– Effects of budgeting and Budgetary Control in Extracting Industry –
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ABSTRACT
The main aim of this write up is to throw more light on the review of budgeting control in a extracting industry.
This research purely base on budget as an instrument of control in an organization and also as a means of highlighting the role of budget in any establishment and society at large.
Data were collected for this research work were from both secondary and primary source. With the population of 180,questionnaire were administered and interview conducted for a sample size of 180 persons made up of staffs of the corporation .in any attempt to make the research meaningful and comprehensive the researcher has to divide the entire work into five chapters.
These comprises of the deal with the introduction where the researcher give a brief discussion of the concept statement of problem, limitation and scope of the study.
Also comprises of the literature review which deals with definitions of term classification, important of the subject matter “budget” with the following chapter deals on research methodology which explains the research design and also forms the basis for data collection.
Also states the analysis and interpretation of data and also shows that the hypothesis was tested, the concluding chapter throws more light on the work by summarizing the work and given the recommendation.
TABLE OF CONTENTS
Title page i
Approval Page ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vi
CHAPTER ONE
1.1 Background Of Study 1
1.2 Statement of Problem 2
1.3 Objective of Study 4
1.4 Research Question 4
1.5 Hypotheses of the Study 5
1.6 Significant of the Study 5
1.7 Scope of the Study 6
1.8 Limitation of the Study 7
CHAPTER TWO REVIEW OF RELATED LITERATURE
2.1 Introduction 8
2.2 Definition of Budget and Budgetary Control 9
2.3 Budget Control 10
2.4 Essentials of Budgetary Control 11
2.5 Objectives and Purpose of Budgetary Control 11
2.6 Types of Budget 13
2.7 Budgetary Control 17
2.8 Limitation of Budgetary Control 17
2.9 Effect of Planning and Control 19
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Introduction 21
3.2 Research Design 21
3.3 Population and Sample Size 22
3.4 Sampling and Method of Data Collection 22
3.5 Techniques of Data Analysis 24
3.6 Justification for the Choice 24
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS
4.1 An Overview 26
4.2 Analysis of Research Questions 26
4.3 Test of Hypotheses 36
CHAPTER FIVE SUMMARY OF FINDINGS,CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of Findings 40
5.2 Conclusion 41
5.3 Recommendations 41
References 42
INTRODUCTION
Background to the Study
Today the important of budget and budgetary control can never be over emphasized. Thus for survival of any oil cooperation, management need to embark on budget to effect proper planning and control.
In this view, budgeting can be seen as a process of planning and control. Proper budgeting can never affect efficient plans of an organization without control.
Control as it were is an important tool which must be priced to keep in check with the plans of the firms and for correction of any deviation from the stipulated plan of the organization in question. Hence a budgetary control comprises of both plan of operation with the scope of the plan.
In pursuit to this, data were collected from journals and related works. In consequent writings it reviews the response of people and it was made known through questionnaires that the factors that affect the company’s profitability most in general economic conditions in the contrary as the people stated that cash budget is the best type of budget.
For any cooperation such as multi-national oil company i.e. shell cooperation, would want to succeed it business executives must make use of budgetary control measure to avoid failure in business.
They are different classes and types of budget for different entities i.e. fixed budget, Flexible budget, Master budget, Zero budget and annual budget for government entities.
It should be observed that whatever the class or structure of a budget they are used for maximizing managerial efficiency and also to ensure that the activities of the cooperation are not left to chance.
In organization the introduction of budget and budgetary control systems compels members of the cooperation from the top hierarchy to the bottom to plan ahead this is undoubtedly paramount owing to the higher level of uncertainty facing present day managers and accountant.
Budgets formulate expected performance and 9 express managerial target which gives meaning and direction to the operation in an organization.
BIBLIOGRAPHY
Amos A. Abohi (2003.) Basic Cost Accounting 2 Lagos : NIBN Press, pg 150
Batty.(1975.) Management Accounting London: Nmc Balkwill Published Page 34
Brawn J.I (1975.) Principle and Practice Of Management, Lagos: Grogy Division Publishing Company pg 22.
Charles T.(1982.) Cost Accounting Management Emphasis Lagos: Grogy Division Publishing Company pg 22.
Mart Cary and Frank 1985 Cost and Management Accounting Sell.NIBN Press
Milant K.W (1975.) The Relationship Of Participating In Budget Setting To Industrial Supervisor, London: McGraw hill book inc pg 19
Jack. K Complete budgeting workbook and guide Wiley john and sons incoorporated Sheld C capital budgeting process prentice hall Lagos University press.
Sielz N Quantitative method for capital budgeting : nmc balkwill published page 34 Lee R public budgeting system: nmc balkwill published page 34