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CASH AND SALES BUDGETS AS DETERMINANTS OF FINANCIAL PERFORMANCE OF MEDIUM-SIZED BUSINESSES IN AKWA IBOM NORTH EAST SENATORIAL DISTRICT
ABSTRACT
The study analysed Cash and Sales Budgets as Determinants of Financial Performance of Medium-Sized Businesses in Akwa Ibom North East Senatorial District. A correlational research design was adopted for this study. The study was conducted in Akwa Ibom Nort East Senatorial District. The population for this study comprised 497 managers of medium sized businesses in Akwa Ibom North East Senatorial District. A total of 222 managers were selected as the sample size of the study. The instrument for data collection was self-designed questionnaires entitled: Functional Budgets and Financial Performance of Medium SizeBusinesses Questionnaire (FBFPMSBQ). The questionnaire will be face validated by three experts. The internal consistency of the instrument was determined using Cronbach Alpha statistical tool. The questionnaire was administered directly to respondents by the researcher Data gathered in the course of the study were analyzed using Pearson Product Moment Correlation (PPMC) analysis for the research question and hypotheses. The study showed that there is a significant relationship between cash and sales budget and financial performance of medium-sized business in Akwa Ibom North East Senatorial District. It was concluded that effective preparation and implementation of cash and sales budgets are critical determinants of financial performance in medium-sized businesses within Akwa Ibom North East Senatorial District. One of the recommendations made was that management of medium sized businesses should develop and implement cash budget as this would enable them forecast cash receipt and cash payment, determine cash needs and establish financial controls which could inter alia improve business financial performance and promote profit maximization.
KEYWORDS: Cash and Sales Budgets, Medium-Sized Businesses, Akwa Ibom North East Senatorial District
UMOREN, Effefiong Effiong AND Samuel David UDO, PhD
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