– The Impact of Budget and Budgetary Control in Tertiary Institutions –
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ABSTRACT
This study was carried out in order to find out the impact of budget and budgeting control in tertiary institution which are non-profit making organizations used Imo state university as it case study.
However, budgets are said to be a quantitative expression of plans, either physically or in financial terms or both.
It could also be said to be a method for translating the goals and strategies of an organization into operational terms.
Due to the importance of budget and its control in organization. The study investigated how tertiary institutions with particular reference and controlled to meet target goals.
Furthermore, in the process of carrying out the study a total of 40 subjects were involved in the study.
There are line (9) facilities in the university but due to limitations in both time and finance, the researcher were only able to sample for faculties which were randomly selected and only the senior staff members of the four faculties selected were targeted.
Finally, from the data collected and analyzed, the researcher discovered that budget and budgeting control as a management techniques can be applied in educational institutions showing that budget and budgeting control is important in non-profit making organization as it is in profit making organization.
It is also used as a corrective mechanism through the duties and by ensuring that authorization and approval of all concerned in the preparation of budgets are fully carried out.
TABLE OF CONTENTS
Title page i
Certificate page ii
Dedication iii
Acknowledgment iv
Abstract v
Table of content vi
CHAPTER ONE
1.0 Introduction 1
1.1 Statement of the problems 7
1.2 Purpose of the study 9
1.3 Objective of the study 10
1.4 Research question 11
1.5 Scope of the study 12
1.6 Assumptions of the study 14
1.7 Delimitations of the study 15
1.8 Definition of terms 16
CHAPTER TWO
2.0 Literature review 19
2.1 Historical background 19
2.2 The concept of budget 21
2.3 Development in budget control 25
2.4 Definition of budget & budgeting control 28
2.5 Objectives and purpose of budgeting 39
2.6 Types of budgets 41
2.7 How budgets are prepare / administration of budgeting control 46
2.8 Human / behavioural aspect of budgetary control as a control measure 48
2.9 Problems in budgeting / management by exceptions 52
2.10 Budgeting system in non profit seeking organization 54
2.11 Budget and budgetary control as a control mechanism 56
2.12 Budget and budgetary control in tertiary institution in Imo state 58
2.13 Budgetary as a basis for comparison and enhancement of performance 60
2.14 Summary of the chapter 61
CHAPTER THREE
3.0 Research methodology 64
3.1 The population of the study 64
3.2 Methods of sample selection 68
3.3 The methods of data collection 68
3.4 The method of data analysis 69
CHAPTER FOUR
4.0 Presentation and Analysis of data 71
4.1 Introduction 71
4.2 Data presentation, classification &
calculation 72
4.3 Analysis of data according to research
hypothesis 84
4.4 Analysis of data according to research 91
CHAPTER FIVE
5.0 Summary, Conclusion, Recommendation 92
5.1 Summary 92
5.2 Conclusion 96
5.3 Area of further researcher 97
5.4 Recommendation 97
Bibliography 100
Appendix 103
INTRODUCTION
Budgeting is essentially concerned with planning. According to Hausen .O. (1990). Dr. Jones discovered, failure of plan, either formally or informally, can lead to financial disaster.
Careful planning is vital to the health of any organization. If that is a case, what role does budgeting play in planning and control. Simply put, plans identify objectives and action needed to achieve them.
Budget are the actions needed to achieve them. Budget are the quantitative expression of these plans. States in either physical or financial terms or both.
Thus a budget is a method for translating terms. As a plan of action budgets can be used to control by comparing actual outcome as they happen with the planned outcomes.
Furthermore, according to Professor Anya O. Anya April 28th 2006, guarding newspaper, the universities and the challenge of a knowledge is base on the economy (2) the said “we have seen that economic and human development indices presently confirm that Nigeria is a very poor country where otherwise immense resources and potentials have not been realized as a result squander and poor management.
We have dedicated from the above points that planning budgeting and control is very essential in all sphere of endearvour be it public or private sectors.
In other words, the necessary uncertainty and complexity in the socio-political economic and public sectors of Nigeria society have been made it very difficult for co-operate entities irrespective of the nature of their business (profit oriented or service oriented) coupled with the changes in social, economic, technological and political system to achieve optimal result without setting proper planned targets.
With the trend of failure recently witnessed in the financial sector, arising from factors both internal external organizations and their management should ensure that they had decision about their future.
BIBLIOGRAPHY
Anayaogu C.M (1999) management accounting a functional approach.
Ackoff R.L (1970) A concept to corporate planning. New York, John Wiley & sons.
Agu C.N (1997) Aims of budget and roles of budgetary in planning process.
A paper delivered at workshop on advance management accounting and information control held Imo State 18th – 20th June.
Asein A.A. (2000) Budgeting profit planning and control process (ICAN News) January / March Vols. 5. No 7.
Batty J. (1971) Corporate planning and budgetary control. London Mac Donald and Evans Publishers.
Eruotor P.A (1997) Imperative of business budgetary. The Nigeria accountant (ICAN News April / June Vol 30-Nov. 2.
Enclopaedia American (1995) International edition Vol. 4 Grolier incorporated Danbury.
Kiabel, B.O (2000) Budgetary as a management tool. The Nigeria account (ICAN News) January / March Vol 33. No7.
Lucky T. (1996) Management accounting and edition London D.P Publishers.
Anya O. Anya (April 26th 2002) Guardian Newspaper. The university and the challenge of knowledge based economy. A seminar paper presented.
Adiele E.C (1973) They budget as a instrument of control. The Nigerian accountant Lagos institute of chartered accounts of Nigeria, January / March Vol. 5.
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