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Abstract

One of the basic functions of managers is planning and control. Planning is the determination of the goals and objectives of an organization and the best way in which these goals can be accomplished. While controlling includes all the activities that ensure that the action of the organization towards the stated goals. In order to ensure that the company achieve within the minimum costs, the company will make a projection of its cost and revenue through budget while controlling the cost of ensuring the corrective actions are taken whenever cost or expenses been incurred are not of the same with what budgeted means of budgetary control. Almost every sphere of human or business engagement has come of age with budgeting.  

CHAPTER ONE

  • INTRODUCTION
  • BACKGROUND OF THE STUDY

One of the basic functions of managers is planning and control. Planning is the determination of the goals and objectives of an organization and the best why in which these goals can be accomplished. While controlling includes all the activities that ensure that the action of the organization towards the stated goals.

In order to ensure that the company achieve within the minimum costs the company will make a projection of its cost and revenue through budget while controlling the cost of ensuring the corrective actions are taken whenever cost or expenses been incurred are not of the same with what budgeted means of budgetary control. Almost every sphere of human or business engagement has come of age with budgeting.

Government  parastatals, banks companies even household can hardly operate successfully with the aid of budget its vital role for the attainment of corperate objectives whether short or long term can not be over emphasized.

T . Lucey described budget as “ a plan quantified in monetary terms, prepared and approved prior to defined period of time, usually showing planned income to be generated and or expenditure to be incurred during the period and the capital to be employed to obtain a given objectives.

T . Lucey costing and instruction manual ( Second edition D.P, Publication, Great Britain (1987) page 346.in the James Vein, budgetary control is defined in the institute of cost and management accounts in 1996 edition as:

The establishment of budget relating to the responsible of executives of the requirement of  a policy and the continuous comparison of actual with budgeted results, either to secure by individual action, the objectives of that policy to provide a basis for its revision.

Also Simeon Ibitoye describes budgetary control as “The process of comparing the actual result with the planned performance and highlighting variances therefore, which can then be analyzed by cause and responsibility.

Another definition by J. Batly in management accounting defines budgetary control as “ A system which uses budgets as a means of

  • FORCED PLANNING: This involves target setting, problem anticipated and long-term strategies to short term, it also involves further plans for purposeful direction for goal attainments.
  • CO-ORDINATION OF DEPARTMENT ACTIVITIES:- This involves the reduction of sub-optional decision and information flow, also enhance, articulate utilization or available resources. It ensures that Jales determines production capacity – stock purchases, labour and other operation commitment,limiting factor are collectively tacked or eliminated.
  • IT PROVIDES A FRAMWORK FOR JUDGING PERFORMANCE:- It involves a plan whereby actual result is progressively compared with budgeted figures and it ensures that variences be traced continually. The above are fact of the roles of a budget in an organization and to ensure an effective budget; committee is established to see to the overall responsibility for budget preparation and administration. The chief Executive of the organization with departmental heads or senior managers is a member of the committee. The committee prepares the budget, review it and also suggest revision and amendment to the management.

The researcher work will study the various budget used by Nigeria Bottling Company, as well as the budgetary control policies. The basic mechanics will be studies and finding will be made where it deemed necessary.

  • STATEMENT OF THE PROBLEMS

The present situation experience in the country has left the Nigerian Bottling Company to undergo a services of problems being as a result of the changes in the frame work of today competitive macro economic environment.

This has compelled the Cocacola Company to fashion new instrument and services for their market. Procrastination of the main problem faced with Cocacola Bottling Company is flexible in nature of government policy on the Nigerian Bottling Company, which lacks continuity.

Another major problem is high level and state of illiteracy in the country which to a great extent has affected customers who understands little or non about Bottling Company policies and incentive created by the companies to develop the general economy of Nigeria.

  • AIMS AND OBJECTIVES OF THE STUDY

This research work is aimed of investigation and identifying the problem facing companies that fails to carry out a good and effective budgetary control system.

It seeks to state the following:

  • To identify the planning and control system
  • To know the kind of problems that is encountered in carrying out these controls
  • To identify the use of the principle of responsibility accounting.
  • To recommend possible solution to these problems that is being encountered.
  • To look into area where there is variances and the reason for such variance.
  • To look into areas where possible improvement can be made.
  • To identify feedback procedures.
  • SCOPE OF THE STUDY

The scope will attempt to find out how budget as a  management tool facilitated planning and controlling, the way by which the actual performance are compared with the budgeted. Through, there are many other organization, but Bottling Company has been chosen because of the believe that it will be good organization from which were are to learn about the use of budgeting and budgetary control as effective management control tools, the research work will endevour to look the management of Nigeria Bottling Company has effectively made use of budgetary system to make meaningful decision that has improved the overall performance of the company.

  • SIGNIFICANCE OF THE STUDY
  • The study will enable us to stimulate the increasing interest on the part of accountancy student and also business organization in general.
  • It will enable us to search into the improvement of budgetary ,control and how control system can be used as an effective tool for decision making.
  • It will enable us to know on the uses of budgetary controls and its effect to production.
  • It will enable us to offer solution lto those organizations that are facing problems with their budgetary control system and also its uses.

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