ABSTRACT

The proposed research topic is summarized as follows firstly, it provides the basics for the establishment of a comprehensive definition of Budgeting, by considering the various paramenters. That ensures it’s effective and efficient practice in an organization. Secondly, the research work equally considers the limitations that are associated with the successful implementation of budgeting in an organisation as well as in business practices and how these limitations impedes the actualization of pre-determined goals. Also, this look emphases the needs for long term budgeting as against short term budgeting and how this managerial decision can enhance the performances of prospective and present managers in business practices. Finally, it critically looks at the fundamental roles of the Standard Organization of Nigeria (SON) and other business and organizational regulatory bodies in ensuring that budgeting is fully implemented in organisation practices.