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7 years ago 0 Comments Short URL

THE ROLE OF INSURANCE COMPANY IN MANAGEMENT OF RISK IN MEDIUM SCALE ORGANIZATION (A Study of Usmer Water Ventures, Uyo)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

THE ROLE OF INSURANCE COMPANY IN MANAGEMENT OF RISK IN MEDIUM SCALE ORGANIZATION (A Study of Usmer Water Ventures, Uyo)

ABSTRACT

The main purpose and focus of this study was to investigate and bring to limelight the roles of insurance company in management of risk in medium scale organization. The researcher used Usmer water ventures located at No. 2 Hospital Lane Uyo, Akwa Ibom State for her study. In order to achieve the objectives of the study, seven (7) research questions and five (5) hypothesis were formulated to give a proper guide to the study, literatures that were related to the variables of the topic under study were reviewed stated according to the hypothesis for the study. The researcher underwent descriptive research as she conducts the study. The sample size of the study was taken from the original samples of the population which was 28. As veritable tools for data collection, questionnaire, observation and interview were used for data collection. Chi-square analysis was used to test the hypothesis and arrived at reasonable conclusion and solution. Based on the findings of this study, it was recommended that management of business organization should not overlook the insurance of their business because that is the only way risk and uncertainties can be managed and controlled.

TABLE OF CONTENTS

Cover page

Title page

Declaration – – – – – – – i

Certification – – – – – – – ii

Dedication – – – – – – – iii

Acknowledgements – – – – – – iv

Abstract – – – – – – – – vi

Table of Contents – – – – – – vii

CHAPTER ONE: INTRODUCTION

1.1 Background of the Study – – – – 1

1.2 Statement of Problem – – – – 6

1.3 Objective of the Study – – – – 7

1.4 Research Questions – – – – – 8

1.5 Research Hypotheses – – – – 9

1.6 Significance of the Study – – – – 9

1.7 Scope of the Study – – – – – 11

1.8 Limitation of the Study – – – – 11

1.9 Definition of Terms – – – – – 12

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Brief Introduction – – – – – 14

2.2 Theoretical Framework – – – – 15

2.2.1 Historical Development of Insurance Business in Nigeria – – – – – – – 15

2.2.2 The Concept of Insurance and Risk – 17

2.2.3 Various types of Risk in Medium Scale Organization

– – – – – – – – – 20

2.2.4 Various Insurance cover available for small and Medium Scale Organization – – – 21

2.3 Review of Current Literature – – 23

2.3.1 Challenges of Insurance Practitioners – 24

2.3.2 Management of Risk – – – – 28

2.3.3 Problems facing Insurance Company in Management of Risk in Medium Scale Organization – 30

CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY

3.1 Brief Introduction – – – – – 33

3.2 Area of the Study – – – – – 33

3.3 Research Design – – – – – 34

3.4 Population of the Study – – – – 34

3.5 Sample Size and Sampling Techniques – 35

3.6 Method of Data Collection – – – 35

3.7 Description of Instrument for Data collection- 36

3.8 Method of Data Analysis – – – – 37

3.9 Decision Rule – – – – – – 38

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4.1 Brief Introduction – – – – – 39

4.2 Analysis of Questionnaire Administered – 39

4.3 Analysis of Responses According to Research Questions – – – – – – – 45

4.4 Test of Hypotheses – – – – – 52

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENTATIONS

5.1 Brief Introduction – – – – – 66

5.2 Summary of the Study – – – – 66

5.3 Conclusions – – – – – – 67

5.4 Recommendations – – – – – 68

REFERENCES

APPENDIX

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Every purposeful and responsible enterprise quest is to improve and succeed in its prospection objective and for any business establishment to venture into achieving her goals and objectives must first and foremost take precautions in other to even though not to totally eradicate dangers and uncertainties that may subsequently come up will go a long way to limit it and its effects. It is at this point that a risk manager comes in to bring in ways in which risk could be managed in order to efficiently run and to achieve the organizational goals and objectives.

As we are in a business society one of the important thing most managers should have at the back of their mind is that there is no business enterprise that is free of risk, it certainly face some degree of risk, and some of the risk are controllable with respect to the appropriate taken against it whereas some are largely unpredictable. Before looking at the meaning of “risk management” it will be important to briefly examine the concept of risks. ISO 3100- International Organization for Standardization (2009) defined and summarized risk as the probability and/or impact of unfortunate events or the likelihood of loss. It went further to say that risks can be found anywhere from financial markets, project natural causes, securities, industrial processes, health, science experiments and so forth, therefore, risk ought to be managed in order to minimize the realization of unwanted opportunities.

Risk management is defined as a systematic process of identifying and assessing organization risks and taking actions to protect the firm against them (Encyclopedia of management) ISO 3100 (2009), want ahead to defined risk management as the identification, assessment and prioritization of risk followed by coordinated and economical application of resources to minimize, monitor and control the probability and/or impact of unfortunate event or to maximize the realization of opportunities. Risk management is a functional management process or transfer mechanism of identification, evaluation earnings of a business or other enterprise with minimum cost and maximum efficiency.

In a paper presented by “Insurance Training Centre” Ogere Ogun state dated April, 1987 titled “scope of risk management extend beyond mere handling of insurance risk, it does encompasses, the management of all types of risk. Risk management is concerned with formulating some forms of defensive strategy, which takes account of organizational assets and objectives. This price of work will initially examined the various mechanism employed by Anchor Insurance company in the Assessment of risk. These include:

Process of identification

Evaluation

Monitoring and controlling of such risk

The Identification of risk will include information on the proposal which reveals the physical and morale hazards of the subject matter of insurance.

The evaluation of risk views placement of value on the identified risks, which threatens a corporate assets. The monitoring and control of risk highlights the physical and financial control of risk that threatens assets.

The centre piece of this work will be to thoroughly analyze various means of identifying corporate objectives. These will include retention, reduction and transfer of risk. Also, taking steps pre-loss and post loss objectives and the procedure for transfer and reduction of loss. The entire work of this piece will be comprehensively packaged by ascertaining various hazards and inherent liabilities present at the risk and make recommendations based on experts opinion to enable underwriter to decide whether the risk offered is acceptable at standard rate or otherwise. Finally, this work will also suggest ways and means for prudent risk management is respect with those risks that corporate bodies like Anchor Insurance Company as an entity is faced with and bring about reduction to loss exposure.

1.2 Statement of the Problem

The major problem of this research work is centered on how to reduce risk in Usmer Water which will in turn enhance its development and also aids its management in successfully achieve their prospective objectives. Furthermore, the research work has communication shows as one of the most important aspect of the challenge. This is because it has to do with management as an efficient means of achieving corporate objectives of small and medium scale business and also the quest to achieving objective and maximizing risk is its most vocal point.

In addition to these challenges and constrains, lack of technical know-how could be said to be another major problems confronting Usmer Water. As an efficient means of achieving corporate objectives does not easily manifest or come to lime light because basic insurance information sometimes does not reach most managers due to their lack of enterprise, and most managers due to their lack of expertise fail to go into research to source for information that will effectively aid the organization in taking a cover against these risk and uncertainties that might come up and pronounce the challenge faced in risk management in Usmer water and also the challenges of insurance practitioners (risk managers) in making Usmer water a better and improved company by providing ways and means of curbing risks in mentioned enterprise so as to improve its development and growth.

1.3 objectives of the Study

To find out if there is risk management in Usmer Water.

To find out the challenges Usmer Water faced in risk management

To examine the contribution of insurance company in managing of risk in Usmer Water.

To find out the insurance plan in regards to Usmer Water

To ascertained if there is any damage as a result of lack of risk management.

1.4 Research Questions

For the purpose of this study, the following research questions have been proposed by the researcher.

Is there insurance management in Usmer Water?

What are the challenges faced in risk management in Usmer Water?

What are the contributions of this insurance company since the registration of Usmer Water Company?

What are the insurance plans like in Usmer Water?

1.5 Research Hypotheses

Ho: There is no significant relationship between risk management and Usmer Water.

Ho: There is no significant relationship between risk challenges and Usmer Water.

Ho: There is no contribution between insurance company and Usmer Water.

Ho: There is no significant insurance policy and Usmer Water

Ho: There is no significant damages in Usmer Water and failures in risk management.

1.6 Significance of the Study

If this project was not intelligible enough it could not have been approved, the project supervisor and the researcher believed that some people will benefit from this project topic when it is properly done. Having know the important role the insurance company play in management of risk in most medium scale businesses, this study is therefore meant to show that is inevitable for a business organization to function without a back-up or support in case something gets wrong in the long run.

However, the important of this research to management of any organization both profit and non-profit organizations, students both graduate and undergraduate will not be over emphasized. Generally, everybody, all business enterprise that want to survive in these ever dynamic business world must learn to plan and associate themselves with insurance company for it serves as a platform of support which they will fall back to in case any risk comes up later in the future.

1.7 Scope of the Study

The area of this study was limited to Usmer Water in no. 2 Hospital Lane, Uyo, Akwa Ibom State. The reason this case study was chosen because of its proximity and nearness to the capital city of Uyo which is populated with so many good business and well distribution outlets. Another reason for limiting the study to Uyo was to meet up with time and also to reduce the financial constraints.

1.8 Limitation of the Study

During the time of this research work, there were many impediments I encountered, and such impediments are:

Time: This is a major factor I encountered as I was going through this work. There were many responsibilities I had to take care of, such as my class assignment, attending classes, taking test and especially in the areas of data collection and other relevant information which would aid me in writing this project so there was limited.

Finance: Inadequate finance has always been a problem to any student especially those who are sponsoring themselves. These research work would have been ready in time had it been I had enough money to acquire all the necessary data needed to complete this research work.

1.9 Definition of Terms

In this area of the research work, certain key words are summarized.

Risk: A situation of uncertainty as to the outcome of an event.

Risk Management: The process involving identification measurement and economic control of risk that threatens the assets and profits of a business enterprise.

Insurance: A legal way of protecting your properties, life etc, against loss or harm arising unexpectedly in consideration of a payment proportionate to the risk involved.

Enterprise: A business entity or organization

Hazard: A physical or mortal features that cause damages.

Survey: An inspection of premises or property proposed for insurance.

Objectives: A goal one has set to achieve in future.

Management: The act of running and controlling the affairs of business.

Evaluation: The act of forming an opinion of the amount, value or quality of something after thinking about it careful

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

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Tags: THE ROLE OF INSURANCE COMPANY IN MANAGEMENT OF RISK IN MEDIUM SCALE ORGANIZATION (A STUDY OF USMER WATER VENTURES, UYO)

7 years ago 0 Comments Short URL

THE IMPACT OF CAPITAL MARKET ON ECONOMIC DEVELOPMENT OF AKWA IBOM STATE (A STUDY OF NIGERIAN STOCK EXCHANGE, UYO)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

THE IMPACT OF CAPITAL MARKET ON ECONOMIC DEVELOPMENT OF AKWA IBOM STATE (A STUDY OF NIGERIAN STOCK EXCHANGE, UYO)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The capital market is a highly specialized and organized financial market and indeed essential agent of economic growth because of its ability to facilitate and mobilize saving and investment. To a great extent, the positive relationship between capital accumulation real economic growths has long affirmed in economic theories (Anyanwu, 1993).

Success in capital accumulation and mobilization for development varies among nations, but it is largely dependent on domestic savings and inflows of foreign capital. Therefore, to arrest the menace of the current economic downturn, effort must be geared towards effective resources mobilization. It is in realization of this that consideration is given to measure for the development of capital market as an institution for the mobilization of finance from the surplus sectors to the deficit sectors.

The development of capital market in Nigeria, as in other developing countries has been induced by the government. Though prior to the establishment of stock market in Nigeria, there existed some less formal market arrangements for the operation of capital market. It was not prominent until the visit of Mr. J. B. Lobynesion in 1959, on the invitation of the Federal government, to advice on the role the Central Bank could play in the development of local money and capital market. As a follow-up to this, the government commissioned and a set up the Barback Committee to study and make recommendations on the ways and means of establishing a stock market in Nigeria as a formal capital market. Acting on the recommendation of the committee, the Lagos Stock Exchange (as it was called then) was set-up in March 1960, and in September 1961, it was incorporated under Section 2 cap 37, through the collaborative effort of Central Bank of Nigeria, the Business Community and Industrial Development Bank (Alile&Anao, 1990). With the establishment of the Central Bank of Nigeria in 1959 and the coming into existence of the Lagos Stock Exchange in 1961 and Subsequently, the Nigeria Stock Exchange by an Act in 1979, a sound foundation was laid for the operation of the Nigerian Capital Market for trading in securities of long term nature needed for the financing of the industrial sector and the economy at large. After the incorporation of the Lagos Stock Exchange, it was granted further protection under the law and its activities was placed under some sort of control by the government, hence the passing of the Lagos Stock Exchange Act. However, the Lagos Stock Exchange was only operational in Lagos. By the mid 70’s, the need for an efficient financial system for the whole nation was emphasized, and a review by the government of the operations of the Lagos Stock Exchange market was advocated. The review was carried out to take care of the low capital formation, the huge amount of currency in circulation which was held outside the banking system, the unsatisfactory demarcation between the operation of Commercial Banks and the emerging class of the Merchant Banks, and the extremely shallow depth of the capital.

In response to the problems mentioned above, the government accepted the principle of decentralization but opted for a National Stock Exchange, which will have branches in different parts of the country. On December 2nd 1977, the memorandum and article of association creating the Lagos Stock Exchange was transformed into the Nigerian Stock Exchange, with branches in Lagos, Kaduna, Port-Harcourt, Yola and now in Federal Capital Territory (FCT) Abuja some other cities. The history of Nigeria Capital Market could be traced to 1946 when the British colonial administration floated a N600, 000 local loan stock bearing interest at 3¼% for the financing of developmental projects under the Ten-Years Plan Local Ordinance. The loan stock, which had a maturity of 10-15 years, was oversubscribed by more than N1 million, yet local participation of the issued was terribly poor. Certainly, potential fund abound in Nigeria, but the overriding consideration in this project is to examine the impact of the capital market in harnessing and mobilizing these resources (fund) to generate economic growth in the country and consequently economic development.

1.2 STATEMENT OF THE PROBLEM

There is abundant evidence that most Nigerian businesses lack long-term capital. The business sector has depended mainly on short-term financing such as overdrafts to finance even long-term capital. Based on the maturity matching concept, such financing is risky. All such firms need to raise an appropriate mix of short- and long-term capital (Demirguc-Kunt& Levine 1996).

Most recent literatures on the Nigeria capital market have recognized the tremendous performance the market has recorded in recent times. However, the vital role of the capital market in economic growth and development has not been empirically investigated thereby creating a research gap in this area. This study is undertaken to examine the contribution of the capital market in the Nigerian economic growth and development. Aside the social and institutional factors inhibiting the process of economic development in Nigeria, the bottleneck created by the dearth of finance to the economy constitutes a major setback to its development. As a result, it is necessary to evaluate the Nigerian capital market.

1.3 OBJECTIVES OF THE STUDY

The broad objective of this study examined the activities and performance of Nigerian capital market. The specific objectives of the study are as follows:

To examine the operations of the Nigerian capital market.

To evaluate the performance of the capital market in relation to the economic growth in Nigeria.

To examine the rate at which new stocks are issued on the capital market.

To identify the impediments of capital market in economic development of AkwaIbom State

To make recommendations as to how the operations of the market could be improve to boost economic growth and development of Nigeria.

1.4 SIGNIFICANCE OF THE STUDY

The study explored the impact or effectiveness of capital market instruments on Nigerian economic growth. Though the scope of the study was limited to the capital market, it is hoped that the exploration of this market will provide a broad view of the operations of the capital market. It will contribute to existing literature on the subject matter by investigating empirically the role, which the capital market plays in the economic growth and development of the country. The main importance of this study is that it will provide policy recommendations to policy-makers on ways to improve operations and activities of the capital market.

1.5 RESEARCH QUESTIONS

This research was guided by the following research questions:

How is the operation of Nigeria capital market?

What is the performance of the capital market in relation to economic development of Akwa Ibom state?

iii. What are the activities of the capital market in Uyo branch?

What are the prospects of capital market in economic development of Nigeria?

What are the impediments of capital market on economic development of Akwa Ibom State?

1.6 RESEARCH HYPOTHESIS

The following hypothesis was formulated to guide this study:

HYPOTHESIS 1

H0: That the capital market operations have no impact on Nigerian economic development.

H1: That the capital market operations have impact on Nigerian economic development.

HYPOTHESIS 2

H0: There is no significant relationship between performance of the capital market and economic development of AkwaIbom State.

H1: There is a significant relationship between performance of the capital market and economic development of AkwaIbom State.

HYPOTHESIS 3

H0: There are no impediments of capital market on economic development of Akwa Ibom State.

H1: There are impediments of capital market on economic development of Akwa Ibom State.

1.7 SCOPE OF THE STUDY

The study is limited to Nigerian Stock Exchange (NSE), Uyo branch and upon the research topic, which is centered on the impact of capital market on economic development of Akwa Ibom State.

1.8 LIMITATION OF THE STUDY

The limitation to this study on the following ways:

TIME FACTOR: The period within which the study is conducted is for thorough research study, hence gathering adequate information becomes difficult.

FINANCE: This is one of the limitations to the scope of this study. The researcher is facing financial constraint to meet all the educational requirements including this research work. This caused the researcher to restrict her research work to one company for possible completion.

1.9 DEFINITION OF TERMS

FINANCIAL MARKET:

This is a market in which people and entities can trade on financial securities, commodities and other financial facilities. It provides a mechanism for the efficient mobilization of funds from the surplus economic units (Supplier f funds) to the deficit economic units (Mbat2001.)

ISSUE: This is securities of a company or government sold by way of a public offering or private placement at a given point of time(Pat &James, 2010).

BONDS:

Interest bearing securities (i.e. debit securities) issued by corporate entities and government.

MARKET CAPITALIZATION:

This is the market value of a company’s paid-up capital determined by multiplying the current quoted price by the total number of shares outstanding. The market capitalization of a security exchange is the aggregate market capitalization of all its quoted securities(Mbat2001).

EQUITY:

This is ownership capital held by individuals, corporate bodies and sometimes government in a company. It is also called ordinary shares (Pat &James, 2010).

NEW ISSUE:

Securities of a government or corporate entity newly created by offered for subscription to the public or to the selected group of investors. In the case of private placement or to a company’s existing shareholders are as with right issues. New issues are means of raising funds for development financing and to enlarge the paid-up capital of the company(Pat &James, 2010).ALLOTMENT:

A company whose security is traded on a stock exchange(Mbat2001).

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: THE IMPACT OF CAPITAL MARKET ON ECONOMIC DEVELOPMENT OF AKWA IBOM STATE (A STUDY OF NIGERIAN STOCK EXCHANGE, UYO)

7 years ago 0 Comments Short URL

APPRAISING THE IMPACT OF COSTING TECHNIQUES ON PROFITABILITY (A STUDY OF MOSMANN WATER COMPANY LTD, UYO)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

APPRAISING THE IMPACT OF COSTING TECHNIQUES ON PROFITABILITY (A STUDY OF MOSMANN WATER COMPANY LTD, UYO)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STDUY

Costing technique is the process depending upon the purpose for which management require information. Management information for a variety of purpose, such as control, decision making, predicting profits and price determination. Based on these, certain techniques and procedures are applied in order to have a comparative analysis about costs both directly and indirectly engaged in manufacturing service.

The Oxford Dictionary of Accounting 3rd edition (2005), defined costing techniques as techniques and procedures used in cost accounting and management accounting to obtain the cost of service, products, processes, and cost centers to provide the information required to undertake performance measures, decision making, planning and control. Costing technique is also termed as a technique of costing which is designed to suit the way goods are processed or manufactured or the way goods are provided, Lucy T. (2002). Therefore, each organization which uses costing techniques has unique features that will suit the company (firm).

Based on the above definitions of costing techniques an organization will field increase in profit if they apply the costing technique at where it is deemed appropriate. Therefore, this research is to examine costing technique as being applied in Mosmann Water Company Limited to see the impact it has created in the profitability of the organization.

1.2 STATEMENT OF THE PROBLEM

The rapid increase in competition among organizations has brought about an increase in awareness of profitability and the cost associated with the delivery of products and services.

These bring into question the relevance of traditional accounting information for decision making, conventional and managerial accounting information is largely driven by the procedures of the organizations reporting system which provides information that is to be aggregated and used. The problem is how to use this information to be planning and controlling of decision, vis avis profitability.

1.3 OBJECTIVES OF THE STUDY

The objectives of the study are to find out the following;

i) To examine if the impact of costing technique aid in the profitability of an organization.

ii) To find out if the appropriate costing technique is being adopted by Mosmann Water Company Limited.

iii) To determine whether costing techniques help in the ascertainment of costs of a specified thing.

iv) To find out the problems associated with the application of costing techniques in an organization.

v) To make useful recommendations based on research findings.

RESEARCH QUESTIONS

i) Does costing techniques aid in the profitability of an organization?

ii) Does costing techniques help in the ascertainment of costs in an organization?

iii) Which of the costing techniques is deemed appropriate to apply in an organization?

iv) What is the problem associated with costing techniques in an organization?

1.5 RESEARCH HYPOTHESES

HYPOTHESES 1

HO: There is no significant difference between costing techniques and profitability in an organization.

Hi: There is a significant difference between costing techniques and probability in an organization.

HYPOTHESES 2

HO: Costing techniques does not help in the ascertainment of a specified thing.

Hi: Costing techniques do help in the ascertainment of a cost.

1.6 SIGNIFICANCE OF THE STUDY

The ultimate goal of any industry or organization is to maximize profit. The goal can be achieve in the manufacturing or production company like Mosmann Water Company Uyo, through costing techniques on the probability of an organization.

The study is necessary because it would enable the employer and employee of Mosmann Water Company Limited to improve on the ethical behaviour in the management of the company.

It would be of immense benefits to investors who want to invest in the company and the shareholders of the company to earn more profit. It would also serve as a reference material (source) to researchers who might want to further studies in similar topic.

1.7 SCOPE OF THE STUDY

This study centered on appraising the impact of costing techniques on probability with a particular reference to Mosmann Water Company Limited, Uyo.

1.8 LIMITATION OF THE STDUY

This study is limited to the following ways;

TIME CONSTRAINT: The period within which the study is conducted is short for through research study; hence, gathering adequate information becomes very difficult.

FINANCE: This is one of the limitations to the scope of this study as the researcher is facing financial constraint to meet all the needed educational requirements including this research work. This caused the researcher to restrict her research work to one organization for possible study.

LACK OF MATERIALS: Lack of materials to topic is also another limitation to this research work, hence the researcher resolved to seek friendly approach in order to obtain the needed materials or information from the establishment under this study through the administration of questionnaire and oral interview.

1.9 DEFINITION OF TERMS

COST: According to CIMA defined cost as the amount of expenditure (actual or national) incurred on, or attributable to a specified thing or activity.

COSTING: Costing is defined as collecting, recording, classifying and allocating expenditure to ascertain the cost of product or service for planning and control purpose by indicating points where corrective action is required (Anuolam 1997).

TECHNIQUES: This is a method of achieving something or carrying something out especially one requiring some skill or knowledge (investopidia.com)

PROFITABILITY: This is the quality or state of being profitable.

STANDARD COSTING: This can be defined as preparation of standard costs and their use to clarify the financial results of a business particularly by the measurement of variations of actual costs from standard costs and analysis of causes of the variations for the purpose of maintaining maximum efficiency by executive action (Batty, 2006).

COSTING SYSTEM: This method is to be adopted by an organization depends upon the nature of productive being under taken by the organization (Kingsley, 2003).

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: APPRAISING THE IMPACT OF COSTING TECHNIQUES ON PROFITABILITY (A STUDY OF MOSMANN WATER COMPANY LTD, UYO)

7 years ago 0 Comments Short URL

BUDGETING AS AN INSTRUMENT OF ADMINISTRATIVE CONTROL OF PUBLIC AGENCIES IN NIGERIA (A STUDY OF MINISTRY OF FINANCE, UYO)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

BUDGETING AS AN INSTRUMENT OF ADMINISTRATIVE CONTROL OF PUBLIC AGENCIES IN NIGERIA (A STUDY OF MINISTRY OF FINANCE, UYO)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Budgeting and budgetary control will continue to play a significant role in public organizations in Nigeria, considering the need to compete favorably with other organizations (both public and private) and make sure the organization is a going concern, most government agencies have adopted budgets and budgetary control techniques to effectively and efficiently allocate resources and achieve stated goals.

Every Business oriented organization is aimed among other at making profits as high as possible. All efforts, therefore are diversified at effective planning process with a maximum cost involvement in its decision making drive towards achieving the desired objectives, management often provides basic guideline which are quantified in financial terms and it mineral values.

Budgeting is required to achieve many deferent aims within an organization, if not only aid in planning, co-ordinations and communicating the activities of the organization, but also as a control and motivating devices in the management of the management of the organization.

Budgeting call for effective monitoring and controlled by the head of the organization since budget animates from different sections departments and all the branches of a company which no company is an exception so as to guarantee its reliability and also minimize deviation from plans. Budgeting starts with the setting out of the objectives of the organization by the management for the budget year according to government’s fiscal and monetary guideline and policies. The top management staffs must communicate the policy affect the long term plan to those who are responsible for preparing the current year budget. The manager prepare the minimal budgets for those area for which they are responsible and submit it to their supervisory officer while the budget is examined and summarized into master budget which consists of budgeted profits and loss accounts, balance sheet and the cash statement.

The approval of the master budget constitute authorities of the manager countered in carrying out the plants while are contained in each budget.

For management to provide adequate control over the over the budget of an organization, It should co-ordinate all the various phrases of the firms activities and the collaboration of the responsible parties in achieving the actual results with budget to establish the variance. It should trace the variances to where it arose so as to control the various effectively.

1.2 STATEMENT OF THE PROBLEM

The decision as to how to distribute limited financial and non-financial resources, in an effective and efficient manner, is an important challenge in all organizations. In government agencies, this task would be nearly impossible without budgeting. Without effective budget analysis and feedback about budgetary problems, many organizations and government agencies would become bankrupt. Some of the problems arise from inadequate data to formulate and implement a proper budget; and non existence of well defined structure, which leads to overlapping of duties. These deficiencies can therefore be addressed through the use of budgeting instrument. Therefore, this study traces the extent by which budgeting can used as a good planning and controlling tool in Ministry of Finance, Uyo.

1.3 OBJECTIVES OF THE STUDY

The main aim of the study is to examine budgeting as an instrument of administrative control of public agencies in Nigeria. Specific objectives of the study are:

To find out whether budgetary aid effective planning and control in Ministry of Finance, Uyo.

To examine whether budgeting control is used as an instrument of enhancing organizational performance.

To examine whether budgetary control affect the working performance of employees in Ministry of Finance, Uyo.

To determine whether budgetary control has contributed to the success of Ministry of Finance, Uyo.

1.4 RESEARCH QUESTIONS

In-order to guide the study and achieve the stated objectives for the study, the following research questions was formulated:

Does budgeting aid effective planning and control in Ministry of Finance, Uyo?

Does budgetary control used as an instrument of enhancing organizational performance?

Has budgetary control contributed success of Ministry of Finance, Uyo?

Does budgetary control affect the working performance of employees of Ministry of Finance, Uyo?

1.5 RESEARCH HYPOTHESES

HYPOTHESIS 1

H0: Budgetary does not aid effective planning and control in Nigeria in Ministry of Finance, Uyo.

HYPOTHESIS 2

H0: Budgetary control does not used as an instrument of enhancing organization.

1.6 SIGNIFICANCE OF THE STUDY

The addition of knowledge is basically the aim of every research and this research work seeks to achieve just that. More importantly, this research is necessary in understanding how the budgetary control is established, and also how it affects organizational performance.

It is a tool which measures managerial performance of an organization and promotes good morale and harmony in the organization. It enable the organization verify whether or not the plans of the organization are understood by all members, and put into effect corrective measures where deviation or under deviation is occurring.

Since budget is a tool for planning, and financial planning is of almost significance to a business man, it enables the organization project the future consequences of present decisions in order to avoid surprises and understand the link between present and future decision.

1.7 SCOPE OF THE STUDY

The study examines budgeting as an instrument of administrative control of public agencies in Nigeria, using Ministry of Finance, Uyo as a study area.

1.8 LIMITATION OF THE STUDY

The study limitation was inability of management to divulge certain information which they consider sensitive and fear of publication which might be detrimental to their operation.

Distance and its attendant cost of travel in order to obtain information which to write this study was also a major limitation. Another limitation to the study is short time factor which did not give time for thorough research work, hence gathering adequate information becomes very difficult.

Finally, lack of materials on the topic; this is new in the area of budgeting as an instrument of administrative control of public agencies in Nigeria. Therefore, the researcher resolved to seek friendly approach in order to obtain the needed materials or information from the organization under study through the administration of questionnaire.

1.9 DEFINITION OF TERMS

BUDGET: The chartered institute of management Accountants (CIMA) defines budget as “a plan quantified in monetary terms, prepared and approved prior to a defined period usually one year, showing planned income to be generated and expenditure to be incurred during that period, and he capital to be employed to attain that objective.

BUDGETARY CONTROL: This is the establishment of a budget relating the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results either to secure the individual actions with the objective of that policy or to provide a basis for its revision.

PLANNING: This is the establishment of objectives, and the formulation, evaluation and selection of the policies, strategies, tactics, and action required to achieve these objectives.

CONTROL: This s the process of ensuring that a firm’s activities conform to its plans and that its objectives are achieved.

VARIANCE: this is the difference between planned (budgeted) and actual results.

FAVOURABLE VARIANCE: This is excess of the budgeted result over the actual result, in the case of cost. But in the case of revenue it is the excess of that result over the budgeted.

UNFAVOURABL VARIANCE: this is the excess of actual result are the budgeted in terms of cost and vice-versa in terms of revenue.

BUSINESS: Any establishment which has profit motive or maximization as its major objectives.

ORGANIZATION: All establishment whether government or privately owned

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Tags: BUDGETING AS AN INSTRUMENT OF ADMINISTRATIVE CONTROL OF PUBLIC AGENCIES IN NIGERIA (A STUDY OF MINISTRY OF FINANCE, UYO)

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INTERNAL AUDIT FUNCTIONS AND PRODUCTIVITY (A STUDY OF UYO LOCAL GOVERNMENT COUNCIL, UYO)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

INTERNAL AUDIT FUNCTIONS AND PRODUCTIVITY (A STUDY OF UYO LOCAL GOVERNMENT COUNCIL, UYO)

ABSTRACT

This study explored the internal audit functions and productivity in Uyo Local Government Council. The study set to find out the extent the auditing unit of the Uyo local government council has so far functioned. Then, to what extent has the internal audit unit been assessed in terms of its financial tract records. The design survey method was adopted for this study. The population of the study was 98. Then, the study’s sample which was determined from the study’s population through the Taro Yamani (1964) statistical tool was 82. In analyzing the obtained data the researcher adopted the simple percentage and statistical tools. In testing the hypotheses, the researcher used the Chi-square. Findings revealed that auditing was effectively done in the internal audit unit of Uyo local government council. Secondly, the internal audit unit of Uyo Local government council was not subjected to regular scrutiny. Lastly, the internal unit of Uyo Local government council was not equipped with enough digital machines to effect and ascertain the internal auditing. Based on these findings, the study recommended that the internal audit unit of Uyo Local government council be checked on routine basis, secondly, digital machines and modern ICT equipments for saving data be provided to the audit unit of Uyo Local government council. Also auditing personnel be trained on routine basis.

TABLE OF CONTENT

Cover page

Title page

Certification – – – – – – – – ii

Dedication – – – – – – – – iii

Acknowledgement – – – – – – iv

Abstract – – – – – – – – – vi

Table of contents – – – – – – – vii

CHAPTER ONE: INTRODUCTION

1.1 Background to the study – – – – – 1

1.2 Statement of the problem – – – – – 3

1.3 Objective of the study – – – – – 4

1.4 Research Question – – – – – – 5

1.5 Research Hypotheses – – – – – 6

1.6 Significance of the study – – – – – 7

1.7 Scope of the Study – – – – – – 9

1.8 Limitation of the study – – – – – 9

1.9 Definition of terms used in the study – – – 10

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Introduction – – – – – – – 15

2.2 Auditing in the present age – – – – 15

2.3 Features of internal Audit – – – – – 17

2.4 Relationship between internal auditing and

Internal control – – – – – – – 19

2.5 Distinction between internal audit and

External audit – – – – – – – 22

2.6 Quality of Staff and staff strength of

internal audit department – – – – – 23

2.7 Problem affecting internal control/audit – – 24

2.8 Common approaches to internal audit – – 24

2.9 Function and Productivity of internal audit- – 26

2.10 Responsibilities of internal auditor – – – 27

2.11 Internal Auditor approaches in achievement of the

Goals – – – – – – – 29

CHAPTER THREE: RESEARCH DESIGN AND

METHODOLOGY

3.1 Introduction – – – – – – – 30

3.2 Area of the study – – – – – – 31

3.3 Population of the study – – – – – 31

3.4 Sample size and sampling technique – – – 32

3.5 Description of research instrument – – – 32

3.6 Validity and reliability of the instrument – – 33

3.7 Method of data collection – – – – – 34

3.8 Method of data analysis – – – – – 35

CHAPTER FOUR: PRESENTATION, ANALYSIS

AND INTERPRETATION OF DATA

4.1 Introduction — – – – – – – 36

4.2 Data presentation and analysis – – – – 36

4.3 Testing of Hypotheses – – – – – 43

4.4 Interpretation of Data – – – – – 48

CHAPTER FIVE: SUMMARY, CONCLUSION

AND RECOMMENDATIONS

5.1 Introduction – – – – – – – 51

5.2 Summary – – – – – – – – 51

5.3 Conclusion – – – – – – – 52

5.4 Recommendations – – – – – – 53

References – – – – – – – – 55

Appendices – – – – – – – 58

CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

The industrialization and dynamism of modern administration has created a vacuum to be filled by qualified and competent auditors. Our country Nigeria has a large number of Local Government Areas with an established internal audit unit in operation. Therefore, carrying out a research on the local government council is essential since the project work intend to achieve by consideration the function and productivity of the internal audit system in Uyo Local Government Council of Akwa Ibom State, Nigeria.

Auditing is a system that links management and the actual field of administration (Onu-chukwu, 1985). Internal audit is an independent function of auditing records, appraising the procedures and organization of a business and reviewing the effectiveness financial stability of the system of the internal checks with the aim of establishing a systematic disciplined approach that will aid in the evaluation of and improvement of the effectiveness of risk management, control and governance processes. Primarily, the internal audit function is to provide independent assurance over the internal controls and risk management of the Local Government council.

The system of internal check, audit or control in force in any undertaking is very important to the internal auditor because his task is to satisfy himself that the system is kept up to an efficient standard and also keep the system abreast of changes as are required. Onu-chuku (1985), described internal control as an independent appraised function established within an organization to examine and evaluate its activities as a service to the organization.

Internal audit is concerned with the liability and adequacy of the accounting system through reliability and integrity of financial and operations information, effectiveness and efficiency of operation and material usage, compliance with laws, regulations, policies and procedures, adequacy and effectiveness of risk management frame work. The productivity of the internal audit system has to do with the extent to which the internal audit function has assessed and affected the administrative activity of the council.

1.2 Statement of the Problem

It is important to note that auditing is an exercise done in order to verify the accounting procedures undertaken by the audit bureau of Uyo Local Government council as the one obtainable in Uyo Local Government Council. Productivity can only be seen if a Local Government Council is well audited against financial misappropriation. In addition, auditing brings about sanity in an establishment. However, Uyo Local Government Council has been audited but a pertinent question arises: has the council been audited on regular or routine basis? If done are there accountability misappropriations discovered in the course of verification?

This study therefore wants to find to what extent the internal audit of Uyo Local Government Council been audited externally?

1.3 Objectives of the Study

To find out whether the internal audit of Uyo Local government Council is still functioning.

To appraise the contributions of the internal audit of Uyo Local Government Council toward the staff productivity.

To find out to which extent the internal audit unit of Uyo Local Government Council has been checked.

To identify the problems associated with the internal audit of Uyo Local Government Council.

1.4 Research Questions

The research questions formulated were:

What is the current functional status of Uyo Local Government Council?

How could we appraise the contributions of the internal audit unit of Uyo Local Government Council toward the staff productivity?

What extent the internal audit unit of Uyo Local Government Council has been checked?

What are the problems associated with the internal audit unit of Uyo Local Government Council?

1.5 Research Hypothesis

Research hypotheses were formulated in null and alternative statements.

Ho: There is no significant relationship between internal audit function and productivity in Local Government Council.

H1: There is significant relationship between internal audit function and productivity in Local Government Council.

Ho: There is no significant relationship between internet audit function and detection of error and fraud in Uyo Local Government Council.

H2: There is significant relationship between internal audit function and productivity in Local Government Council.

1.6 Significance of the Study

It may seem unbelievable to discover that many citizen of this country still lack of fundamental idea or knowledge of internal audit function and productivity. It is therefore the aim of this study to examine internal audit function and productivity. This study will enlighten the public on how to ascertain the concept of internal audit function and productivity in the company. The study will also provide critical information to government, companies at all level in their effort in managing internal auditors. However, the study will act as source of reference for further researches on this subject.

Specifically, the research will provide useful and meaningful insight into weakness in the current internal audit in the oil company and provide useful information for making changes in the implementation of audit function. The research will serve as a fuel of new reasoning and further research work in audit practice in the organization. The impact of the study on both accounting and auditing theory practice and standards could be tremendous. It is agreed by the researcher that the study shall be of immense benefits to the accounting students of higher institution, management of Uyo Local Government council and seasoned professional Accountants.

1.7 Scope of the Study

This study is intended to internal audit function and productivity in the. Local Government Areas using Uyo Local Government Council.

1.8 Limitation of the Study

Staff Reluctance: In most cases the staff of the used study often feels reluctance over providing required information required by the researcher. This result in finding information where the structured questionnaires could not point out.

Researcher’s Commitment: The researcher, being of full time student spent most of her time on other academic activities such as test, class work, assignment, examination etc which takes average focus from this study.

Inadequate Materials: Scarcity of material is also another hindrance. The researcher finds it difficult to long hands in several required material which could contribute immensely to the success of this research work.

Means of Transportation: At times, means of transportation in the geographically zone (Uyo) always delayed the researcher from meeting up with the personnel of the used study at their scheduled period of time.

1.9 Definition of Terms used in the Study

To enable readers and researchers have clear insight of this work terms are defined below:

Internal Audit: Is described as an independent objective assurance and consulting activity designed to add value and improve organizations operations. It helps an organization to accomplish its objectives by bringing a systematic disciplined approach to evaluate and improve the effectiveness of risk management control and governance processes.

According to Spice Pegier (1978), Audit may be seen as examination of the accounting books and vouchers of a business or other organization that will enable the auditor to report that in this opinion the balance sheet is properly drawn up so as to give a true and Fairview to the profit or loss for the financial period. Based on the meaningful information and explanation given to him and as shown by the book and if not to report in what respects is he not satisfied.

Accounting System: Royal Linlbery and Chon (1972) hold that accounting system is the total structure of record and procedures which discover record, classify and report information or on the financial position of a government unit or any funds balance account of a group and organizational components.

Chartered Accountant: Is a member of an institute of Chartered accountant. In Nigeria, the admission to such institute is dependent upon seeming a period of apprenticeship and passing an entrance examination.

Independent Auditor: This is a person who is independent of the governmental unit or agency where accounts are being audited.

Auditing Procedures: According to R. Glymme Williams (1974). He defined auditing procedures as acts to perform during the course of an examination. Auditing procedures are based on professional judgment applicable in the circumstances.

Audit technique: R. Glymm Williams (1974) defined audit technique as a method or details procedures essentials to express or execution in an art of science technique and procedures are classed related.

Auditing Standards: These are measuring devices or models to which the audit must perform.

Auditing: the Institute of Chartered Accountant in England and Wales defined auditing as

“the independent examination and investigation of the books, accounts and vouchers of a business with a view of enabling the auditor to report whether the balance sheet and profit and loss account are properly drawn up so as to show a true and fair view of the state of affairs and the profit and loss of the business according to the best of the information and explanation obtained by the auditor”.

Productivity: According to Mali (2006) productivity is defined as the measure of how well resources are brought together in organization and utilized for accomplishing a set of results. Productivity is reaching the highest level of performance with the least expenditure of resources. It is the effective user of the factors of production to produce goods and services that means productivity is the output resulting from a given resources input in a given time.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

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