Budget and Budgetary Control as a Tool for Accountability in Government Parastatals

Description

– Budget and Budgetary Control as a Tool for Accountability in Government Parastatals –

Download Budget and Budgetary Control as a Tool for Accountability in Government Parastatals. Students who are writing their projects can get this material to aid their research work.

Introduction

1.1 Background of the Study

Nigeria is a country endowed with all kinds of resources; human, material, capital and others. However, in spite of her huge potentials, the country is still either believed to be a third world country or a developing one. A major tool government and firms uses for planning and control of their activities is budget.

Horngren et al. (2008), define budget as a quantitative expression of a plan of action. Atkinson et al. (1997), also define budget as a quantitative expression of the money inflows and outflows to determine whether a financial plan will meet organization goal.

The definitions above do not mention the object of time to which a budget relates. A budget should always be in respect of a period of time, it could be half yearly, yearly, quarterly, monthly, weekly, daily, or other time periods (Harper, 1995; Frederick, 2001).

A budget is also not just a quantitative expression of a plan of action but a quantitative economic plan. For a plan of action to be referred to as a budget it must be in economic term (Harper, 1995). The literature also posits that a budget is a quantitative expression of a plan of action prepared in advance of the budget period (Lucey, 2000).

Lucey identifies that budgets may be prepared for the business as a whole, for departments or functions with a link with the overall objectives of an organization.

The valuable use of budgets for translating organizational objectives to feasible plan of action is a major breakthrough against the ordinary use of budgets for cutting cost, restricting spending and allocating scarce resources.

In extant literatures, most people associate the word budget primarily with limitation on spending (Horngren et al., 2008; Theiss, 1935; Burkhead, 1947). For example, government often approves a spending budget and then maintains expenditure within the limit prescribed by the budgets (Ehrhart et al., 2006).

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