planning system of budgeting,

A STUDY OF THE IMPACT OF FINANCIL
DISTRESS ON NIGERIA COMMECIAL BANKS

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ABSTRACT

This research work examined the “A study of impact of financial distress on Commercial Bank of Nigeria. It investigated the causes and characteristic of bank distress in Nigeria economy. It is believed that these problems that hinder smooth banking in commercial banks will be evaluated to ensure safe and sound banking system.
Many related literature were reviewed as the researchers collected data for this work in remote communities where banking. The effect of bank distress on the economy on the other hand included the erosion of public confidence mostly to the commercial banks.

TABLE OF CONTENTS

CHAPTER ONE
1.0 Introduction
1.1 Background of study
1.2 Statement of problems
1.3 Purpose of study
1.4 Research question
1.5 Significance of study
1.6 Delimitation scope and limitation
1.7 Definition of terms
CHAPTER TWO
2.0 Review of related literature
2.1 Meaning and characteristic of distress
2.2 Causes of bank distress in Nigeria

CHAPTER THREE
3.0 Research design and methodology
3.1 Sources of data
3.2 Location of data
3.3 Method of investigation

CHAPTER FOUR
4.0 Summary and findings

CHAPTER FIVE
5.0 Recommendation
5.1 Conclusion
5.2 Reference and bibliography

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY
A bank can be defined as an organisation whose principle operation is concerned with the accumulation of temporarily idle money of the general public from the purpose of advancing to others for expenditures.
John Paget defined a bank as “A corporation or person(s) who accepts money on current account pays cheques on such account on demand and collects cheques for customers”
Oxfords advanced learners dictionary defined a bank as an organisation or place that provides a financial service or a place where something is stored ready for use.
The establishment of modern banking in Nigeria dates back to the colonial era when the African banking corporation was formed in 1892 to distribute currency notes of bank of England for the British Treasury subsequent developments were encouraged by colonial trade. In the bid to address the credit needs of indigenous enterprenurs, Nigerian later ventured into the banking business, initially through private individual initiatives and later through deliberate government policy.
The problem of distress in the financial sector, including outright bank failure, has been observed in Nigeria as far back as 1930 when the First Bank failure was reported. Indeed, between 1930 and 1958 when the Central Bank of Nigeria was established, over 21 banks failure were recorded.
However, the degree of intensity and scope of the distress has never been as serious as had been observed since June 1989 when the government directive to withdraw deposits of government and other public sector institutions from bank to the CBN exposed the weak financial condition of most financial institution and the severity a problem has progressively increased.
The distressed condition has been traced to a wide range of causes, some of which are listed on literature review.
Eventually, when distress come into the scene, tears of loosing fund to the banks influenced negatively, in the commercial bank.

1.2 STATEMENT OF PROBLEMS
With the ware of distress spreading in the finance companies, community banks and primary mortgage institutions a total of 24 banks were distressed in 1993, as against to in 1992, 31 finance house were classified distressed while 118 were in default of matures obligation, 456 complaints against 156 finance companies for non resumption of mortared funds however, total assets on liabilities of 395 finance firms stood at N13.38 billion in 1993 as against N2.44 billion reported for the proceeding year (1992).
The situation was attributed to the followings:
1. Prevailing economic recession, policy induced stock poor and detonating assets quality arisin

AN APPRAISAL OF THE INTERNAL CONTROL SYSTEM IN COMMERCIAL BANKS IN NIGERIA

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An appraisal of the internal control system in commercial banks in Nigeria have attracted the researcher to investigate those strengths and weakness, of these study.
After every thing the researcher concluded that the internal control system in commercial bank is sound in principle and effective in operation.
TABLE OF CONTENTS

CHAPTER ONE
1.0 Introduction
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Significance of the study
1.5 Limitations of the study
CHAPTER TWO
2.0 Review of related literate
2.1 Types of intenal control
2.2 Responsibility for internal controls

CHAPTER THREE
3.0 Research design and methodology
3.1 Sources of data
3.2 Location of data
3.3 Methods of data collection

CHAPTER FOUR
4.0 Findings
4.1 Loan and advances
4.2 Bank values
4.3 Wages and salaries
4.4 Bank deposits
4.5 Fixed assets
4.6 Investments

CHAPTER FIVE
5.0 Recommendations and conclusions
5.1 Recommendations
5.2 Conclusions
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Trade in Nigeria before the arrival of the Arras and Portuguese, trade before the early 18th century was strictly by barter. But in 1870 when those trade arrived, a mixed barter money economy was introduced during this period, commercial and economic activities among African’s were barters where as such activities between Africans and Arras Portuguese were commodity money or the other, such commodity mouse used include items like coral breads, cowries, brass and copper, rods, bottles cases of gins, livestock and even Slaves who by then, served more as beast of burden.
The Portuguese, who where said to be the first Europeans to visit the west African coast eventually popularized the use cowries as monetary instrument in their trading activities in the Ancient kingdom of Benin. The Portuguese there after monopolized trading activities in the west African coast, including Nigeria, African coast.
Just a few years after the arrival of those British traders, they conquered the Portuguese traders and took over the monopoly of all commercial and economic activities in four different nations on the West African coast namely gold coast (now Ghana) Gambia, Sierraleon, and Nigeria. It was not long when it was discovered that those British traders did not only come to trade, but in the actual sense to rule. This how ever lead to the colonial(Administration striation. With the subsequent setting up of a British colonial Administration in those countries, the use of currency a namely but British Sylva coins was greatly encourage. This however was the first step in the c. of monetising those economics, which in actual sense facilited exchange greatly discourage barter.
The early period of colonial administration back dates Nigeria in banking idea. The British traders day banking in Nigeria Principally for the proper execution and transmission of funds to effectively serve the British colonial government and their corporation.
1.2 STATEMENT OF THE PROBLEM
The basis objective of most business include serval and growth: Fulfillment of social responsibility and the making of satisfactory profit sound and effective system of central are established in order to carry on the business of the enterprises efficiently and orderly and assets in sina guenon (important) to the achievement of the above objective. A sound system of internal control also helps in checking the accurate and reliability of records, free flow of management information and adherence to management polices in order to reduce practicable wastage, pilferage losses and theft.
1.3 objective of the study
The aim of the study is to examine

THE ROLE OF INSURANCE COMPANIES IN NIGERIA ECONOMIC DEVELOPMENT.

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Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

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ABSTRACT
This project is the role of insurance companies in Nigeria economic development. The insurance industry, from all indication plays a vital role in Nigeria economic development as well as in the problem of risk management in Nigeria. It is very obvious that the majority of the public who are ignorant of the contributions made by the insurance industry have more faith in the banking and other financial institution but these people forget the fact that the banking institution acknowledges the fact that the insurance companies contribute significantly to the development of the economy of the nation.
Chapter two is the review of related literature the most prominent among there were the extended family system the age grade association and the provide some kind of insurance covers to their member especially during adverse period.
Chapter three is a research design and methodology as this project work is done on secondary data only. And chapter four is the findings that from the research and finding are that insurance companies settle more loss claim now than before.
Chapter five is the conclusion and recommendation.

CHAPTER ONE
1.0 INTRODUCTION AND BACKGROUND OF THE STUDY 1
1.1 STATEMENT OF THE PROBLEM 2
1.2 PURPOSE /OBJECTIVE OF THE STUDY 3
1.3 SIGNIFICANCE OF THE STUDY 4
1.4 LIMITATION OF THE STUDY 5
1.5 REFERENCES 6
CHAPTER TWO
2.0 LITERATURE REVIEW 7
2.1 THEIR ROLES IN DEVELOPMENT OF OUR NATION ECONOMY 8
2.2 DIFFERENT CLASSES OF INSURANCE AND THEIR CONTRIBUTION IN ECONOMIC DEVELOPMENT 9
2.3 REFERENCES 10
CHAPTER THREE
3.0. RESEARCH DESIGN AND METHODOLOGY 11
3.1 SOURCES OF DATA 12
3.2 LOCATION OF DATA 13
3.3 METHOD OF DATA COLLECTION AND METHODOLOGY OF INVESTIGATION 14
CHAPTER FOUR
4.0. FINDINGS 15
CHAPTER FIVE
5.0 CONCLUSION AND RECOMMENDATION 16
5.1 RECOMMENDATION 17
BIBLIOGRAPHY 18
CHAPTER ONE
INTRODUCTION BACKGROUND OF THE STUDY
Insurance has been defined as an economic device where by risk of people and economic enterprises are transformed from in individual to a group in the process the individual pay’s a fee know as the premium to the group for the assumption of risk in the evidence of the contract of risk assumption, the group issues document known as the insurance policy. To the individual the total of the fee paid to the group by the policy holder constitutions the fund or pools from which losses of individual members of the group are paid the group is known as the insurance while the individual is referred to as the insured.
The insurance industry from all indication plays a vital role in Nigeria economic development as well as in the problem of risk management in Nigeria. It is very obvious that the majority of the public who are ignorant of the contributions made by the insurance industry have more faith in the banking or other financial industries. But these people forget the fact that the banking institution acknowledges the fact that the insurance companies contribute significantly to the development of the economy of the nation. And this is why loans collected from them. The establishment of NDIC to help curb the rate of distress bank is another measure to slow that the role of insurance is very vital to economic development. The government had since, also seen the important of the insurance institution in risk management and development. Because of these the government has made some insurance policies compulsory in Nigeria. As can be seen in various insurance. Acts that every or any motor owner must have one of the various insurance covers available in motor insurance in the country. The government had also made it compulsory that all her big building must be insured against fire.
Therefore in this study are going to stress within my scope and unit of the information in my reach the role played by the insurance institution in the economic development of the nation.
1.2 STATEMENT OF THE PROBLEM
THE PROBLEM FACING INSURANCE COMPANIES IN NIGERIA.
Here!? I want to have a general discussion on some problem that hinder to insurance institutions from servicing their aim to economic development. These problems include the following:
SOCIO- ECONOMIC PROBLEM. There are some socio-economic factor which generally affects the attitude of Nigeria toward insurance these factors are religions belief, cultural background low, economic income pretence for ostentations life to thrift and the level of development. As a matter of fact, “some cultures for instance look at life policy as inhuman hence some muslems have manifested strong religion entergenusm to life assurance.
Finally, at our resent level of development there is limited personal prosperity on which insurance could be secured and since most people are living from hand to month” insurance receive

DEVELOPMENT BANKING IN NIGERIA

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Bank Name: GTBank
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Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

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

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

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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ABSTRACT
This study focuses on finding out the extent to which development banking has aided in development of the Nigeria Economy through financing and granting of medium and long term loans for capital projects and other related services like providing technical services to their bank customers who engage in promotional activities to stimulate interest on new projects.
The study adopted a his historical method of investigation because of the absence of the questionnaire and the nature of the research only historical research was designed since staff and management of development banking carry out the same functions and the same business activities. The staff and management of development banking constitute the population interest of 40 from this population, a formular sampling method was use to arrive at a sample of B6 specifically, the objectives of the study are to among others.
To find out the role played by development banking in the development of Agriculture, commerce an industrial sectors.
To highlight the impact of development banking in the Nigeria in the Nigerian Economy.
To examine the extent of mobilization of funds to finance capital projects.
To examine the sources of funds to the development banking in Nigeria
To determine whether there is any difference in functions of banks that make up development banking.
To accomplish these objectives data were collected historically, which involved the sourcing of data from primary and secondary from the past and present records and functions from the staff of different kinds of development banking in Nigeria, published materials and textbooks.
The findings of the research work was based on the data on the literature in chapter two.
Against this, background, both short and long term measures were adopted and recommended in chapter five, and if implemented will go a long way in boosting the development of development banking in this country to carry out their business activities efficiently and effectively.
TABLE OF CONTENTS

CHAPTER ONE
1.0 Introduction
1.1 background of the study
1.2 Statement of problem
1.3 Objectives of the study
1.4 Research questions
1.5 Significance of the study
1.6 Scope and limitation of study
1.7 Definition of terms

CHAPTER TWO
2.0 Review of related literature
2.1 The Nigerian industrial development bank (NIDB)
2.1.1 The Nigerian industrial development bank NIDB sources of fund
2.1.2 Functions of Nigerian industrial development bank
2.1.3 The re-construction of the Nigeria industrial development bank limited.
2.2 Mandate of bank of industry (BOI)
2.2.1 The objectives of bank of industry (BOI)
2.2.2 Sources of funds for bank of industry
2.3 Project selection criteria of bank of industry (BOI)
2.4 The Nigeria bank for commerce and industry (NCBI)
2.4.1 Functions of bank for commerce and industry (NCBI)
2.5 The Nigerian agriculture and co-operative bank (NACB)
2.6 Nigerian agricultural co-operative and rural development bank limited (NACPDB)
2.7 Main obligations of Nigerian agricultura, co-operative and rural development bank (NACRDB)
2.7.1 Ownership and sources of fund for NACRDB
2.7.2 Functions of Nigerian agricultural co-operative and rural development bank (NACRDB)
2.7.3 Nigerian agricultural, co-operative and rural development bank (NACRDB) special project loans
2.7.4 ECOWAS fund accelerated fish production project
2.7.5 International found for agricultural development project (IFAD)
2.7.6 Livestock development project (LDP)
2.7.7 Annual traction and hand tools technology programme
2.7.8 Types of loans granted by and rural development bank (NACRDB)
2.8 Role of development banking serves to economy
2.9 Defenses in mandate between bank of industry and Nigerian agricultural co-operative and rural development bank (NACRDB)
References
CHAPTER THREE
RESEARCH DISGN AND METHODOLOGY
3.0 Introduction
3.1 Research design
3.2 Sources of data collection
3.2.1 Secondary data sources
3.2.2 Primary data sources
3.3 Location of data
3.4 Population of the study
3.5 Sample size determination

CHAPTER FOUR
4.1 Findings

CHAPTER FIVE
5.1 Summary and conclusion
5.2 Recommendations
Bibliography
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Development banking in Nigeria was established, as a result of strong needs to close the gap created by the inability of the operating banks in Nigeria such as commercial banks, central bank and merchant banks to provide the needed funds to finance some special sectors of the economy such sectors which must be financed mainly with long-term and sometimes with medium term funds, need finance from specialized banks such as development banks. These banks were established for the purpose of providing medium and long term loans for capital projects in Agriculture commerce, industry and other essential projects that are necessary for economic development of the country, such loans are usually provided from the banks internally resources. For projects that require huge capital resources than it can provided alone, development bank usually mobilizes other financial institutions to raise the required loan for the establishment that requires it.
Apart from providing medium and long term loans for capital projects in specific areas as already mentioned, development banks render ancillary services like proving technical advice on new and existing projects to their customers, engaging in promotional activities to stimulate interests among their customers on new prefects which the banks consider necessary and profitable.
The commercial banks in operation provided short term funds which was as a result of the nature of funds available to them. Occasionally the provided medium term funds and long-term basis. Development banks perform this function by providing long-term loans for capital projects in specific areas. In Nigeria, we have the Nigerian industrial development bank (NIDB), the Nigerian bank for commerce and industry (NBCI) and the Nigerian Agricultural co-operative bank (NACB) now known as Nigerian Agricultural, co-operative and rural development bank limited (NACRD). These banks are owned by the federal government.
Following the reconstruction of the Nigeria industrial development bank limited, NIDB in 2001, which incorporated the mandate of the Nigerian bank of commerce and industry (NBCI), the (NBCI) apperar to have lost its identify. Today you may not discuss the NBCI without seeing it as a part of NIDB.
Nevertheless, since NBCI, is still in existence having not be swallowed by the NIDB,
The NBCI was established through decree 22 of 5th may 1973 by the federal government of Nigeria. The bank which is believe to be a child of circumstance because it came up after the Nigeria civil was when the indigestion decree was set up. It started its operation on 4th October, 1974.
The bank’s authorized capital at inception was N50 million N35 million of this fully paid up and subscribed by the federal government with 60% and the central bank of Nigeria, which had the remaining 40.
The bank when established was meant to assist the implementation of the indigensation decree of 1972
By the decree No22 of 2nd April 1973, the bank was to provide equity capitates and funds by way of loans to indigenous persons, institutions and organizations for medium and long term investments in industry and commerce at such rates and upon board in accordance with the policy directed by the federal executive council
This decree empowered the bank to borrow monies from any source it can, to enable it meet its obligations and discharge functions.
1.2 STATEMENT OF PROBLEM
Following the increase economic activities in Nigeria, commercial banks which have been established to provide their customers with short term loans can no longer meet up with duties of providing medium. At this point in time the monetary authority and the federal government saw the need to create a bank that will cater for the need of people living in rural and urban areas and those who want to invest on capital projects.
The aim of establishing this bank was to grant medium and long term loans to Nigeria investors. The aim or