Objectives Of A Study And Definition Of Terms Essay

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This chapter of the research discusses the background to the study, statement of problem, objectives of study, research questions, statement of hypothesis, significance of the study, justification of the study, scope of the study and definition of terms.

The effectiveness and efficiency of business operations rely majorly on the controls available to the management in almost if not all business organizations, different activities go on simultaneously, such as financing, purchasing, manufacturing, inventory, distributing, and selling of a product. These are interrelated in a way that success or failure of each of these section affects the attainment of the the overall organizational goals.

Budgeting has been accepted as an efficient method of short term planning and control. It is used in big business, although, small business uses it in an informal manner. A business through the budgets want to know clearly, what it proposes to do or what is to be achieved in an accounting period.
The institute of cost and management accountant (ICMA) defines budget “as a financial or quantitative statement prepared and approved prior to a defined period of time of the policy to be pursued during the period for the purpose of attaining a given objective”. It may include income, expenditure and the employment of capital. Budget is a systematic plan for utilizing or utilization of all types of resources, at its command. It acts as an instrument

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