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Project Topic:

BUDGETING AND BUDGETARY CONTROL AS A TOOL FOR ACCOUNTABILITY IN GOVERNMENT PARASTATALS

Project Information:

 Format: MS WORD ::   Chapters: 1 - 5 ::   Pages: 69 ::   Attributes: Questionnaire, Data Analysis, Abstract  ::   3,482 people found this useful

Project Department:

ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

Project Body:

CHAPTER   ONE

 INTRODUCTION

  1.1       BACKGROUND OF THE STUDY

The efficiency and effectiveness of the operations of a business

depends on the control available to management in almost every business organization, there are a number of activities going on at the same time such as producing, purchasing, distributing, selling and financing a product. These are interrelated in such a way that they affect the attainment of the organization goals.

The institution of cost and management accountant(ICMA)defined budget as a financial or quantitative statement prepared and approved prior to defined period of time of the policy to be pursed during the period for the purpose of attaining a given objectives. It may include income, expenditure and the employment capital.

Therefore in order to achieve these objectives or goals, the

organization must economize resources and discover the means of achieving these goals. These goals can only be realized when the property planned use of available resource are controlled and co-ordinate effectively. Thus a system of managing a business by making forecast of the different

 activities and applying a financial to each forecast becomes imperative. These forecasts

 

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Are guided by the information and adoption of planned system such as techniques in budgeting, variance analysis. Etc.

Pandy (2008) defines budgeting control as the establishment of departmental budget relating the responsibilities of the executive to the requirement of a policy, and the continuous comparison of actual budgeted result either to secure by individual actions. The objective of that policy is to provide a firm basis for its revision.

Osisoma, (2000) opined that budgeting is a systematic and formalized approach for accomplishing the planning, co-ordination and control responsibilities of management. It is a process of preparing in advance of the period to which it relates a summary statement of plans expressed in quantitative terms, which if utilized with sophistication and good judgment, would enhance the attainment of an organization’s objectives. A budget therefore, is a plan quantified in monetary terms, prepared and approved prior to a defined period of time, usually showing planned income to be generated and /or expenditure to be incurred during that period, and the capital to be employed to attain a given objectives.

A budgetary control is described by lacey, (2002) as a quantitative expression of a plan of action prepared in advance of the period to which it relates. Budget may be prepared for the business as a whole, for

 

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Departments, for functions such as sales and production, or for financial and resources items such as cash, capital expenditure, manpower, purchase. Etc. the process of preparing and agreeing budgets is a means of translating the overall objectives of the organization into detailed, feasible plans of action. It is therefore, germane to say that the level of importance that is attached in this plan and effort made in controlling the finance differ in organizations. Once the goals are set, which must be based on the detailed analysis of feasibility within the content of the political and social value the plans will enable it to strive towards its attachment.

Often than not when these plans are put into operation, conditions prevail which trends to cause deviation from the plan and corrective measures are always taken to steer the business back on the right track. The process already mentioned as it is applied entailed budget and its control. And to lend credence to goal congruence suitable techniques should be applied to specific areas that need special attention hence measurement of budgeted with actual to arrive at the finance cannot be over emphasized. A business is said to be on the right track if the outcome of the budgeted estimate is favorable as against the actual. The little that is said concerning this project has encompassed all avenues in which the subject can aid

 

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management  decision,  rather  it  should  be  seen  as  a  guide  for  people

Business.

1.2            STATEMENT OF THE PROBLEM

The growth of the business hinges, or better put, rests squarely units

Budgetary control system or techniques hence they are considered as vital tools in any business situation. This study then is aimed at assessing and evaluating the event to which budgetary control has been a tool for the growth and global realization of any organization.

Lack of budgets in planning and control has required in the indiscriminate use of fund meant for more viable activities. Again the inability of many companies to plan and accomplished budget goals is traceable to their inability to apply controls in their budget system.

Budgetary goals are not realized due to low level of understanding of the budget system by middle and low level of management staff. Other problems are shortage of stocks and shut down. These and many more are some of the problem of lack of budgeting control.

1.3            OBJECTIVE OF THE STUDY

The primary purpose of this study is four fold. They include the Following

i.                   To determine if budgeting and budgetary control affect the quality of service delivery in government parastatals.

ii.                 To determine if there is a connection between the type of budget implemented and their actual performance.

iii.              To determine whether or not budgetary controls as a management tools contribute to the improvement of management efficiency and high productivity.

iv.              To find out the use of the budgetary controls as an appraisal parameter for assessing managers budget.

1.4            RESEARCH QUESTIONS

i.            Does budgeting and budgetary controls affect the quantity of services delivery in government parastatals?

ii.            What are the connection between the type of budget implemented and their actual performance?

iii.             How can budgetary control as management tools contribute to the improvement of management efficiency and high productivity?

iv.            How can budgetary control be used for assessing Manager’s budget?

1.5  HYPOTHESIS OF THE STUDY

 H0: Budgeting and budgetary control does not affect the quantity of services delivery in government parastatals.

H1:   Budgeting and budgetary control affect the quantity of

Services delivery in government parastatals.

2.            H0: Budgeting and budgetary control does not contribute to the improvement of the management efficiency and high productivity.

H1: Budgeting and budgetary control contribute to the improvement of the management efficiency and high productivity.

3.            H0: Budgeting and budgetary control is not used for assessing manager’s budget.

H1: Budgeting and budgetary control is used for assessing manager’s budget.

4.       H0: There is no connection between the type of budget implemented and actual performance.

H1: There is connection between the type of budget implemented and actual performance.

1.6  SIGNIFICANCE OF THE STUDY

Budgeting and Budgetary control is a function that is very important and of great significant to any of organization. It is not peculiar to only the manufacturing organization but also necessary to service of the government.

The study will contribute towards enhancing profits of the organization, business or an individual. It will help to control one’s income.

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