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PROJECT TOPIC- BUDGETING AND BUDGETARY CONTROL: TOOL FOR RAPID DEVELOPMENT OF SMALL AND MEDIUM SCALE INDUSTRY IN NIGERIA

PROJECT TOPIC- BUDGETING AND BUDGETARY CONTROL: TOOL FOR RAPID DEVELOPMENT OF SMALL AND MEDIUM SCALE INDUSTRY IN NIGERIA

ABSTRACT

This project is with a practical orientation in order to facilitate its relevance alternative, the research work. Therefore focuses on the roles and importance of effective budgeting and budgeting control. Tool for rapid development of small and medium scale industries in Nigeria. Again to
further make analysis of problems that indisputably lie all initial point of instruction of the arrears of concern in the industry. This the need for accurate presentation and analysis of data that would enhance effective management and control of finance becomes imperative for the smooth
running of the industry. From the use of simple statistical sample techniques applied in testing for the importance of effective budgeting and budgetary control. Tool for rapid development in the industries in Nigeria form data obtained, we have been able to establish the fact that data above sixty (60%) percent of the population agrees to the point that an effective budgeting and budgetary control system plays a key role in the proper administration of small and medium scale industries.

CHAPTER ONE
INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The whole idea of budgeting could be comprehended if we elicit information on the basic concepts underlying the establishment of companies, the reasons for employing resources available to the company and the reasons for making these corporate bodies stay afloat and achieve a perpetual life. The origin of budgeting was necessary to plan for the implementation of government policies based on the resources available (Brown and Howard (1982), However, budgeting generally is a part of the decision making process of an entity.

The idea of budgeting is an offshoot of the necessity to plan to direct the resources of management to achieve maximum result in areas of interest. It is a financial plan for achieving set objectives of management. While discussing the purpose of budgeting to organizations, Meigs and Johnson (1967), said that every budget is forecast of future events and that business budgets show anticipated revenues, expenses and the financial position of the company at some future point in time, assuming that the budget estimates are met.
Furthermore, Meigs and Johnson said a budget is used for control purposes in the following ways.
i). By showing what result will be if present plans are put into effect, a budget discloses areas that require attention or corrective action, and
ii). For performance evaluation Essentially, the first control purpose explains that a business whose budget shows potential expenditures of a
particular amount for the year and who has a lesser amount for the financial resources is forewarned.

The knowledge of this will enable the managers to find ways of adjusting/augmenting the resources or expenses. On the second control purpose, there is no sign saying that organizational plans are carried out by people. Control is therefore exercised not over operations, revenue and costs but over the persons responsible for various business functions and the revenue and expenses results attained. To this end, budget provides a yardstick against which a manager’s actual performance may be compared. According to Decoster and Schaffer (1982), the budget permeates every level of activity integrating revenue plans expenses asset requirement and financial needs. The comprehensive master budget includes and unifies each manager’s activities.

PROJECT TOPIC- BUDGETING AND BUDGETARY CONTROL: TOOL FOR RAPID DEVELOPMENT OF SMALL AND MEDIUM SCALE INDUSTRY IN NIGERIA

In most firms there are many decision makers failure to bring their plans into congruence with the firms objectives can result in each manager working differently. The budget may be thought of as the network that ties the decisions of the sub-systems into a firm-wide system.
Companies are created into environment that is riddled with many restrictions, scarcity of funds economic, political and social instabilities and the general scarcity of resources. The internal control method that will take care of achieving set objectives in the midst of these environmental variables was the brain child of budgetary control. 

The budgetary control system (as an internal control method) originated in industries to act as a check on the resources employed in the production of goods and services. These resources have become increasingly unpredictable over the years and have posed a great deal of challenges to corporate managers. Budgeting control therefore came up as a measure of performance of the budget in achieving the goals of management. Put in another form, budgetary control is a planning process which compares actual budget with expected budget. Scott (1970), said that the term budgetary control is applied to the system of management control and accounting in which all operations are forecast and so far as possible planned ahead and the actual results compared with the forecast and planned ones.

The plan of operations is the best that can be devised in the particular circumstances, and reasons and remedies in the actual results. For this to form an effective control in the hands of the management the different figures should as far as possible be forecast by the persons responsible for the achievement. All executives should have planned conditions to aim at and improved upon and the degree to which this is being attained should be regularly brought to their notice. 

Taylor and Sharing (1983), wrote that budgetary control working side by side with the accounting system is primarily forward looking, and aims to provide all ranks of management with all instrument for recording plans measuring performance in relation to those plans. It represents therefore, an extension of the managerial function and has been described as the long arm of management.
It’s therefore worthy of note that budgetary control is essentially concerned with planning. This involves taking into account the various limiting factors that could possibly inhibit the accomplishment of goals. In the course of executing the plans, these factors are continually being watched for any possible abnormality and where any is encountered, there might be deviations from plans if prevailing circumstances require it. At the end, comparisons will be made between conditions encountered with those expected. The experience gained will be used in further planning.

1.2 STATEMENT OF THE PROBLEM

Despite all the benefits of budgeting and budgetary control to small and medium scale industries in Nigeria.
Most organization has failed to achieve goals because management overlooked the budgeting techniques in decision making process. With sound budgeting system management is required to implement plan and accomplish organizational goals.
Budgeting serves as an index for measuring the  effectiveness, efficiency, productivity and profitability of small and medium scale industries in Nigeria. This means that the actual performance is compared with the budgeted performance to provide a feedback.

1.3 OBJECTIVES OF THE STUDY

This study seek to know the extent to which budgeting and budgetary control influence the development of small and medium scale industries in Nigeria. 

1. To determine how budgeting and budgetary control can be used as effective tool for integrating economic resources of small and medium scale industries in Nigeria.
2. To determine the effectiveness of budgeting and budgetary control on monitoring cost variances in small and medium scale industries in Nigeria.
3. To determine the impact of budgeting and budgetary control on the profit/cost plan of small and medium scale industries in Nigeria

PROJECT TOPIC- BUDGETING AND BUDGETARY CONTROL: TOOL FOR RAPID DEVELOPMENT OF SMALL AND MEDIUM SCALE INDUSTRY IN NIGERIA

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