The Role Of Budgeting In The Present Nigeria Economic Situation

The Role Of Budgeting In The Present Nigeria Economic Situation

HISTORY OF BUDGETING

There are many books on budgeting however, very few traced the history of budgeting while majority only deal with the techniques. The word budget is derived from the old French bough meaning little bag (the new Encyclopaedia Britinica). Many of the few attempts at the history of private sector budgeting lacked charity. This can be seen form the statement of Brown and Howard who said that “Budgetary control appears to have been operating for a considerable time about two centuries in government departments in U.K it is only during the last 20 years that this vital concept of control has been tried in the industry. This statement is not clear as it failed to state the year on which their “Last fifty years was based.” [Read more…]

Budgeting and Budgetary Control as a Means of Achieving Organizational Objectives

Budgeting and Budgetary Control as a Means of Achieving Organizational Objectives

Meaning of Budgeting and Budgetary Control – A budget is a quantitative plan of action prepared in advance for the period to which it relates. Budget may be prepared for the business as a whole, for departments, for functions such as sales and production or for financial and resource items such as cash, capital expenditure manpower purchase etc. [Read more…]

The Concept of Budgeting and Budgetary Control

The Concept of Budgeting and Budgetary Control

There is a consensus among authors in order to arrest the business of the future. An enterprise must have vision of where it wants to be in future and accordingly draw up a strategic business plane. This long term plan are further broken down into shorter period and this shorter period set out a detail step by step procedure by which to attain the business objective. The aim and result of the planning is profit, which is also a yardstick for jugging the management performance. Profit planning especially in the short term is carried out by the use of budget by A.W. Wilmore (1973) is of the opinion that budgeting is a service faction assisting management to fill full her function and that budget did replace management but are completely intertwine with the process of management [Read more…]

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. [Read more…]