The Role of Budgeting in Tertiary Institution Management

The Role of Budgeting in Tertiary Institution Management

Budgeting has been defined as a financial or quantitative statement prepared prior to a defined period of time of the policy to be pursue during that period for the purpose of attaining a given objective every body prepares budget including students. Many book have been written on budgeting some have chapter(s) on budgeting while majority only dwell on its techniques.  The word budgeting is derived from the old branch bougette, meeting bag and wallet.

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BUDGETING CONTROL IN TERTIARY INSTITUTION

Budgeting appears to be the solution to the advancement of our students in tertiary institution management.  To get things done in tertiary institution is through budgeting.  For us to achieve a very solid purpose as regard the role of budgeting in tertiary institution we need a well defined budgeting because budgeting controls every establishment in tertiary institution. i.e ESUT permanent site which will soon be a side of attraction to the whole institution in Enugu state.

ACCOUNTING IN TERTIARY INSTITUTIONS

The tertiary institution, unlike commercial banks and other non-profit making organizations they employ in all their accounting processes, the principle of double entry book keeping which says debt, the receivers and credit the givers.

The financial reports of non profit trading organization such as the universities should be presented in the form of an income and expenditure account together with a balance sheet.

The various accounts used to record the incomes and expenditure account of an institution/organization are shown below.

Activity   of business Accounting   used
Manufacturing Manufacturing,   Training profit and loss account
Trading Trading   profit and loss account
Social   club and societies Receipts   and payments account
Professional   firms and non-profit making organization Income   and expenditure accounts

ACCOUNTING PROCEDURES IN TERTIARY INSTITUTION

All federal government funded institutions in Nigeria have a common accounting period (financial year) in all these institutions the highest financial decision are taken by their respective governing council, with responsibility of handling all their financial functions.

The significant features of tertiary institutions is that the major accounting jobs are done in the bursary department.

DIFFERENT VIEW ON BUDGETING

(a)              P.C Muanka defines budget as the most widely used tool for planning, co-ordinating and controlling operations in business.

(b)             Odoh Nuck N. defines budget as financial plan for the government based on past, present and future revenue and expenditure.

(c)              Teriba (1985) views the budget as a financial statement which sets out estimates of government expenditure and revenue for the coming year.

BUDGETING CYCLE

Budgeting process is made up of this planning and controlling sections. Planning and control system operates in a circle of which budgeting is important part.  Budgeting acts as a link between planning and control.

The feedback marks the ends of one budgeting cycle.  The feedback is used to make decisions.  The decision may also amend some control measures and in rare circumstances the strategic and corporate plans.  The budgeting process depicted by the researcher chart may be adhered to after a review of the external and internal environments of the business budgeting process is made up of the planning and controlling sections.

ROLE BUDGETING PLAYS

In tertiary institution management

(a)              It can help to build standard reading environment for student who are eager to learn

(b)             It can help to encourage some student who drop out because of lack of money by reducing the amount of money that is paid to school as a school fees.

(c)              It can help to import foreign books where students should be making research for their project in other to have a very good information in relation to the topic they choose as their project topic.

(d)             It can help in building class room for the department that has not gotten permanent place for their studies ie banking and finance department are using presently mechanical blocks for their studies both NDI and ND II but I believe strongly that through a well defined budget those blocks can be made available and it will even help them more in studying the problems that HND I and ND I encounter will be solved entirely I think it should be worked on by good budgeting.

(e)              It can be an avenue which banking and finance department can have their own block conducive for learning instead of fighting with other department in anticipation to get their own permanent block for learning.

 

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This article was extracted from a Project Research Work Topic

THE ROLE OF BUDGETING IN TERTIARY INSTITUTION MANAGEMENT

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           The Role of Budgeting in Tertiary Institution Management

 

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