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TABLE OF CONTENTS

CHAPTER ONE:      INTRODUCTION

1.1   Background of the Study:        -       -       -       -       -       1

1.2   Statement of the Problem:       -       -       -       -       -       2

1.3   Objectives of the Study:   -       -       -       -       -       4

1.4   Significance of the Study:        -       -       -       -       -       5

1.5   Formulation of Hypothesis:      -       -       -       -       7

1.6   Scope of the Study:  -       -       -       -       -       -       8

1.7   Limitations of the Study: -       -       -       -       -       8

1.8   Definition of Terms: -       -       -       -       -       -       10

CHAPTER TWO:     

2.1   Literature Review:    -       -       -       -       -       -       11

2.2   The Concept of Budgeting and Budgetary Control:  12

2.3   Main Types of Budget:     -       -       -       -       -       17

2.3.1       Other Types of Budget:      -       -       -       -       -       18

2.4   The Budget Period:  -       -       -       -       -       -       30

2.4.1       The Budget Committee:     -       -       -       -       -       31

2.4.2       The Budget Manual: -       -       -       -       -       -       32

2.5   Stages in the Budgeting Process:     -       -       -       32

2.6   Zero Base Budgeting (ZBB):     -       -       -       -       38

2.6.1       Administration of Budget: -       -       -       -       -       41

2.6.2       Human Factors in Budgeting:   -       -       -       -       42

2.6.3 The Principal Budget Factors/Forecasting:     -       44

2.6.4 Budget Education: -       -       -       -       -       -       45

2.6.5       Budgeting in the purchasing Department of

        Small and Large Companies:   -       -       -       -       46

2.6.6 Relationship Between Budgetary Control and

        Standard Costing:    -       -       -       -       -       -       48

2.6.7       Participative Budget and Imposed Budget:       -       49

2.6.8       Principal Budget/Forecasting: -       -       -       -       51

CHAPTER TREE:    RESEARCH DESIGN AND METHODOLOGY

3.1   Research Design:     -       -       -       -       -       -       54

3.2   Source of Data:        -       -       -       -       -       -       -       56

3.3   Population Size:       -       -       -       -       -       -       57

3.4   Sample Size and Sample Techniques:     -       -       58

3.5   Research Instrument:      -       -       -       -       -       61

3.6   Methods of Data Analysis:       -       -       -       -       -       61

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1   Data Analysis (Questionnaires):       -       -       -       63

4.2   Test of Hypothesis:  -       -       -       -       -       -       68

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1   Summary of Findings:     -       -       -       -       -       77

5.2   Conclusion:     -       -       -       -       -       -       -       77

5.3   Recommendation:    -       -       -       -       -       -       78

        Bibliography:   -       -       -       -       -       -       -       80

        Appendix:        -       -       -       -       -       -       -       -       81

        Questionnaire: -       -       -       -       -       -       -       83

      

CHAPTER ONE

INTRODUCTION

1. BACK GROUND OF THE STUDY

          A budget is a financial and a quantitative statement prepared prior to a defined period of time of the policy to be pursued for the purpose of attaining a given objective.

          Also according to A.U. Nweze (2004) in his profit planning.

Budget 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 objective.

          Furthermore a budget is an attempt made at the beginning of each financial year to plan the profit and loss account for the year and to aim for a definite balance sheet. This profit planning must be a well thought- out operational plan with its financial implication expressed as both long and short range profit plans.

          In any organization where budget is used as a means of profit planning many alternative plans have to be considered and the most profitable one will be adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.

          On the other hand budgetary control is the establishment of policies and the periodic review or comparison of the actual result with the budgeted performances either to secure approval for individual action or to serve as a remedial course of action. Budgetary control whereby actual state of affairs can be compared with that planned for by the management, so that appropriate action may be taken to correct adverse situation that may occur before it is too late. It is also used to fix responsibility.

        A budget systems serve the needs of management in respect of the Judgments and decisions it is fruited to make and to provide a basis for the management functions of planning and control. Developing a budget is a critical step in planning any economic activity. This includes business, governmental agencies and individuals.

          Therefore businesses of all types and governmental units at every level must make financial plans to carry out routine operations, to plan for major expenditures and to help in making financial decisions.

          On this back ground, every organization no matter nature has a plan for the future, simply because the success of any organization depends on the level of plan that is put into the organization. 

                         

1. STATEMENT OF THE PROBLEM

          The main problem with budgeting is that it reflects data from the past and present, and will only enable predictions and forecasts to be made out the future. At the same time, numerous pressures in the job may impose constraints upon managers, which affect the quality of information they collect. The problem can be numerous; clearly, nothing can be forecasted with absolute certainty. No matter what financial and marking researches take place every organization has to take risks.

          Though accounting information may reduce the unpredictability of event in the future. It will never eliminate it.

          All these can interrupt the system of budgetary control:

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