217 THE ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY)

ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY)

ABSTRACT: Budgeting has a role to play in this present economic development of Nigeria.  Budgeting which is defined as “A financial statement prepared and approved prior to a defined period of true of the policy to be purpose of attaining that period for the purpose of attaining a given objectives is primarily a process of planning and control.  A well prepared budget provides management with a planned programme based on research by the entire organization.  In addition, a carefully planned budget, provides owing to co-ordination the various actions of the organization.  Budgeting is the most comprehensive financial technology widely used within an organization.  When it is properly applied as a management process and toll it unites all parts of the institution and all aspects of management task into one complete management approach to profitability. Budgeting positions one’s mind of the actual result or outcome with the predetermined plan.  In other words, with good budgeting, the result of every effort can be forecasted.  Through a good budgeting by exports there will be a standard economy, Budgeting reduces wastage of manpower, it also reduces wastage of finance. Therefore, in order to avoid problems in carrying or preparing budget, budgeting should be carried out exactly there way it is being laid down by the experts if there is any correction or variation to be made in future, the experts should be involved.

PROPOSAL

Budgeting has a role to play in Nigeria present economic situation role to play in Nigeria present economic situation.  Budgeting which is defined and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaching a given objective is primarily a process of planning and control.  A well prepared budget provides management with a planned programme.  It also provide a way to co-ordinate the various actions of the organization. Budgeting is the most comprehensive financial technology orderly used within an organization. Budgeting will position one’s mind of the actual result on outcome with the predetermined plan.  The result of every efforts of different organizations and field, will be fore-casted. Budgeting will reduce wastage of manpower, wastage of finance, goods and services.

TABLE OF CONTENT

CHAPTER ONE

Introduction                                                                                      1

1.1     Background of the study                                                         3

1.2     Statement of problem                                                    4

1.3     Objective of the study                                                    7

1.4     Hypothesis/Research Question                                                8

1.5     Significance of the study                                                         8

1.6     Scope/Limitations of the study                                                9

1.7     Definition of terms                                                                   10

CHAPTER TWO

Review of related literature                                                                13

2.1     History of Budgeting                                                     13

2.2     Early History of inflation                                                        15

2.3     Control of inflation                                                                  18

2.4     Accounting views in I.M.T                                                     20

2.5     Different views in Budgeting                                                 20

2.6     Budgeting process                                                                  23

Reference                                                                       25

CHAPTER THREE                       

Research design and area for the study                                             27

3.1 Population of the study                                                 28

3.3     sample and sampling procedure                                              28

3.4     instrument for data collection                                        28

3.5     method of administration of the instrument                            29

3.6     Method Of Data Analysis                                                      29

CHAPTER FOUR

Data Presentation                                                                     31

4.1     Data Analysis                                                                32

ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY)