Managerial Accounting 8508

Allama Iqbal Open University, Islamabad.

Academic Year: (2022 -2024)
Semester: (Autumn, 2022)
Department: (Department of Business Administration)

Assignment No.02
Full Name: Sadia Bashir
Roll No: 0000261963
Programme: M.COM
Subject: Managerial Accounting (8508)
Date of Submission: 10-04-2023

Submitted to: Most Respected Sir!

(Sir Muhammad Ashraf Bhutta~)

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Acknowledgements

In the name of Allah, the Most Gracious and the Most merciful. All praises to Allah
and His blessing for the completion of thesis. I thank God for all the opportunities,
trails and strength that have been showered on me to finish writing the thesis. I
experienced so much during this process, not only from the academic aspect but also
from aspect of personality. My humblest gratitude to the holy prophet Muhammad
(PBUH) whose way of life has been a continuous guidance for me. The success and
outcome of this assignment required a lot of guidance and assistance of many people
and I extremely fortunate to have got this all along the completion of my assignment
work. Whatever I have done is only due to such guidance and assistance and I would
not forget to thank them. Justice in presenting this assignment without mentioning the
people around me who have been related would not be going to with the completion
of assignment. I would like to express my heartfelt thanks to our teacher for support
and guidance, which rendered throughout the study peruse this assignment Finally, for
any all to fallible errors, omissions, and shortcomings in the writing of the report only.
I would also like to thank my family whose encouragement, support, and pride me,
have been constant not only throughout my degree and decision to return to education,
but right throughout my life. I accept that the independence and strength that, I have is
because of my childhood and environmental factors. you, are and have consistently
been, the main point of this.

Thank you for always being there for me.

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Abstract
Budget and budgetary control, both at management and operational level looks at
the future and lay down what must be achieved. Control checks whether the plans
are realized and put into effect corrective measures where deviation or shortfall is
occurring. This study examines how budget and budgetary control can have impact
on the performances on the selected manufacturing companies in Nigeria, as
considered in this study, being a sample of the entire population of the firms in the
Nigeria manufacturing industry. The research reviewed the performance of the
Nigeria manufacturing industry in previous and recent times. We found out that the
performance of this industry leaves much to be desired due to factors such as neglect
of the industry due to over dependence on crude oil, epileptic power supply,
collapsing infrastructure, unfavorable sectoral reforming among others and have
resulted in low-capacity utilization of the manufacturing industry. An empirical
investigation was undertaken, using the chi-square test. 300 questionnaires were
administered but were only able to gather 250 which left 50 questionnaires
irrecoverable. Tables and simples’ percentages were used in data presentation. Three
hypotheses were formulated. Following the findings, managers and business
operators are advised( not only in the manufacturing industries) to pay more
attention to their budgetary control system, for those without an existing budgetary
control system, they should put one in place, and those with a dummy and passive
budgetary control system, it is time they re-establish a result-oriented budgetary
control system as it goes a long way in repositioning the manufacturing industry
from its creeping performance level to an improved high capacity utilization point.
Keywords: budget, budgetary control, performance, control, responsibility Centre,
budgeting.

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Table of Contents
Chapter 01: Introduction

1.1 Procedure of Budget

1.2 Components of Budget

1.3 History and Significance

1.4 Types of Budgets

1.5 Importance of Budget

Chapter 02: Organizational View

2.1 Introduction
2.2 History of OGDCL
2.3 Budget of OGDCL

Chapter 03: Research Collection Method

3.1 SWOT

Chapter 04: Conclusion and Recommendation

4.1 Conclusion

4.2 Recommendation

4.3 References

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Topic:

“Report the Budgeting Procedure, Which Exists in the Organization”

Introduction

Budgeting is a process whereby future income and expenditure are decided to streamline the
expenditure process. Budgeting is done to keep track of the expenditures and income. It serves as
a monitoring and controlling method to manage the finances of a business. It begins by deciding
upon the financial goals according to which the budget will be made. Other important activities
in the budgeting process include things such as forecasting, monitoring, controlling, and
evaluating the financial goals. Organizations utilize budgeting as a crucial tool to allocate
resources and meet their financial goals. Creating a financial plan for a specific timeframe
requires predicting the income and expenses for that time frame. The budgeting process aids
businesses in setting expenditure priorities and determining the best use of their resources. The
budgeting process, including the activities and procedures involved in producing a budget, is
described in this report in general terms. The research also emphasizes the value of budgeting for
businesses and the advantages that come with good budgeting procedures.

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 Procedure:

The following steps are often included in the budgeting process:

• Establishing financial targets that support strategic goals is necessary for organizations.
This entails determining revenue goals, cost-cutting goals, and other financial targets.

• Companies must project their expected revenue for the budget term. This may be based
on earlier data, current market conditions, and other elements.

• Creating an expense estimate is a need for organizations when creating a budget. This
might include both variable costs like materials and supplies as well as fixed expenditures
like rent and salaries.

• Organizations must arrange their resources based on projected revenue and expenses to
meet their financial goals. Prioritizing spending and locating potential cost-saving
opportunities are required for this.

• Making a budget the budget should be reviewed and revised on a regular basis to make
sure it remains pertinent and in line with the objectives of the business. A change in the
corporate environment or unanticipated circumstances may require adjustments.

 COMPONENTS OF BUDGET

There are many divisions of an organization and therefore budgeting for each of the division is
specific to its needs. When all the budgets of each division are combined, it results into the final
budget, which is often referred to as the “Master Budget”. Various components of the budget are
discussed as follows:

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Sales Budget

Sales budget outlines the forecasted income stream of the business. It is usually the first budget
to be prepared as the revenue generated will ultimately determine the level of expenditure. Under
the sales budget, sales of the business are forecasted. Sales are forecasted in terms of sales
volume and the sales revenue.

The forecasting is done on the following basis:

1) Previous pattern of sales

2) Economic conditions e.g., rate of inflation, interest rate, exchange rate, economic growth
rate
3) Political conditions
4) State of competition in the market
Other factors that can affect the sales e.g., technology etc.

Production Budget

The production budget is of high importance in the overall budgeting process. It determines the
number of units of a product that will be produced by the business. It also determines the cost at

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which the products must be produced. Production budget is made according to the sales budget.
Required sales units, opening inventory, and required closing inventory are used to reach the
number of units that must be produced in a budgeted period.\

Direct Material Purchases Budget

Direct materials, like the name suggests, are the ones that are being used directly in the
production of goods. The budget related to direct material determines the amount and cost of
these resources that will be required in the production activity.

Labor, Overhead, and SG&A Budget

Budgets related to labor, overhead and SG&A (selling, general and administrative) are prepared
separately. They are then combined under a single head.

1) The direct labor budget is prepared. Labor that participates in the production process
forms the direct labor cost. This budget is prepared according to the number of labor
hours and the cost per hour.
2) Overheads are those costs that are not incurred directly in the production of goods but are
indispensable with regard to the production activity e.g., rent of the factory.

3) The budget of the overhead cost is prepared in relation to the direct labor hours.
4) SG&A costs are incurred to conduct the day-to-day operations of a business. They consist
of fixed and variable costs.

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Cash Budget
Cash is known to have a similar importance to a business as blood has to body. No matter how
successful a business is, if it runs out of cash, its survival is seriously jeopardized. To ensure
smooth operations of the business, strong emphasis must be laid upon the development of cash
budget. Cash budget helps to formulate in advance the payment and receipt cycles of the
business and thus it ensures that cash is readily available to a business. By formulating cash
budget, the business can keep track of its accounts receivables and accounts payable. In order to
avoid shortage of cash, the business can arrange its credit plans related to accounts
receivables and accounts payable accordingly.

 Brief History

The origin of budgets 1760-1920:

The English word budget is derived from the Latin word “bulga” meaning a leather bag or
knapsack used for carrying supplies of food. Later, budget was extended to mean not merely the
container but also the thing it contained. The budget began in England. As early as 1760, the
Chancellor of the Exchequer presented the national budget to Parliament at the beginning of each
fiscal year. The purpose was to check the king’s power to levy burdensome taxes and control

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spending of money by public officials. In 1837 the budget was made effective by the Reform
Act.

Britain’s Chancellor of the Exchequer Rishi Sunak in a budget tradition dating back to 1760.

The birth of the business budget 1920-1930:

It was a similar government-led origin story across the Atlantic that first launched the business
budget in boardrooms across the world. The first US president to lobby for a government budget
was 27th US president William Howard Taft. In July 1911, budget forms were prepared and
approved by the President. Like with most today’s business budgets, these forms were sent to
department heads, to be filled in by them and returned by November 1, 1911, however they were
not returned until early in June 1912. Nevertheless, Taft endorsed a commission report: The Need
of a National Budget” leading to the preparation of the 1913 budget.

“Between 1911 and 1919 40 US states enacted budget laws starting with California and
Wisconsin.”

 Significance

Budgeting plays an important role in modern business management practices. It wasn't always.
Despite its long history, budgeting is essentially his 20th century innovation. A quick look at the
evolutionary period of budgeting should show that modern budget workers are more appreciative
of their work. The word budget comes from the Latin bulga, which means a leather bag or

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knapsack. Later the term was also used for anything contained in a bag. The development of the
modern meaning of the word dates to early medieval France and the days of the bards. These
wandering gamblers assigned her one of the members the task of processing social funds kept in
a leather case (a baguette). This administrator became known as the budgeter. This simply meant
that he funded the group. An early definition of a budget, therefore, was a supply of what was in
the pocket, or a supply of funds. Businesses balance their budgets for the same reasons
individuals do. By tracking the timing and amount of your income and expenses, you can set
realistic goals, track plan variances, and implement corrective actions. Without enough cash, a
business cannot sustain itself, but the advantages of the budgeting process are a little more
complex than that.

Setting Expectations

Once a budget sets a spending target for a particular project, then the teams can work with
those expectations in mind. They can set their own deadlines and allocate resources
according to the company’s master budget.

Aligning Resource Allocation to the Goals of the Business

Think about what part of the company deserves more money this quarter. For instance, if
product sales are down this month, it may be wise to allocate more of the budget to sales
and marketing.

Facilitating Collaboration

Departments should not be siloed. Budgeting is the perfect opportunity to connect the
finance teams with the rest of the business. Everyone gets a chance to talk about priorities,
expectations, funding, and goals, and the finance department gets to share g uidance. A
company with a strong budgeting process in place is also seen as more trustworthy when it

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comes to third-party partnerships. For instance, if you ever need to borrow a business loan,
your lender will likely want to know how well you’ve followed budgets in the past. Then
determine how you will achieve those objectives and track your progress along the way.

Identify Goals

Depending on factors like market dynamics, sales trends, and current resources, a company
has different needs regarding its budget and must plan accordingly.

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Look at Past Data

Take advantage of the existing information you have from last quarter. What did you learn
about your last budget that can be used this time around? Were there unanticipated shortfalls
in funding? Were the assumptions you made back then still accurate? And how has the
market or industry changed since then? Encourage your individual departments to ask
themselves these questions.

Get Some Tangible Numbers Out

Getting into the actual figures, identify your income streams, investments, and
expenditures. Whether we’re talking about exact numbers or estimates, look for fixed costs
(overhead, static costs like rent, mortgage, utilities, salaries, and insurance), variable costs
(discretionary fees like software subscriptions, travel costs, and advertising services), and
irregular costs (surprise expenses that are difficult to forecast, such as special events and
mergers/acquisitions).

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Always Have Cash Flow in Mind

Don’t just look at the amounts; look at the timing as well. Is your consistent revenue enough
to take care of seasonal, momentary expenditures? Look at cash flow in terms of the money
going in at a certain point compared to the money going out. And don’t forget to revisit your
budgeting process regularly. It’s not a one-time consideration, as you will need to check
back and update your efforts. Schedule budgetary reviews every quarter so that potential
issues are caught in time.

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Types Of Budgets

We can generally look at three different types of budgets:

• Operating

Operating budgets involve both the revenue generated and the expenditures made during
daily operations. Employee salaries and benefits are included in this category.

• Capital

Capital expenditure involves major purchases like physical properties and equipment.
Budget managers consider this category by setting priorities and making decisions to control
risks.

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• Cash flow

Cash flow is another form of budgeting that looks at the relationship between income and
expenses. Specifically, it makes sure that you have enough cash on hand at any time to
cover immediate expenditures.

Steps:

The budgeting process covers all the steps involved in determining and setting a budget,
which can include:

• Reviewing past financial quarters and using the data to forecast future expenses and
revenues.
• Developing a plan to manage the budget and implementing it. Allocate resources to
cover the company’s projects and departments.
• Regularly checking up on progress by monitoring budget levels throughout the
quarter.
• Evaluating the performance of the budgeting process in the end and seeing what can
be learned.

But we need to go beyond just definitions and look at the role of budgeting in corporate and
project management.

The Primary Goals of Budgeting

In addition to the obvious benefit of controlling spending and keeping tabs on financial
activities, budgeting is taken seriously because it also.

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Helps With Project Planning

What happens if market conditions change, and the business needs to address problems later
down the line? Budgeting is the perfect way to prepare financially.

Coordinates Collaboration

Since the budget impacts everyone, the budgeting process must involve all departments and
teams working together for the wellbeing of the overall company.

Motivates Management

Upper management teams who are aware of budgeting efforts are more likely to understand
the goals and initiatives of the business. They are motivated to hold everybody accountable
for a stable budget.

Measures Performance

Budgeting forces you to look at the financial figures and determine whether you’re meeting
your targets. If any cash flow issues arise, you will be able to know early on. A detailed
budget sets realistic goals for your projects and ensures proper resource allocation to
prevent costly spending overflows.

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➢ Importance of Budget

For the following reasons, effective budgeting is crucial for organizations:

• Planning:
Budgeting aids companies in making future and wise resource allocations. It offers a
plan for reaching financial goals and helps to guarantee that the organization's ai ms
are in line with its financial capabilities.

• Control:
Setting up a budget offers a plan for handling expenses and deters overspending. It
helps guarantee that financial resources are spent efficiently and enables companies
to pinpoint areas where expenses can be cut.

• Evaluation:
Budgeting offers a framework for assessing performance and locating potential
improvement areas. Organizations can determine where they have succeeded and
where modifications need to be made by comparing actual results to the budget.

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Practical Study of the Organization

“OGDCL”

 Introduction

OGDCL (Oil and Gas Development Company Limited) is a Pakistani multinational oil and gas
company, which is primarily involved in the exploration, production, and development of oil and
gas resources in Pakistan. The company was established in 1961 as a state-owned enterprise, and
since then, it has played a crucial role in meeting the country's energy needs. The largest oil and
gas exploration company in Pakistan in terms of reserves and production is OGDCL, which is
listed on the Pakistan Stock Exchange. The firm has exploration and production operations in
Balochistan, Sindh, Khyber Pakhtunkhwa, and Punjab, among other areas of Pakistan. In the
regions where it operates, OGDCL is also active in a variety of social and community
development activities, including health, education, infrastructure, and livelihood. The business
has taken a number of steps to lessen its environmental effect as part of its commitment to
running its operations in a sustainable manner. The business has taken a number of steps to
lessen its environmental effect as part of its commitment to running its operations in a
sustainable manner. OGDCL has recently broadened its operations outside of Pakistan and
entered foreign markets, such as Tanzania, Iraq, Iran, and Yemen. With the exploration and

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development of new oil and gas resources in Pakistan and internationally, the business aspires to
become a prominent global energy company.

Oil And Gas Development Corporation

Native name ‫شرکت محدود برائے ترقیات گیس و تیل‬

Type Public company
Traded as PSX: OGDC
LSE: OGDC
Industry Oil and gas
Founded 4 April 1961
Headquarters Islamabad, Pakistan
Area served Pakistan
Key people Ahmed Hayat Lak (MD & CEO) Feb 2023 - Present
Products Fuels, Natural gas
Revenue US$4.5 billion (2015)
Net income US$2.2 billion (2015)
Total assets US$3.93 billion (2013)
Total equity US$3.07 Billion (2013)

Number of employees 11,000

Website OGDCL.com
USP The leading E&P Player in Pakistan
Segmentaion Corporates and individuals in Pakistan looking to fulfill energy
needs
Target Market Enterprises looking to produce energy, people who depend
on petrol, diesel for vehicles and domestic uses
Positioning Company engaged in the exploration, development, production
and sale of oil and gas resources in Pakistan

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 History

OGDCL (Oil and Gas Development Company Limited) is a Pakistani multinational oil and gas
company that was founded on January 1, 1961, under the Companies Act, 1913. The company
was created to help Pakistan develop its own oil and gas reserves, which were previously
dominated by foreign companies. In the early years, OGDCL focused on exploring and
developing oil and gas fields in Pakistan, and its first major discovery was the Dhulian gas field
in 1964. The company continued to make significant discoveries in subsequent years, including
the Kandhkot gas field in 1988, the Khaskheli gas field in 1990, and the Miano gas field in 1993.
Over the years, OGDCL has grown to become one of the largest oil and gas exploration and
production companies in Pakistan, with operations in various parts of the country, including
Balochistan, Sindh, Punjab, and Khyber Pakhtunkhwa. The company has also expanded its
operations internationally, with exploration and production activities in Yemen, Tajikistan, and
Iraq. In 1997, OGDCL was converted into a public limited company, and its shares were listed
on the Karachi, Lahore, and Islamabad stock exchanges. The company is now majority-owned
by the Government of Pakistan, with the remaining shares held by private investors. Today,
OGDCL is a major contributor to Pakistan's economy, providing a significant portion of the
country's domestic oil and gas production. The company is also involved in various social and
community development projects, including education, healthcare, and infrastructure
development.

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 Budget Of OGDCL

The company's budget varies from year to year depending on various factors such as oil and gas
prices, exploration and production activities, and other operational expenses. In its latest
financial report for the year 2020, OGDCL reported a net profit of PKR 86.98 billion
(approximately USD 540 million) on a consolidated basis, as compared to a profit of PKR 46.82
billion (approximately USD 290 million) in the previous year. OGDCL's budget is primarily
used for exploration, drilling, and production activities. The company invests heavily in
exploring new oil and gas reserves in Pakistan and undertakes projects to increase production
from existing fields. In addition to this, OGDCL also spends a significant amount of its budget
on operational expenses such as salaries, maintenance, and administrative costs. It is worth
noting that OGDCL is a publicly listed company, and its budget and financial statements are
publicly available for anyone to view. If you need more specific or up-to-date information about
OGDCL's budget, you can check their financial reports or reach out to their investor relations
department for further details.

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Data Collection Methods

The data collection process commenced through semi-structured interviews as already mentioned
in the research method. This project is grounded in an interpretative manner and therefore the
data must be examined without strict statistical regulations and formulas. This approach will seek
to analyze and discuss information projected during the interview. There were other
considerations for qualitative methods, but at the end the ability to interpret the information was
seen as most feasible through interviews. If this study had attempted to garner beneficial
conclusions using questionnaires or surveys, sufficient information in accordance with the
theories will not be gathered.

SWOT Analysis
For Oil and Gas Development Company, SWOT analysis can help the brand focus on building
upon its strengths and opportunities while addressing its weaknesses as well as threats to
improve its market position.

Strengths

The strengths of Oil and Gas Development Company looks at the key aspects of its business
which gives it competitive advantage in the market. Some important factors in a brand's strengths
include its financial position, experienced workforce, product uniqueness & intangible assets like

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brand value. Below are the Strengths in the SWOT Analysis of Oil and Gas Development
Company:

• Local market leader in terms of reserves, production, and acreage, and is listed on all
three stock exchanges in Pakistan and on the London Stock Exchange.

• OGDCL has attained the benchmark position as an industry leader, in the Pakistan E&P
industry.

• Company, equipped with its Strategic Business plan in line with augmenting energy
supply in the Country, has developed strategies to optimize reserves additions and its
production base.

• OGDCL is the second Pakistani company to have been listed at the London Stock
Exchange.

• Over 11,000 people form a part of the workforce.

Weaknesses

The weaknesses of a brand are certain aspects of its business which are it can improve to
increase its position further. Certain weaknesses can be defined as attributes which the company
is lacking or in which the competitors are better. Here are the weaknesses in the Oil and Gas
Development Company SWOT Analysis:

• Dependence on Domestic market for growth.

• Under Performance of Oil and Gas fields means limited market share.

Opportunities

The opportunities for any brand can include areas of improvement to increase its business. A
brand's opportunities can lie in geographic expansion, product improvements, better
communication etc. Following are the opportunities in Oil and Gas Development Company
SWOT Analysis:

• Acquire overseas acreage by buying stakes in existing viable producing fields

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• E&P opportunities and joint venture collaborations outside Pakistan, which would
include swap of assets for reserves acquisition with percentage of working interest in
international market.

• Fast track development of its current and future projects at an aggressive pace without
compromising quality and transparency

• Accelerate Production Growth: by continuing to accelerate production growth through

utilizing cutting-edge technologies

Threats

The threats for any business can be factors which can negatively impact its business. Some
factors like increased competitor activity, changing government policies, alternate products or
services etc. can be threats. The threats in the SWOT Analysis of Oil and Gas Development
Company are as mentioned:

• Commodity price risk can result in material and adverse movement in the group's
financial performance.

• Compliance costs could increase and place further pressure on Company resources.

• Exploration and drilling risks

• Exchange rate and Reserve Depletion

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Conclusion
At the end may conclude that this study examined the relationship between budget and
performances of the selected manufacturing companies considered. We reviewed previous
literature and contributions to this study, the problems associated with budgetary control,
performance of the Nigerian manufacturing industries in previous and recent times, among other
salient issues relevant to the subject of study. However, an empirical investigation was
undertaken, using the chi-square test to aid easy understanding of the layman who is also
expected to maximize the advantage of the result-oriented budgetary control system. In most of
the cases, considered, the result established the presence of a strong relationship between
turnover as a variable and performance indicators. To properly allocate resources, meet
financial goals, and share financial goals with stakeholders, budgeting is a crucial procedure
for organizations. Estimating revenue and expenses, assigning resources, and routinely

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reviewing and amending the budget are key steps in the budgeting process. Good budgeting
procedures can aid firms in future planning, cost control, performance evaluation, and
stakeholder communication of financial objectives. In conclusion, OGDCL is a significant
player in the energy sector of Pakistan, and it has contributed significantly to the development of
the country's economy. The company has a vast portfolio of exploration blocks and producing
assets, which ensures a stable supply of oil and gas to meet the country's energy demands.
Despite its success, the company faces some challenges, such as aging fields, declining reserves,
and rising costs of exploration and production. However, OGDCL has taken steps to address
these challenges by investing in new technologies, exploring new areas, and enhancing its
production capabilities. Overall, OGDCL has played a vital role in Pakistan's energy security and
will continue to do so in the future, with its strategic initiatives and commitment to sustainable
development.

Recommendations

Portfolio diversification: OGDCL should consider expanding its use of renewable energy
sources including wind and solar power. The company will be able to grow its operations in
addition to lowering its carbon impact thanks to this.

Exploration and production: To access new sources of oil and gas, OGDCL should concentrate
on stepping up its exploration and production efforts. By doing this, the business will be able to

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grow its reserves and output, which will raise its revenue. Cooperation with other businesses: To
pool resources and knowledge, OGDCL should think about partnering with other oil and gas
businesses. This can boost productivity and help the business cut operating expenses.

Investment in technology: OGDCL should make investments in cutting-edge technologies

including data analytics, machine learning, and artificial intelligence.

increase the company's exploration and production efforts. This will aid the business in
improving decisions and operations.

Corporate social responsibility: OGDCL should keep funding programmers for community
development, healthcare, and education as part of its corporate social responsibility efforts. This
will enhance the company's reputation and improve its ties to the neighborhood.

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