BUDGETING AND BUDGETARY CONTROL IN A BUSINESS ORGANIZATION – Complete Project Material

[ad_1]

BUDGETING AND BUDGETARY CONTROL IN A BUSINESS ORGANIZATION

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

A budget is a financial and 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 unit 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 background, 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.

[ad_2]


Purchase Detail

Hello, we’re glad you stopped by, you can download the complete project materials to this project with Abstract, Chapters 1 – 5, References and Appendix (Questionaire, Charts, etc) for N5000 ($15) only,
Please call 08111770269 or +2348059541956 to place an order or use the whatsapp button below to chat us up.
Bank details are stated below.

Bank: UBA
Account No: 1021412898
Account Name: Starnet Innovations Limited

The Blazingprojects Mobile App



Download and install the Blazingprojects Mobile App from Google Play to enjoy over 50,000 project topics and materials from 73 departments, completely offline (no internet needed) with the project topics updated Monthly, click here to install.

0/5 (0 Reviews)
Read Previous

PHYTOCHEMICAL ANALYSIS OF THE ANTI-INFLAMMATORY ACTIVITIES OF METHANOL EXTRACT OF CRATEVA ADANSONII CHEMICAL ENGINEERING Project Topics – Complete Project Material

Read Next

TEACHERS’ PERCEPTION OF DIFFICULT AREAS IN SECONDARY SCHOOLS BIOLOGY CURRICULUM – Complete Project Material

Need Help? Chat with us