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The Project File Details
TABLE OF CONTENT
Title page i
Approval page ii
1.0 Introduction 1-4
1.1 Statement of research problem 4-5
1.2 Aims and objective of the study 5-6
1.3 Statement of Hypothesis 6
1.4 Significance of the study 6
1.5 Scope of the study 7
1.6 Organization of the study 7-8
2.0 Literature Review 9-10
2.1 Meaning of budget 10-11
2.2 Budget as a planning tool 11
2.3 Budget as an instrument for motivation 12
2.4 Budget as an instrument for coordination 12
2.5 Budget as an instrument for communication 13
2.6 Budget as a tool for evaluation 13
2.7 Budgetary planning and control 14-16
2.8 Type of Budget 16
2.9 Sale Budget 16-17
2.10 Productions cost Budget 17
2.11 Capital expenditure Budget 18
2.12 Cash Budget 18
2.13 Objective of budgetary control 19-20
3.0 Historical background of the study 21-24
3.2 population of the study 24
3.3 Sample size 25
3.4 Measure of variable 25-26
3.5 Planning and control 26
3.6 Statistical tool for debt analysis
3.7 Limitation of the study 26
4.0 Data presentation 27
4.1 Data Analysis 27
4.2 Descriptive Statistics 28
4.3 Inferential Statistics 28-33
4.4 Interpretation of the result 33-37
4.5 Discussion for the finding 37
5.0 Summary 38-39
5.1 Conclusion 39-42
5.2 Recommendation 42-44
Budget is an estimate of probable future income and expenditure, it is mechanism for deciding what will be spent and realized in future. Budget is the expression of management master operating of financing plan that is the formalized outline of company objectives and means of attaining them.
It can be said that budget are formal statement of organization resource set aside for the purpose of carrying out specific function or activities over a given time period. Budgets are useful and form an important part of the planning and controlling process.
Budget also indicates the expenditure revenue and profit planning for a given future time span.
Budgets are usually stated in monetary term, this providing a common ground for a variety of organization activities.
Management can use budget to provide a major area of control and planning.
Budget as various authors describe it. B. B. Howard and M. Upton in their book define budget as “the formal presentation of the process of planning for future financial requirement to achieve solvency and profitability”.
Also B. Murphy in his book defines budget as plan which is prepared to show how resources will be required and used over a period of time.
A well structural budget must necessarily lead to improve control of a firm. This is possible because the supervisor would have now had on indication of what would be done; also the supervisor with the accountants’ help can be more easily sport that is being ineffectively done. A good technique of control with a budget helps the manager to take decision on the most intricate problem.
The control process according to John Storey “ Uses arrange of devices, operating activities or procedure and organization structuring in order to assist manager in implementing their organization budget, the purpose of control is to ensure that performation optimized defined organization budget financial budgets represents the firm’s plan for the coming year. Summarized in projected financial statement since budgets are plans, they become the critical by which managerial performance is measured and therefore, the basic for the control system; where as budget have a double role which is plan and performance.
Generally, they are viewed as synonymous with control and not with planning
; Moreover, it is their use as control devices that have made budgets. The focus of much criticism by some school of thought which view them as a coercive tool used by top management to enforce its objectives on the participants of the organization.
According to John Storey, the challenge to management control, 1980 USA page 56. It is obvious that organization operate in a world of uncertainty in which the ability to anticipate and budgeting.
Organizations are adapted to their dynamic environment. It is therefore, the manager lot to participate, manage and forecast their environment plans if they are to be effective, they should display certain characteristics.
They should be flexible enough to allow for changing condition and provide a basis for coordinated behavior. Every planner must always recognize that the future is uncertain and that budget is an important tool for aiding, to a reasonable degree plan and cents forward the achievement of the organization objective.
1.1 STATEMENT OF THE PROBLEM
The purpose of this research work is basically on how the hotels especially Kwara Hotel Ltd. Ilorin has been able to discharge its social responsibility to its environment and staffs at large and how his social responsibility has affected the neighboring in terms of good health, creation of scholarship to youth, to mention but a few.
All these tend to raise the return has positive impact on the profitability of the Hotel. This research work is meant to see how budge serves as a tool for effective planning and control so as to maximize its profit.
1.2 AIMS AND OBJECTIVES OF THE STUDY
The following are the aims and objectives of the research work.
1.3 TEST OF HYPOTHESIS
H0: Budget is an effective tool for planning and control.
H1: Budget is not an effective tool for planning and control.
1.4 SIGNIFICANCE OF THE STUDY
A fundamental importance of the study is to find the most profitable course through which the effort of the organization may be directed in meeting its primary objectives.
This study will assist the management in holding the business as nearly as possible on its chartered course.
Since the organization operates in a dynamic environment, this study will help the managers to participate manage and forecast enable environment which will form the basis upon which are made.
1.5 SCOPE OF THE STUDY
This study will cover all the budgetary control in Kwara Hotel Limited Ilorin. It will also review the budget of various departments in reaching conclusion of its research study.
This write-up will also look at the formulating of the organization budget and emphasize budget as a management used for effective planning and control.
1.6 ORGANIZATION OF THE STUDY
It has already been stated that the purpose of this study is to use budget as a measure for effective planning and control so that organization can achieve. There will be a brief of introduction of the topic in chapter one stating definitions and use of budget for effective planning and control.
This will be followed by a discussion on a conceptual frame of budgeting highlighting some of the popular theories, which will be second chapter.
The third chapter will include the historical background of the Hotel and its organization set up.
Data presentation and analysis about the study will be included in chapter Four.
Chapter five will state the summary, recommendation and conclusion.
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