ABSTRACT
I have chosen to
evaluate the concept of cost consciousness in the management of public funds
with reference to Enugu State Ministry f Finance and Economic Planning, infact,
after reading this work, he will understand the meaning of the cost
consciousness and its usefulness in the management of public funds.
Another important thing
to naked is that, Accountability, Financial releases, Management of funds etc,
is attributed to cost Consciousness, Consequently, this research work has three
chapters, chapter one dealt with the introduction, and chapter two is
literature review, while chapter three is conclusion.
TABLE OF CONTENT
CHAPTER ONE
1.0 INTRODUCTION
1.1
Background of
Study
1.2 Statement
of
Problem
1.3 Problems
that the study
will be concerned
with
1.4 The
importance of studying the
area
1.5 Definition
of important
terms
1.6 Reference.
CHAPTER TWO
2.0
Literature
Review
2.1 The
origin of the subject
area
2.2 School
of thought within the subject area
2.3 The
school of though relevant to
the problem of
study
2.4 Different
methods of studying the problem
2.5 Summary
2.6 References
CHAPTER THREE
3.0 Data
presentation (Highlights of the study)
3.1 Analysis
of the
data
3.2 Recommendation
3.3 Conclusion
References
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Infact one should
understand after reading this topic how to manage public funds, according to
Adolph Wanger (1835-1917) who was a German Economist, who based his law of
increasing state activities on historical facts primarily of German.
“To increase both
intensively and extensively there was functional relationship between the
growth of an economy and the growth of the government activities so that the
governmental sectors grows faster than the economy.
The question then is, if
the governmental expenditure is increasing intensively and extensively, how do
the mangers of public funds react to this increase? Are they at the all
conscious of the cost accompanying the increased expenditure? And what measures
dots hey take to control these cost in order to reduce, if not to avoid the
possible harmful incidental effects of public expenditure.
Again, complainants form
the public and the report of national and state decisions together with the
auditor generals report for many years have shown a contains loss of public
funds in Enugu State.
At one time the report
was on embezzlement, at another time, it was on the abandonment of public
projects while at other times the cry was the non-viability of many public
parastatals and investments.
But before we go into
proper study of the problem, let me examine three key words in the topic. The
concept of cost consciousness in the management of public funds.
These three key words
are
(a) Cost
(b) Management
and
(c) Funds.
And for proper
understanding of the concept let me treat them one by one.
a. Cost: The term cost is
commonly used by all, yet there exists not one unique concept of cost.
Different cost concepts exist or different purposes.
A further complication
arises when the same cost term is used to represent different purposes by
different people.
The accountant, the
manager etc. one may say that the cost of science equipment supplied by Enugu
State Government to Secondary schools is ten million naira (N10,
000,000), it does not cannot any exact meaning.
Is it a cost to the
purchaser, the government or to the manufacturer? Therefore, the term cost
without a proper modifier does not convey a clear meaning. For a proper
understanding of a cost concept, context in which it is used should also be
made clear.
For instance, when
someone bought a manufactured product form a company in resealing it he should
and his transportation money and other expenses.
(b) Management: Pro
Peter Ejiofor defined management as an art on Science of working in an
organization through the activities of people to a achieve ones personal; goals
in the context of the goals of one’s organization. This definition is all right
for our purpose, by management we mean administration and directing the affairs
o the organization, that is the process and procedures used in the
administration of funds in order to achieve maximum benefit form it.
(c) Funds: To
ensure that many will be expended for designated purpose, government establishes
funds.
A fund has been defined
by national committee on municipal Accounting statement, Chicago (1941) as a
sum of money or other research as set a side for the purpose of carrying on
specific activities.
Cost consciousness is a
related area in which accounting can contribute to efficiency. It is also a
concept which embraces a plan to operate on the bases of minimizing necessary
costs and to do away with those that are unnecessary and which judges the
performances of the subordinates and others by the same standards of the
economy and reason baleens of expenditure within a given budget based on a
planned action over a period of time to provide maximum benefit.
1.2 STATEMENT
OF PROBLEM
There are reports about
misappropriation of funds, embezzlement and improper account ability of public
funds. Some government parastatals are still chosen and uncompleted projects
are found all over the state lying fallow for many years, while the public
funds are being wasted. This might be the sole reason that brought about the
privatization and commercialization of most government parastatals and
industries.
1.3 PROBLEMS
THAT THE STUDY WILL BE CONCERNED WITH
i. To
determine the authorization of expenditure.
ii. To
access the cost control measures
iii. To
access the degree of accountability and record of public funds in the
ministries and the government parastatals.
iv. To
examine the recovery of loss of public funds.
1.4 THE
IMPORTANCE OF STUDYING THE AREA
The research question are given as follows
i. Who
authorizes he expenditure?
ii. What
are the cost control measures?
iii. How
high or low is the degree of accounting and record of public funds in the
ministries and parastatals?
iv. How
is the loss of public funds recovered?
1.5 DEFINITION
OF IMPORTANT TERMS
The cost a project may
be defined as the present value of resources that will be used in the project,
valued at their opportunity cost, that is the amount that would be paid for
them for alternative use. It involves capital cost, maintenance cost and
operating cost of the project etc.
Funds
A fund is a sum of many
or other resources set aside for the purpose of carrying out specific
activities or attaining certain out specific activities or attainting certain
objectives in accordance with special reputations, restrictions, or limitations
and constituting an independent fiscal and accounting entity.
Management
Management is the act or
science of working in an organization through directing and co-ordaining the
activities of people to achieve ones personal; goals in the context of the
organization.
Consciousness
It means awareness of
one organizational goals and objectives.
Accountability
Accountability id the requirement of answering
for ones stewardship or performance that is to say, one rendering a proper
account of expenditures carried out by him or the organization.
Management by objective
It a process or
management style, which the manager at all times, pursue vigorous the
objectives of the organization and takes decision in such manner that any
impartial observer would dim the decision to have been taken in the best
interest of the organization.
Mc Grawhill books company.
Department | Business Administration and Management |
Project ID Code | BAM0091 |
Chapters | 3 Chapters |
No of Pages | 33 pages |
Reference | YES |
Format | Microsoft Word |
Price | ₦4000, $15 |
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