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IMPACT OF BUDGET AND BUDGETARY CONTROL IN A MANUFACTURING INDUSTRY

(ACASE STUDY OF MORRIS FERTILIZER COMPANY MINNA NIGER STATE

 

ABSTRACT

This research work is carried out to determine the impact of budget and budgetary control with reference to Morris Fertilizer Company Minna Niger State Nigeria.

This topic is chosen because of the dearth in awareness as regards the contribution of budget and budgetary control in the improvement of the over all performance of an Organization.

However, for the purpose of this project work, the researcher highlights the purpose an effective budgetary control could serve an organization. Type of a budget preparation of a bulge manual, as well as the budgeting concepts with emphasis on planning, programming, budgeting system (PPBS) was dealt with exclusively in the project work by the Researcher.

Data were collected from both primary and secondary sources. The analysis of the Researcher brought out a population size that he used to determine the basis for the information gathered and analyzed.

 

TABLE OF CONTENT

CHAPTER ONE

        INTRODUCTION

1.0   Over view of the study----------------------------------------1

1.1      Background  information of morris fertilizer company---3

1.2   Purpose of the study--------------------------------------------6

1.3   Statement of problem-------------------------------------------7

1.4   Significance of the study---------------------------------------8

1.5   Scope and Limitations of the study--------------------------11

1.6   Definition of terms--------------------------------------------13

        Reference------------------------------------------------------14

CHAPTER TWO

                LITERATURE REVIEW

2.1           Brief and purpose of the budget----------------------15

2.2           Use and purpose of budget---------------------------16

2.3           Types of budget--------------------------------------23

2.41          Characteristics of a good budget system-----------27

2.42          Other budget concepts---------------------------------27

2.5   Limitations of planning, programming, budgeting system 27

2.51          Budget process-----------------------------------------29

2.53          Planning and control process------------------------30

2.6           Budget and budgetary control in an Organization--32

                Reference------------------------------------------------33

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

3.1           Study area--------------------------------------------34

3.2           Sources of Data----------------------------------------34

3.3           Method of investigation--------------------------------35

3.4           Sampling procedure-------------------------------------35

3.5           Administration of questionnaires---------------------36

3.6           Description of Data analysis techniques--------------37

                Reference------------------------------------------------38

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1   Presentation analysis and interpretation-----------------39-34

        Reference------------------------------------------------------35

CHAPTER FIVE

Summary of Finding, Conclusion And Recommendation------56

5.1 Implication of findings--------------------------------------57

5.2   Conclusion --------------------------------------------------58

5.3   Recommendation--------------------------------------------60  5.4                Reference-----------------------------------------------61

5.5           Questionnaires---------------------------------------21-68

 

 

CHAPTER ONE

1.0  INTRODUCTION OF THE STUDY

       OVER VIEW OF THE STUDY

        Budgeting is concerned with planning and the implementation of         expected income and expenditure for a particular period of time.

        There is the need for good planning of budget in every Organization    because; any Organization that does not plan and implement its        budget is likely to encounter a lot of problems. These problems range     from mismanagement of limited resources to management habit of not      adhering to budgetary control measures.

 

        Budget and budgetary control are two accounting techniques which     top management adopts to achieve its task of planning, co-       coordinating directing and   controlling in an Organization.   Planning is mainly concerned with the future and selection of policies,    strategies and actions required to attain these objectives.

        Planning was previously based on historical conventions. This process         increased the emergency of decisions that top management had to        make because, historical cost conventions are future oriented, and        they do not aid planning. In order to reduce to management’s     emergency decision making process, this and planning variable    budget were introduced. This is so because; managers want to know     more than they have done in relation to cost period performance. They    also want to know how they have done currently in relation to their         current targeted performance.

              Control on the other hand follows closely after action has been taken.         It is a process whereby actual performance is compared with targeted/budgeted performance. Any deviation from this target is   investigated for positive explanation.

 

        Budgetary control is the technique use for this purpose and when it is         combined with budget, it becomes part of reasonable accounting. This         aim of budgetary control is to provide a former basis for monitoring   the progress of the Organization as a whole and its components                        towards the achievement of the objectives specified in the planned   budget. Budget enjoys a wide application. It can be used in our private    homes where a civil servant who earns monthly income will map out    his objectives and a plan effectively with what he has to achieve those      objectives.

1.1  BACKGROUND INFORMATION MORRIS FERTILIZER COMPANY

The research work on the impact of budget and budgetary control on the performance of Morris Fertilizer Company would not be complete without background information of the Organization.