THE ROLE OF BUDGETARY CONTROL AS A TOOL FOR COST CONTROL IN MANUFACTURING COMPANIES IN NIGERIA
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ABSTRACT
The study examined the role of budgetary control as a tool for cost control in manufacturing companies in Nigeria. The study sought to examine the impact of budgetary control on cost control. The sample of the study comprised of ten manufacturing firms registered with Nigeria Stock Exchange (NSE) namely Nestle Nigeria Plc, Unilever Nigeria Plc, Evans Medical Plc, Beta Glass Plc, 7-UP Bottling Company Plc, Nigeria Breweries Plc, Nigeria Flower Mills Plc, Dangote Group, Pz Cussons, Glaxosmithkline.
A structured questionnaire was used, and the study adopted both the purposive sampling and simple random sampling technique to select 60 randomly selected staff of the manufacturing firms, the study further employed the descriptive survey design and the ex-post facto design.
The descriptive statistics and regression analysis were employed to analyze the data. Findings of the study indicated that Budgetary control has impact on cost control in selected manufacturing firms in Nigeria; Budget ensures effective cost control and profit growth in selected manufacturing firms in Nigeria; There is relationship between planned and actual budget in selected manufacturing firms in Nigeria.
The study concludes that budget is an effective tool used by management to control cost in manufacturing firms in Nigeria.
The study suggests amongst others that, It is important to develop a budget manual which everyone in the organization can refer to for guidance, education and information about the budgetary process; Management of selected firms should introduce adequate accounting system which will bring about checks and balances; In order for budgeting to achieve its objectives, it is necessary that budget should not be too restrictive and/or rigid; The budget set by the management should be the one that is attainable.
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