Extent of Application of Capital Management Practices in Small And Medium Scale Enterprises in Enugu State

Description

Download Extent of Application of Capital Management Practices in Small And Medium Scale Enterprises in Enugu State. Vocational Teacher Education students who are writing their projects can get this material to aid their research work.

Abstract

The study was conducted to determine the extent of application of working capital management practices in small and medium scale enterprises in Enugu State.

Four research questions were developed and answered by the study while four null hypotheses were formulated and tested at p ≤ 0.05 level of significance. The study adopted descriptive survey research design and was carried out in Enugu State.

The population for the study consisted of registered 150 small and medium scale  business enterprises (SMEs) operators drawn from the three senatorial zones in Enugu State. Due to the manageable size of the population,  the  entire population was studied; therefore, there was no sampling.

The instrument for data  collection was a structured 69-item questionnaire entitled Application of Working Capital Management Practices Questionnaire (AWCMPQ), for the purpose of  collecting data for the study from the respondents.

Introduction

Capital is the life blood of every business; be it micro, small, medium,  or large scale business organization. Obi (2002) stated that capital is the store of accumulated wealth contributed to a firm by its proprietor. It is the net worth of the business to the owner.

Capital as postulated by Anyaele (2006) is wealth reserved or set aside for the production of more wealth. Capital, as a man-made factor of production includes: physical cash, building, machinery, semi-finished, finished goods and other equipment and tools.

Osuala (2001) asserts  that business  capital also includes any money in the bank or elsewhere, which firms may be using to finance their operations. In furtherance of his view, Osuala  (2001)  categorized capital of a business into two: fixed capital and circulating capital.

Fixed capital, according to Obi (2002), is used to purchase  fixed  assets.  Fixed assets are assets purchased for use in the business on a permanent basis. Example of fixed assets includes: land, building, machinery, furniture and fittings, and motor vehicle. Osuala (2001), viewed fixed capital as fixed assets.

The author stressed that fixed capital in a business involves buildings and machinery. The  second category of asset as described by Osuala (2001), includes; money, debts, raw materials and stocks of finished goods.

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