TABLE OF CONTENTS
DECLARATION ....................................................................................................................... i
APPROVAL .............................................................................................................................. ii
DEDICATION ........................................................................................................................ iii
AKNOWLEDGEMENTS ...................................................................................................... iv
LIST OF TABLES .................................................................................................................. v
TABLE 0 F CONTENTS ...................................................................................................... vi
ABSTRACT ............................................................................................................................. ix
CHAPTER 0 NE ..................................................................................................................... 1
1.0 Introduction ................................................................................................................... I
1.1 Background of the study ........................................................................................... 1
1.2 Statement of the problem .......................................................................................... 3
1.3 Purpose of the study ................................................................................................... 3
1.4 Objectives of the study ............................................................................................... 3
1.5 Research questions ...................................................................................................... 4
1.6 Significance of the Study ........................................................................................... 4
CHAPTER TWC) ..................................................................................................................... S
REVIEW OF RELATED LITERATURE ............................................................................ S
2.0 Introduction ................................................................................................................... 5
2.1 Definition Concepts ..................................................................................................... 5
2.2 Traditional Budget ....................................................................................................... 8
2.3 Different Means of Control for Budgeting .......................................................... !!
2.4The Budget Process ..................................................................................................... 12
CHAPTER THREE .............................................................................................................. 16
METI-IODOLOGY ................................................................................................................ 16
3.0 Introduction ................................................................................................................. 16
3.1 Research design .......................................................................................................... 16
3.2 Study population ........................................................................................................ 16
VI
3.3. Sampling Procedure ................................................................................................. 16
3.4 Sample size ................................................................................................................... 16
3. 5. Data collection methods ......................................................................................... 1 7
3.6. Sources of data .......................................................................................................... 17
3. 7 Data Processing Analysis and Interpretation .................................................... 17
3.8. Limitations of the study .......................................................................................... 18
CHAP'TER FOUR ................................................................................................................. 19
FINDINGS AND INTERPRETATIONS ........................................................................... 19
CHAP'TER FIVE ................................................................................................................... 27
SUMMARY, CONCLUSIONS AND RECOMMENDATIONS .................................... 27
5.2 Summary ....................................................................................................................... 27
5.3 Conclusion .................................................................................................................... 27
5.4 Recommendations ...................................................................................................... 28
5.5 Areas for further studies .......................................................................................... 29
REFERENCES ..................................................................................................................... 30
QUESTIONNAIRE FOR STAFF ....................................................................................... 32
INTERVIEW GUIDE TO THE DEPARTMENTAL HEADS ....................................... 36
ABSTRACT The purpose of the study was to find out whether financial management depends on budgeting control in Micro-finance institutions. The specific objectives of the study were to make a survey of and analyze the process of budgeting at Centenary Bank; make a survey of and analyze how the budget is experienced by the different departments at Centenary Bank; and to find out the relevance of the budget as a tool of steering at Centenary Bank. The methods used for data collection were questionnaires and interview guide the staff and Management of Centenary Bank respectively. The findings revealed that budgeting process in not properly followed. The study recommended the management should ensure that the budget is followed up in monthly meetings where the management and the heads of departments should meet; management should establish the budget goals and directives that should always become guidelines for all the departments; and Good leadership styles should be emphasized in the management of the company in order to ensure that the budget is followed and adhered to. If there if any deviation from the budget it should be investigated by the authority.
