AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY


AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY

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AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY
AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY

ABSTRACT

This study examines the Management of Working Capital with special reference to Nigeria Bag Manufacturing Company.

This study employs survey research design. Analytically, the research adopted descriptive statistics to examine the impact of working capital in manufacturing organisations in Nigeria.

Data were basically sourced from primary method through means of a well structured questionnaire. Twenty Five (25) respondents were sampled from the population based on simple random sampling technique.

Four hypotheses were formulated and tested with the used of Chi-Square Statistical Technique. The analysis resulted into rejecting the four null hypotheses and concluding that; The working capital requirement of a business venture is dependent on the level of the business that has been established; Excessive working can increase production cost; The longer the working capitals cycle of an organization, the greater the investment in working capital; and there is no industry norm or minimum agreed level of investment in working capital.

The study proffered valuable recommendations as business organization should manager its working capital efficiently, in such a way as to avoid the ills of over capitalization and under capitalization.

CHAPTER ONE

INTRODUCTION

1.0   GENERAL BACKGROUND OF THE STUDY

The enactment of the Nigeria Enterprise, promotion Decree of 1972, otherwise known as Indigenization Decree, made many businesses which were higher in the hands of foreign business men to pass into the hands of Nigerians. Perhaps by more co-incidences the economy became over liquid. The result at the excess liquidity was inflation.

To succeed in this new challenge passed by the said Indigenization Decree, Nigerian entrepreneurs and business concerns need at least a fair comprehension of essential aspects of financial management and more specifically, working capital management.

Generally, it is believed that the presumed objective at financial management especially in private organizations is the maximization of the value of the firm. Thus, wealth maximization of the present value of the future streams of cash inflows of the shareholders which are a derivative at the profitability of a firm. (Brokington, 1983).

Although profitability may be considered the objectives at a business, nevertheless, the mismanagement of work capital can effectively bring to a half, or to its ultimate downfall, what might otherwise be a successful and profitable organization.

Therefore, according to Howard (1982) working capital is defined as 'the asset held for current use within a business less the amount due to those who await settlement in the short-term in whatever form". In the same vein,

Olowe (1997) views working capital as "the capital available for running the day to day operation of and organization. It is defmed as current Assets less Current liabilities".

Current Assets are the circulating assets of the business; these are the assets that are not permanent in nature. They include: Cash at hand and bank; Short-term investments such as treasury bills; Stock of raw materials, work-in-progress and finished goods; Debtors, Accrued income etc. Current liabilities on the other hand are debts of the business that have to be settled within the following twelve months. They include; Creditors; Current taxation, Bank overdraft etc. A current liability for a sizeable part of the business sources at finance and it is the cheapest form at business finance (Olowe, 1997).

AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY

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Four hypotheses were formulated and tested with the used of Chi-Square Statistical Technique. The analysis resulted into rejecting the four null hypotheses and concluding that; The working capital requirement of a business venture is dependent on the level of the business that has been established; Excessive working can increase production cost; The longer the working capitals cycle of an organization, the greater the investment in working capital; and there is no industry norm or minimum agreed level of investment in working capital... accounting project topics

AN EXAMINATION ON THE MANAGEMENT OF WORKING CAPITAL A CASE STUDY OF NIGERIA BAG MANUFATURING COMPANY

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