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Budget and Budgetary Control as a Managerial Tool in an Organization

Budget and Budgetary Control as a Managerial Tool in an Organization

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Reference ID: PS-13756-TM

DEDICATION

This research material titled “Budget and Budgetary Control as a Managerial Tool in an Organization” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Business Administration and Management (BAM), Book Authors and Profound Scholars of existing or related project material on “Budget and Budgetary Control as a Managerial Tool in an Organization” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Budget and Budgetary Control as a Managerial Tool in an Organization

    CHAPTER ONE


    Introduction

    1.1 Background Of The Study

    This chapter is devoted to the review of relevant literature and contributions of several authors and researchers to the area of budgeting. In this chapter, the historical perspective and the basic principles of budgeting will be discussed. Various definitions for a successful budget administration and budget preparation process will be looked into. Also, to be discussed in the principle budget factors, details of total periodic budget and budget review as well as advantages and difficulties of budget, plus definitions of key terms used in the study. Budgeting may be defined as “financial and or quantitative statement prepared and approved prior to a defined period of time, of the policy to be pursued during that period for the purpose of attaining a given objective. They may include income, expenditure and the employment of capital” (I.C.M.A – Terminology of the Institute of Cost and Management Accountant). “a budget has also been defined as comprehensive and co-ordinate plan, expressed in financial terms, for the operation and resources of an enterprise for some specific period in the future (Fregman, J.M. accounting for managerial analysis Home wood III, Richard Inc. 1973).

    The basic elements of a budget are: It is a comprehensive and co-ordinate plan It is expressed in financial terms It is a plan for the firms operation and research It is a future plan for a specific period It is a comprehensive plan in the sense that it’s activities and operations are considered when it is prepared. It is a budget of the enterprise as a whole. Budgets are indeed prepared for various segments of the enterprises as a whole. Budgets are indeed prepared for various segments of the enterprise, but they are master budget (Ibid Pp. 256-259). Budget is always quantified in financial terms. Initially the budget may be developed in terms varieties of quantities, but finally they must be expressed in money. The budget is primarily focused on attaining objectives and strategies. These can only be formulated within the overall policy of the company. This means that budgeting derives from corporate planning and should be regarded as a subject of corporate planning corporate planning itself in essence of setting objectives and defining and selecting strategies that will enable the company achieve those objectives. (The association of certified accountant: management accounting chart tutor limited (London 1981).

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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