ABSTRACT
This study was conducted to determine some based line data essential for financial planning and control a key to management efficiency in the manufacturing industry. Some research problems were investigated such as in adequate financial management, lack of adequate planning and poor control in the manufacturing industry. I solve the research problems, both primary and secondary data were collected. The research instrument used in collecting the data was questionnaires. In organizing and presenting data collect, tables and percentages were used. Three hypothesis were tested using T-test method. In the course of carrying out this research, it was discovered that there as no proper financial management control in the industry. the following recommendations were made which were planning policy must not be practiced as mere useful thinking, but as a matter of financial planning guidelines to provide the basis of development programme, and discipline should be maintained at all cost so as to ensure effective and judicious use of financial resource in manufacturing industry.
TABLE OF CONTENT
Title Page ii
Approval Page iii
Dedication iv
Acknowledgement v
Abstract vi
Table of Content vii
CHAPTER ONE: INTRODUCTION
- Background of the study 1
- Statement of the problem 8
- Objectives of the study 9
- scope of the study 9
- Research Questions 10
- Research Hypotheses 11
- Significant of the study 12
- Definition of Terms 15
CHAPTER TWO: LITERATURE REVIEW
2.1 Production Cost Control 9
2.3 Production Cost 10
2.4 Accounting for Element Of Production 13
2.5 Accounting For Material Cost 14
2.6 Accounting For Labour Cost 15
2.7 Accounting For Overhead Cost 16
2.8 Control 17
CHAPTER THREE: METHODOLOGY
3.1 Research Design 43
3.2 Area of the study 43
3.3 Population of the study 43
3.4 Sample 44
3.5 Sources of Data 46
3.6 Analytical Technique 47
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA
4.1 Data Presentation 49
4.2 Data Analysis 55
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.
5.1 Summary of Findings 74
5.2 Conclusion 75
5.3 Recommendations 75
References
Appendix I
Appendix II
CHAPTER ONE: INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Many corporate bodies has corporate objectives to pursue and should set out modalities to successful achieve these objectives. To achieve these set targets the organization should ensure adequate management of their financial, material and human resources. The attainment of corporate objectives with the use of committed economic resource of adequate financial planning and control in the organization.
Towards the attainment of corporate objectives, many organization adopt various strategies among which is the financial planning and control. Financial planning and control is an integration part of financial management of a firms fund with a view to maximizing profit and the wealth of shareholders. The purpose of financial planning is to determine where the firm has been, where it is now, and where it is going. It also determines deviations from the must likely outcomes finance is concerned with the study of the problems involved in the acquisition and use of funds by a business as well as the function of profit planning for the business organization.
Planning can be define as a managerial tool through which objectives and goals are determined and the future course of action to attain their, while control is a management action to ensure conforming with a plan or budget (Francis Enya 2012).
Management process is a set of interdependent activities used by an organization to carry out their function which include planning, organizing staffing, leading and controlling. (Bryson, 2010) recommends the following definition of management as the most appropriate for general usage; a social process entailing responsibility for the effectiveness and economic planning and regulations of the operation of an enterprises in fulfillment of a given purpose task.
1.2 STATEMENT OF PROBLEM
The essence of financial planning and control in an organization is to safeguard available resource and make rational use of them to achieve desired goals. The problems’ this study is set out to investigate are:
- Inadequate financial management.
- Lack of adequate planning
- Poor control
1.3 OBJECTIVES OF THE STUDY
The general objectives of the study is to evaluate financial planning and control; a key to management efficiency in the manufacturing industry. The specific objectives of this research are;
- To determine the influence of financial management in manufacturing companies administration on effective and judicious use of company financial resources.
- To determine if financial planning and control has any effect on the quality of goods produced by manufacturing industries.
- To determine if the practice of financial management in the manufacturing industry enhance transparency and accountability in the use of financial resources.
1.4 SCOPE OF THE STUDY
The researcher covered a cross-section of the financial planning department, controlling department and management of the manufacturing industry. Basically, the study focused attention on selected individual of reputation personalities of top level and lower level who are vast about the manufacturing industry.
1.5 RESEARCH QUESTIONS
- To what extent does financial management practice in the manufacturing industry has impact on financial resources.
- What effect does financial planning and control has on quality of goods produced by manufacturing industries.
iii. Does the practice of financial management enhance transparency and accountability in the use of financial resources.
1.6 RESEARCH HYPOTHESIS
Based on the explanations contained in the background of this study we propose the following hypotheses.
H0: There is no positive impact of financial management on the effective and judicious use of public resources in manufacturing industry.
H1: There is positive impact of financial management on the effective and judicious use of public resources in manufacturing industry
H0: There is no significant influence of financial planning and control on the quality of goods produced by manufacturing industry.
H1: There is significant influence of financial planning and control on the quality of goods produced by manufacturing industry.
H0: The practice of financial management does not enhance transparency and accountability in the use of financial resources of a manufacturing industry.
H1: The practice of financial management enhances transparency and accountability in the use of financial resources of a manufacturing industry.
1.7 SIGNIFICANCE OF THE STUDY
It is timely to carryout out this study in view of the accounting officers involved in financial irregularities and misappropriation of funds which have made the job of auditors (internal and external) more challenging in finance department in proper planning and controlling of funds.
Nevertheless, the significance of the study is derived from the effort to contribute to existing literature on the matter of financial planning and control, a key to management efficiency in the manufacturing industry. In addition, it proffers suggestions to improve on financial planning and control with regards to manufacturing industry, Researchers, policy makers, Entrepreneurs, and student etc.
1.8 DEFINITION OF TERMS
There are some terms used frequently in this research work which are of great importance to be defined in this study which are:
- Finance: It is a term used in referring to the management of money.
- Control: This word as used in the study refers to measures adopted in regulating excessive waste of materials and fund of the industry that tend to curb the incidence of fraud.
- Costing: This refers to the subject and process of estimating express revenue and profitability of production process of the industry.
- Fraud: This term as used in this work refers to a criminal act, loss of fund through a wrong means or alternation of financial records as originally recorded in books of accounts.
- Internal Control: This is an internal techniques or measure adopted by the industry that checks against mismanagement of funds and materials.
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