An appraisal of budgetary techniques in TEK Co-Operative Credit Union
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Date
2008-06-26
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Abstract
The study aimed at assessing the role of budgeting and budgetary control systems at Tek co operative credit union from 2003-2006. In the computation of the differences between the estimated income and expenditure, the union’s projected income and expenditure from 2003-2006 were studied; variances were also recorded for the selected cost centers. Also the processes involved in the preparation of budgets and the control measures put in place were determined through the administration of questionnaires and structured interviews to members and the Board of Directors. The results of the study revealed that the Union has a rigorous budgeting process with respect to budget preparation, however the control systems put in place by management is not well structured. The approval of budgets which is the constitutional rights of members as enshrined in the Ghana Co operative credit union’s bye law and the Article of Association has been taken over completely by board members. The study also revealed that the main benefits derived by the union from the implementation of budgeting technique includes: forecasting, means of communication among management, judging performance of management and means of motivating management whiles some of the limitation the union face includes:
delays in the payments of members deposits by the Finance Officer, lack of expertise in the preparation budgets and price level changes.
Description
A thesis submitted to the Board of Postgraduate Studies, Kwame Nkrumah University of Science and Technology, Kumasi, in partial fulfilment of the requirements for the award of the Degree of Master of Business Administration, 2008