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Budgeting And Budgetary Control In A Business Organization
[A CASE STUDY OF AFRI BANKK NIGERIA PLC. ILORIN]
CHAPTER ONE -- [Total Page(s) 2]
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CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The fundamental question which should be asked about any enterprises is “How well is it doing?†ad his can be rightly answered accessing the extent to which the objectives of the enterprises are achieved.
The major objectives of the enterprises are achieved, base on profit maximization and improved future profit tend to enhance growth and survival. The increasing complexity of the business and ever changing condition of the business environment, social environment technological and political changes have made companies investors and management to realize the need for new techniques to protect and improve performance.
To achieve the Afro- mentioned objects it becomes imperative for management of business organization to develop ways of attaining them.
The available instrument at Management’s disposal is the adoption of adequate planning and control. one of the basic device used in planning and controlling the activities of business enterprise is by means of financial standard and management of budgeting and budgetary control.
To many the terms can not retraining influence on action service the needs or opportunity which the enterprise would like to service budgeting remains the most tactical budget is essentially on agenda setting. It is carefully designed, packaged and aimed at achieving the goals and objective of business organization or individual with the limited resources at their disposal.
According to fubara( 1988) in his book “ business management principle and strategies.
He further and described budgeting is a means of utilizing collective knowledge of an enterprise to prepare a co-ordinate plan for future activities.
Budgeting control is a techniques that emphasizes control of plan by companing actual result against target to identify variance upon which corrective measure should be taken to improve the performance of the enterprises.
The primary function of business organization is production of goods and services and make it available for the consumers when ever is needed. All these functions are performed in order to achieve the organizations goals which is profit maximization. Performances are evaluated based on the actual result. To achieve the organizational objectives there is need for adequate planning and control, efficient budgeting and effective budgetary control system in business organization.
1.2 STATEMENT OF THE PROBLEM
Budgeting and budgetary control is very important in business organizational due to its function in relation to planning , organize coordinating and controlling functions of management forwards.
Successful realization of the organizational objective. Performance evaluation in business organization is usually base on effective decision making and efficient resources allocation. These have been affected due to the incorporate of budget and budgetary control.
This improper budgetary control responsible for poor performance of some business organization most business organization do prepare budget. Yet there are deviation from such budgets and they fail to investigate the causes deviation and thus take appropriate corrective measures to prevent re-occurrence most business organization sues budgeting as just useful for planning purpose but refuse to take cognizance of its benefits whom to revise budgets to make it reflect prevailing situation or whom to hold responsible for budget vacancies.
1.3 AIMS AND OBJECTIVE OF THE STUDY
The main aim of this research work is to examine budgeting and budgetary control in business organization in order to see the extent to which it’s to be applied in management planning and control.
These are some of the aims of the research work.
i. To examine the procedure for drawing up budget in business organization and to know how budget are being approved implanted, improved and revised.
ii. To know who there budgeting and budgetary controls assist the managements of business organization effective decision making and efficient resources allocation.
iii. To know whether the use of budgeting and budgetary control is indispensable to achieve organizational goals and objective.
iv. To evaluate performance by comparing budgetary with actual result of the business stand
v. To know whether budgeting and budgetary control serves as a communication tools between the top management and the low staff.
vi. To provide a useful l recommendation on the application of budgeting and budgetary control as means of improving business performance.
CHAPTER ONE -- [Total Page(s) 2]
Page 1 of 2
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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---
