Full Project – AN EVALUATION OF BUDGETS AND BUDGETARY CONTROL SYSTEMS IN MEDIUM SCALE INDUSTRIES

Click here to Get this Complete Project Chapter 1-5

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Any organization whether public or private, that fail to plan is planning for failure, so therefore planning can be defined as the process of establishing and clarifying objectives and goals and determing the policies the policies and procedures necessary to meet these objectives and goals. This study is to bring light into different budgetary systems as being adopted in the medium scale industries. As budgetary is made up of budgetary planning as well as budgetary control. Accountants and managers of business need to ensure that emphasis on control of plans comparing actual operation against planned to identify variance upon which corrective action can take place especially under this economic condition have to be maintained.

For the past years, Nigeria has been experiencing economic fluctuation which has led to un table economic activities. Therefore, this has incapacitated the budgeting system adopted in various medium scale industries and as a result has great impact on the budgetary control due to discrepancy in variances resulted into. As a matter of fact, this has a great effect on profit of the medium scale industries.

According to chartered institute of management Accountant (CIMA) budgetary control could be defined as “the establishment of budgets relating the responsibilities of executives to the requirement of a policy, and the continuous comparism of actual performance with budgeted result either to secure by individual actions, the objectives of such policies on to provide a basis for its” revision.

It is therefore the responsibility of the management to ensure that all the variance functions of organization are co-cordinated by preparing plans of actions for future period.

These detailed plans are usually referred to as budgets.

Budgetary control and standard costing techniques are regarded as the two principal control techniques at the disposal of the management accountant when evaluating the budgetary system of any set-up.

This is because both techniques involve.

a) Setting up target

b) Accumulation of historical cost

c) Comparing actual result with targets.

d) Taking corrective measures in the variance highlighted.

Hopefully, this study will be of immense contribution to medium scale industries in Nigeria in widening their knowledge as regards budgetary control and the for adopting appropriate budgeting system in a particular economic condition.

1.2 STATEMENT OF THE STUDY

Medium scale industries world-over are faced with the problem of budgetary system. The problem is facing suitable system of budgetary as regards different sectors of operation that will not have adverse effect on the budgeted income of a manufacturing industry in medium scale as well as taking necessary corrective measures on the variance highlighted consequently to reduce deviation from standard set.

Whether a medium scale industry is adopting fixed, flexible, control or rolling and programmer planning system of budgeting, more important for satisfactory control, budget requires regular review and modification to reflect changing conditions in the business environment.

Get the Complete Project

This is a premium project material and the complete research project plus questionnaires and references can be gotten at an affordable rate of N3,000 for Nigerian clients and $8 for International clients.

Click here to Get this Complete Project Chapter 1-5

You can also check other Research Project here:

1. Accounting Research Project
2. Adult Education
3. Agricultural Science
4. Banking & Finance
5. Biblical Theology & CRS
6. Biblical Theology and CRS
7. Biology Education
8. Business Administration
9. Computer Engineering Project
10. Computer Science 2
11. Criminology Research Project
12. Early Childhood Education
13. Economic Education
14. Education Research Project
15. Educational Administration and Planning Research Project
16. English
17. English Education
18. Entrepreneurship
19. Environmental Sciences Research Project
20. Guidance and Counselling Research Project
21. History Education
22. Human Kinetics and Health Education
23. Management
24. Maritime and Transportation
25. Marketing
26. Marketing Research Project 2
27. Mass Communication
28. Mathematics Education
29. Medical Biochemistry Project
30. Organizational Behaviour

32    Other Projects pdf doc

33. Political Science
34. Psychology
35. Public Administration
36. Public Health Research Project
37. More Research Project
38. Transportation Management
39. Nursing

Education

Full Project – AN EVALUATION OF BUDGETS AND BUDGETARY CONTROL SYSTEMS IN MEDIUM SCALE INDUSTRIES