{"id":5912,"date":"2022-08-24T07:10:00","date_gmt":"2022-08-24T07:10:00","guid":{"rendered":"https:\/\/file.currentschoolnews.com\/?post_type=product&p=5912"},"modified":"2022-08-29T15:01:11","modified_gmt":"2022-08-29T15:01:11","slug":"budgeting-and-budgetary-control-in-a-business-organization-a-case-study-of-soltrag-and-destiny-hotel-agbara","status":"publish","type":"product","link":"https:\/\/pastexamquestions.com\/product\/budgeting-and-budgetary-control-in-a-business-organization-a-case-study-of-soltrag-and-destiny-hotel-agbara\/","title":{"rendered":"Budgeting and Budgetary Control in a Business Organization"},"content":{"rendered":"

– Budgeting and Budgetary Control in a Business Organization –<\/strong><\/span><\/p>\n

Download Budgeting and Budgetary Control in a Business Organization<\/strong><\/span>. Students who are writing their projects can get this material to aid their research work.<\/span><\/span><\/p>\n

Introduction<\/strong><\/h3>\n

1.1 Background of the Study<\/strong><\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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 2 adopted, because where the plan chosen in great expectations, then the best use has been made of the available resources.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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Literature Review<\/h3>\n

In the purchasing handbook by Georges Aljian, Aljian (2008) defined budgeting as formalized financial plan for balancing expenditures against incomes.<\/p>\n

Budgeting periods are very common but the most commonest period of time is usually one year within this year, there may be monthly or quarterly budget reviews made this term budget is popularly applied to that portion of money allocated for a specific purpose. ie the “manufacturing budget”, the labour budget” or the “procurement budget.<\/p>\n

There can be as many as those individual budgets as the complexity of the organization regures usually, these individual budgets are parts of an overall budget which is commonly referred to as the master budgets.<\/p>\n

The preparation of the master budget an the presentation of it to the officers of the company is usually the responsibility of the budget director who reports to the controller.<\/p>\n

In a small company, the budget director may be one of the officers of the company who acts only as a budget director in addition to other managerial responsibility to co-ordinate the efforts of the individual 12 departments or management groups who will be asked to submit their cash requests in the form of a budget for their projected operations<\/p>\n

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How to Download this Project Material<\/strong><\/span><\/h2>\n

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