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THE
CHALLENGES OF FINANCIAL CONTROL IN BANKING INDUSTRY
A CASE STUDY OF UNION
BANK NIGERIA PLC
PROPOSAL
Risk and uncertainties are factors
which a bank must face so long as it remain a going concern.
This to avoid the effect of such risk
and uncertainties management and other potential banks are achieved to adopt
the challenges financial control in banking industry.
The challenges of financial control in
banking industry will expose the position of the banking in terms of
performance and efficiency of operations.
The show whether the management are efficient or inefficient utilization of
resources such as capital. This project work is aimed at high lighting the
challenges of financial control in banking industry.
Chapter one (The introduction) will
explain the meaning of financial control, it will go four there to explain
statement of problem, statement of hypothesis purpose of the study, its
significance of the study scope of study, limitation as well as
definition of terms with respect of financial control.
Chapter two deal with the literature
review.
Then the explanation of selected
financial control will also be shown.
Coming to chapter three which talks
research methodology, source of data, primary data, secondary data,
method of data analysis.
The four will show the data
presentation analysis and interpretation.
Finally, chapter five, summary to be made will be stated followed by conclusion
and recommendation to ensure effective and efficient use of financial control.
The conclusions will inform reader that the challenges or benefit of financial
control in banking industry.
ABSTRACT
This project work is aimed at
highlighting the financial control in banking industry as a tool of evaluating
the performance of union bank Nigerian Plc for investment decisions.
The chapter one is the introduction
will also explain the meaning of financial control it explain statement of
problems and purpose of the study and its significance objectives of the study
as well as the definition of terms with respects of financial control.
Chapter two deals with the literature
review then the explanation of selected financial control.
Coming to chapter three which discuss
about research methodology, the design describe here. Then the techniques
for collection of data will include the questionnaire, personal interview and
secondary source. The data analytical tools to be used as percentages
size analysis and chi-square.
Then chapter four will show the
collection of data and the analysis of the data collected. Lastly in
chapter five, Summary, findings to be made will be stated followed by
conclusion and recommendations to ensure effective and efficient
use of financial control by the users for investment decision. The conclusion
will also inform the readers or users that the challenges control or
benefits financial control in evaluating the performance of companies for
investment decision cement be over emphasized and that if neglected the share
holders or investors will not know their position or gate of their respective
companies.
TABLE OF CONTENT
CHAPTER
ONE
1.0
Introduction
1.1 Statement of problems
1.2
Purpose of the study
1.3
Statement of hypothesis
1.4
Significance of study
1.5
Scope of the study
1.6
Limitations of the study
1.7
Definition of terms.
CHAPTER
TWO
2.0
Review of related literature
2.1 Nature of control
financial literature
2.2
Types of financial control
2.3
Internal and External control
2.4
Limitation of financial control
2.5
Evaluation of financial control
2.6
UBN PLC loan advance interest rate
2.7
UBN PLC corporate objectives and credit Policy
2.8
UBN PLC treasury management with credit policy for industrial account.
CHAPTER
THREE
3.0
Research methodology
3.1 Research Design
3.2
Instrument for data Collection
3.3
Area f Study
3.4
Population of the study
3.5
Method of data Analysis
3.6
Validation of the instrument
3.7
Reliability of the Instrument
3.8
Data Presentation
3.9
Method of data Collection
CHAPTER
FOUR
4.0
Introduction
4.1
Analysis and data Interpretation of data
4.2
Data presentation and Analysis
4.3
Analysis of financial control
4.4
Analysis of Question Response
4.5
Findings of the study /Discussions of the findings
CHAPTER
FIVE
5.0 Summary, Conclusion and
Recommendations
5.1
Summary of the Procedures used in the study
5.2
Summary of the findings
5.3
Conclusion
5.4
Recommendation/Suggestion
5.5
Suggestions for further Research
5.6
Bibliography
5.7
Appendix
CHAPTER ONE
1.0
INTRODUCTION
It is impressive to state that success
or failure of any industry (most especially the banking industry) depends on
how well the finance is controlled. Some banks have liquidated due to
ineffective financial control.
Financial control thus be defined as the process which assumes that financial
resources are obtained economically on used efficiently and effectively in the
accomplishment of desired goals. It will be found that there
control parameter or benchmarks, which becomes the standard against which
subsequent actions are compared are themselves the product of financial planing
decisions. However, since financial control is an assurance process, it
includes the process of decision making. If the assertion is accepted
that management consist of decision and actions financial control becomes a
part of the process f making financial decision but not the decision
themselves.
It covers the entire process of
monitoring actions emanating form the decision seen as an integral part of
financial management, it also forms part of planning, budgeting, accounting,
reporting and reviews.
A financial control system has some
principal characteristic.
a.
Its focus is on the financial objectives (as giver)
b.
It compares two typed of data planned or predetermine data and actual data.
c.
It permeates all aspects of financial management functions.
d.
It is concerned with those resource revenue and expenditure which can be
express in monetary term or can be combined with other quantitative data to
express same e.g personal, materials procurement etc.
e.
It follows a definite cycle that ie rhythmic as in the budget cycle, accounting
cycle, auditing cycle etc.
f.
To be effective it needs to be co-ordinated and integrated.
In this project work
the researcher shall enumerate some of the financial tools those employed by
the banking industry and their effectiveness.
However, financial
system refers to a set of rules and regulations and the aggregation of the
financial arrangement, institutions and agents that interact with other and the
rest of the world to foster economic growth and development of a nation, it
does this by providing a medium of a nation, it does this by providing a medium
of exchange which promotes specialization, mobilization of saving from the
surplus unit and channeling them into deficit unit of the economy for
productive investment which would enhances the productive capacity and overall
output and employment.
An efficient and a
highly developed financial system is essential to a healthy economy. It
is primary role is the distribution of capital in the economy e.g the personal
saving of an individual placed in a bank, can be loaned to another
individual to buy a house or a business form to build a plant thus our can see
that the activity if the financial affects every citizen within the economy.
1.1
STATEMENT OF PROBLEMS:
There has been an increase in the rate
of collapse in the financial institutions most especially the banking
industry. These are likely due to a lack of financial control.
This has however geared the researcher to look in questions stated below.
a.
What
financial control measures were adopted by financial institutions and
there adequacy (s)?
b.
How
effective is the financial control system?
c.
What
are the limitations of effective financial control system ?
1.2
PURPOSE OF THE STUDY
The main purpose of this research work
is to meet the requirement of the award of higher national diploma (HND).
Also since it is know that finance
(money) is the life blood of any country, the researcher has taken a keen
interest to look into the measures/tools used by the financial controller to
evaluate the control of finance in financial institutions (Banking industry as
a case study).
More so to determine whether these
control measures are effectively employed. This help a lot to know the
casuals of failure in the banking industry in one country.
1.3
STATEMENT OF HYPOTHESIS
There are statement of relationship
between variables that are related to problems which the researcher wishes to
investigate. They are as follows.
Ho 1. Tat proper financial control in
banking industry has
prevents the failure and liquidation of banking industry.
prevents the failure and liquidation of banking industry.
Hi That lack of proper financial
control in baking industry
has
prevent the failure and liquidation of banking
industries.
H0 2. That proper financial control in
banking industry
encourages financial institutions to give out more loans
to banking industry.
encourages financial institutions to give out more loans
to banking industry.
1.4
SIGNIFICANT OF THE STUDY
Since finance is the “Life wire” of
every industry of which if not properly managed will make an industry to
collapse, there no doubt that the significance or important of its study cannot
be over emphasized.
The study is significance in the sense
that it will bring to line light the effective financial control measures which
the baking industry should adopt inorder to curb the ill befalling it and
thereby achieving great success.
Another significant of the study is
that it is a good vehicle for rapplied learning for student.
1.5
SCOPE OF THE STUDY
There are lots of financial control
measures used in the banking industry but this research work shall be
restricted to financial statements, ration analysis and financial
budgets. There tools are used to evaluate an industry's performance
in dimension that are crucial to its health and survival.
The research interested covering
several banks in different parts of the country but due to some constrains
which shall be discussed later, the research has been limited to union bank
PLC.
The finding from the case study shall
be used to represent the situation in the banking industry in Nigerian.
1.6
DEFINITION OF TERMS:
In other to acid proper understanding,
some terminologist are defined below.
a.
C. O. T: Commission on turnover.
b.
C. B. N: Central Bank of Nigeria
c.
NDIC: Nigeria deposit insurance co-operation
d.
JAMB: Joint Admission and Matriculation Board
e.
ZBA: Zero Balancing Account,
which allows the
writing of cheques against individual
writing of cheques against individual
operating account
containing no funds.
f.
Internal check: This is known ad the basic principles of internal
control.
g.
Crush tellers: There are control copies of bank tellers
h.
Floats: This is the money in the process of being collected.
i.
Disbursement float: This is the money pond by a four to its employees,
suppliers, creditors etc.
j.
Collection float; This is money being recovered by a firm from its customers.
k.
Wire transfer; Transfer of money in an account from one branch through
the use of computer.
l.
Depository transfer cheque: There are cheque without signature which one
payable only to account in the firm’s concentration bank.
m.
Concentration bank: It is a major bank to a firm where all the excess
money of the firm are transferred into.
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