EFFECTS OF WORKING CAPITAL MANAGEMENT IN COOPERATIVE EFFICIENCY
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EFFECTS OF
WORKING CAPITAL MANAGEMENT IN COOPERATIVE EFFICIENCY
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Working
capital management in cooperative business is concerned with the management of
the enterprise current account which encompasses current asset and current
liabilities. The management of Working Capital in Cooperatives is one of the
most special aspects of industrial overall financial management. If the
cooperative enterprise cannot maintain a satisfactory level of working capital,
it is likely to become bankrupt. The current asset of the cooperative
enterprise should be large enough to cover its current liabilities in order to
maintain a reasonable margin of
financial safety. Working capital management in Cooperative deals with actual
management of current asset and current liabilities in the enterprise.
Working
Capital can be defined as the excess of current asset over current liabilities.
Onuoha(2009). Basically, there are four conventional class of current asset
which are cash, inventories, marketable securities and account recurable while
current liability entail account payable, accruals and taxes working capital is
used to finance production to invert in stock and to provide credit to
customers. A deeper understanding of the importance of working capital by a
cooperative society and it’s satisfactory management can lead not only to
efficiency of capital management but also assist in fulfilling the ultimate
aim of the cooperative business such as increasing surpluses, maximizing
cost and return on cooperative investment.
Consequently,
the extent to which working capital management affect cooperative efficiency is
the thrust of this study.
1.2 Statement of the Problem
Working
capital is the live wire of any enterprise which means that its management is
quite crucial to the business. Cooperative societies of whatever type survive
with efficient working capital management. The capital of the cooperative
enterprise has to be effectively managed for the benefit of the cooperative
business so that stated objectives can be achieved. Given every stage and level
of cooperative activities, finance tends to play a significant role in the efficiency
of the enterprise.
Many
cooperative businesses may have adequate finance but could lack proper
efficient working capital management. It is disheartening to discover that
several cooperative societies seem not be performing up to expectation even in
the light of apparent effective and efficient working capital management on
cooperative efficiency so that informed measures could be taken to facilitate
efficient working capital management in cooperatives in such a way that the
cooperative business can effectively achieve stated objectives for the benefit
of the members. Consequently, how working capital management affects
cooperative efficiency and the modalities that could ensure effective working capital management to promote
cooperative business is the thrust of the study.
1.3 Objectives of the Study
The
objectives of this study are to:
1. Find out how working capital
management affects cooperative efficiency.
2. Determine the extent of
member’s participation in working capital management in cooperatives.
3. Find out the modalities in
ensuring effective working capital management by cooperative organizations.
4. To identify the problems
affecting efficient working capital management in cooperatives.
1.4 Research Questions
The research questions of this study
are:
1. What are the effects of
working capital management on cooperative efficiency?
2. What is the extent of member’s
participation in working capital management in cooperatives?
3. What are the modalities in
ensuring effective working capital management by cooperative organizations?
4. What are the problems
affecting working capital management in cooperative?
1.5 Significance of the Study
This study
examines the effects of working capital management on cooperative efficiency.
No doubt, this study is significant to government cooperative departments,
cooperative societies and of course incoming students.
It is hoped
that at the end of this research work, the findings will reveal which pattern
of working capital management will be ideal for any cooperative society. The
society will be able to appreciate what is capital composition will be for
effective and efficient running of the society towards attaining her aims and
objectives. Hence, the significance of this study can be said to be enormous.
To the
government cooperative department, the result of this study will be a pointer
for evaluating problems hindering the development of cooperative societies in
the country with reference to working capital management. Besides, the
government cooperative department can also use the research findings to protect
cooperative from exploitative by some individual, groups, private business and
other cooperative organization and other researchers may use this study as a
reference material for their own study by referring to the research
methodology, data presentation modalities and the pattern of statistical
analysis.
1.6 Scope and Delimitations of the study
This study
finds out the effects of working capital management on the efficiency of
cooperatives, an examination of the extent of member’s participation in working
capital management by cooperative organizations fall within the ambit of the study.
Included in the scope is a critical assessment of the problems affecting
working capital management by cooperatives so that possible solutions could be
proffered.
1.7 Definition of Terms
The
following terms are contextually defined:
· Account Payment: This is the
receipt of inventories and payment for it.
· Account Receivable: These
are all payments made to an organization for the sale of its inventories and
collection or receivable.
· Accruals: These are liabilities not paid for
but postponed to the following financial years.
· Bankruptcy: The inability
to pay debt in full and the asst of the business confiscated and distributed to
the business creditors.
· Business: Any legal activities
which individual, group cooperative bodies etc. engage themselves in doing to
provide satisfying goods and services with the ultimate aim of making profit.
· Current Liabilities: These
are liabilities that can be payable within the next accounting year and
operational circle and which can be incurred in the ordinary course of
business. These will consist of money owned to suppliers, tax and all other
current expenses that will be incurred by the cooperative enterprises.
· Inventories: Inventories
are stocked goods which include raw materials, spare part, tools, component,
assembles, semi finished goods, finished goods.
· Management: The effective
and efficient utilization of human and material to achieve organizational goal
and objective i.e ability to get things done through other people.
· Working capital: This is
simply current asset minus current liability. Current assets are the assets
that will be turned over in the normal course of the business. They include stock of goods,
debtors and cash at hand etc.
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