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805 \rtlch\fcs1
\af37\afs22\alang1025 \ltrch\fcs0
\f37\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1
\af39\afs32 \ltrch\fcs0 \f39\fs70\insrsid9461805\charrsid15290088
WORKING CAPITAL CONTROL AND ITS IMPACT ON THE FINANCIAL PERFORMANCE OF COMPANIES
IN NIGERIA
\par }{\rtlch\fcs1 \af39\afs32 \ltrch\fcs0
\f39\fs32\insrsid9461805\charrsid8747286 (A Case Study of NIIT Warri)
\par }{\rtlch\fcs1 \af39\afs10 \ltrch\fcs0
\f39\fs10\insrsid9461805\charrsid8747286
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs32 \ltrch\fcs0
\f39\fs32\insrsid9461805\charrsid12675759 DEPARTMENT OF ACCOUNTANCY
\par SCHOOL OF FINANCIAL STUDIES}{\rtlch\fcs1 \af39\afs32 \ltrch\fcs0
\f39\fs32\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs32 \ltrch\fcs0
\f39\fs32\insrsid9461805\charrsid8747286
\par }{\rtlch\fcs1 \af39\afs32 \ltrch\fcs0
\f39\fs32\insrsid9461805\charrsid12675759 OCTOBER, 2009}{\rtlch\fcs1
\af39\afs32 \ltrch\fcs0 \f39\fs32\insrsid9461805
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid15290088
\par
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid3614940 APPROVAL PAGE
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846
\par This is to certify that this project work on working capital control and its
impact of the performance of companies in Nigeria:}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 A case study of NIIT Warri,}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846
Delta State, has been read through and approved as meeting the requirement in the
department of Accounting for the award of Higher National Diploma in Accounting
(HND).
\par }{\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sa200\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustri
ght\rin0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft12381\shptop859\shpright15021\shpbottom859\shpfhdr0\shpbxc
olumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz66\shplid10
26
{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251694592}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8258\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx12381\dpy859\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0
}}}
{\shp{\*\shpinst\shpleft6261\shptop739\shpright8901\shpbottom739\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz65\shplid1027
{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251693568}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8257\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx6261\dpy739\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}
}}
{\shp{\*\shpinst\shpleft-
99\shptop739\shpright3501\shpbottom739\shpfhdr0\shpbxcolumn\shpbxignore\shpbypara\
shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz63\shplid1028{\sp{\sn shapeType}{\sv
20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251691520}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8255\dpline\dpptx0\dppty0\dpptx3600\dppt
y0\dpx-
99\dpy739\dpxsize3600\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}
{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab \tab Date}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957
(Project Supervisor}{\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805 )}{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par
\par
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft6141\shptop395\shpright8781\shpbottom395\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz67\shplid1029
{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251695616}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8259\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx6141\dpy395\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}
}}
{\shp{\*\shpinst\shpleft-
219\shptop395\shpright3381\shpbottom395\shpfhdr0\shpbxcolumn\shpbxignore\shpbypara
\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz64\shplid1030{\sp{\sn shapeType}{\sv
20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251692544}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8256\dpline\dpptx0\dppty0\dpptx3600\dppt
y0\dpx-
219\dpy395\dpxsize3600\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}
{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab
\tab \tab \tab \tab \tab \tab Date}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid9504957
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 (}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957 Center
Coordinator}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 )}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957
\par }{\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs28 \ltrch\fcs0
\b\f39\fs28\insrsid9461805\charrsid3614940 CERTIFICATION
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846
\par This is to certify that this project work was carried out during the
2008/2009 Academic session by Ibrethi Ufouma Endurance in the department of
Accountancy,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 Akwa Ibom Stat}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 e Polytechnic, Ikot
Osurua Ikot}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 \endash
Ekpene, Akwa Ibom State, Nigeria.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 The work embodies in this project has not
been submitted in part or in full for any other Diploma or for any other
certificate of this or any other polytechnic.
\par }{\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sa200\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustri
ght\rin0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af37 \ltrch\fcs0
\lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft12381\shptop859\shpright15021\shpbottom859\shpfhdr0\shpbxc
olumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz71\shplid10
31{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251699712}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8263\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx12381\dpy859\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0
}}}
{\shp{\*\shpinst\shpleft6261\shptop739\shpright8901\shpbottom739\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz70\shplid1032
{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251698688}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8262\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx6261\dpy739\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}
}}
{\shp{\*\shpinst\shpleft-
99\shptop739\shpright3501\shpbottom739\shpfhdr0\shpbxcolumn\shpbxignore\shpbypara\
shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz68\shplid1033{\sp{\sn shapeType}{\sv
20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251696640}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8260\dpline\dpptx0\dppty0\dpptx3600\dppt
y0\dpx-
99\dpy739\dpxsize3600\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}
{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid9504957 Mr. Bassey .N. Emmanuel}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab
Date}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957
(Project Supervisor}{\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805 )}{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par
\par
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft6141\shptop395\shpright8781\shpbottom395\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz72\shplid1034
{\sp{\sn shapeType}{\sv 20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251700736}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8264\dpline\dpptx0\dppty0\dpptx2640\dppt
y0\dpx6141\dpy395\dpxsize2640\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}
}}
{\shp{\*\shpinst\shpleft-
219\shptop395\shpright3381\shpbottom395\shpfhdr0\shpbxcolumn\shpbxignore\shpbypara
\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz69\shplid1035{\sp{\sn shapeType}{\sv
20}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn shapePath}{\sv 4}}{\sp{\sn fFillOK}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}
{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn dhgt}{\sv 251697664}}{\sp{\sn
fLayoutInCell}{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8261\dpline\dpptx0\dppty0\dpptx3600\dppt
y0\dpx-
219\dpy395\dpxsize3600\dpysize0\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}
{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957 Mrs.
Ogbunaka .F.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab
\tab \tab \tab \tab \tab
\tab Date}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid9504957
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 (}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid9504957 Center
Coordinator}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 )}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid15209064
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs28 \ltrch\fcs0
\b\f39\fs28\insrsid9461805\charrsid3614940 DEDICATION
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805\charrsid6687846
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846
This project piece of work is dedicated to almighty and everlasting God for his
infinite mercies and wisdom, and for his divine grace and direction through out my
years of studies.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 Secondly to my }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 Late father Mr. Amusa Ibrethi and
to my }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 parents}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 / Guardian}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846
for encouragement and for the provision of material and financial resources which
facilitated the completion of this project work, and to my lovely brother and
sisters for their understanding throughout the course of my study. }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846
\par Finally to my beloved friends and family and to the entire staff of NIIT
Warri.
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs28 \ltrch\fcs0
\b\f39\fs28\insrsid9461805\charrsid3614940 ACKNOWLEDGEMENT
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\ri
n0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 I wish to exp}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 ress}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 my unfathomable gratitude to my project
supervision Mr.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 Bassey .N.
Emmanuel who patiently read-through this project work and made some corrections
where necessary which brought this project work near perfection.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 My special gratitude also goes to }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 the center
coordinator, Mrs. Ogbunaka .F, the registrar Mrs. Stella Oyabugbe}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 and
all the lecturers in }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 Warri Satellite campus, Akwa Ibom State Polytechnic, Ikot
Osurua, Ikot-
Ekpene (Warri Center)}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 for the Educational assistance and
advice.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 My indebtedness goes to my parent /
guardian Mr. James Eboh and Mrs. Eunice Eboh, also to my brother Mr. Antho}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
ny Ibrethi and my sisters Miss H}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 ope Ogodo, Miss Charity Ibrethi, Miss
Rita Eboh.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 My profound gratitude also goes to my
friends, Adize Musa Henry Ayegbeni, Faith Aighegbese, Orioko Benedicta,}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
Mr. Kalu John (Executive Director, NIIT Onitsha), }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 for their love and
Educational advice.
\par Finally,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 I }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846
sincerely thank the entire staff of NIIT Warri and my well wishers, Mr. Robinson }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 Ibrethi, Mrs. Helen Ohare, }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 Mr.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
Ogedegbe Emmanuel (Center Head, NIIT Warri.),}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 and Mr. Donald Oiga (Accountant, NIIT
Benin.), }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid6687846 for their advice
and support both spiritually, financially,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid6687846 and other wise. }{\rtlch\fcs1
\ab\af39\afs24 \ltrch\fcs0 \b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustri
ght\rin0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \ab\af39\afs24 \ltrch\fcs0
\b\f39\fs24\insrsid9461805\charrsid6687846
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805


\par
\par
\par
\par
\par
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid9461805\charrsid3614940
ABSTRACT
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
This research work was basically base on working capital control an}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 d}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
its impact on the financial performance of companies in Nigeria. A case study,
performances of a company was generally measured using profitability as the
yardstick. Therefore firms/companies that recorded continuous incre}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 as}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 e in profit would be perceived a
performing better than those companies whose profit were either stagnant or on the
decrease.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 The aim of the
project is to a}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 mongst other things examines working
capital control
and its impact on the financial performance of companies by determining the
level of working capital that is optional, know the combination of working capital
th}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
at will maximize the value of th}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 e company and also know how the required
working capital should be finance.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 Consequently, the researcher base on the
findings of the work gave recomme}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 n}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 dations.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 In the opinion of th}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 e
researcher these recomme}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 n}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 dations if
adhered to would lead to improvement in the performances of company.
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid9461805\charrsid4216659
TABLE OF CONTENT
\par }\pard \ltrpar\ql
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 PRELIMINARY PAGE
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 Cover
Page\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab i
\par Title page\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab \tab ii}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 Approval}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab
\tab \tab \tab \tab \tab
\tab \tab \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 ii}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
Certification\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab iv}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par Dedication}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab
\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab v}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par Acknowledgement }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 v}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 -viii}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par Abstract }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 v}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 iii}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par Table of content }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab ix-xii}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid4134469 CHAPTER ONE
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 INTRODUCTION}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab
\tab \tab \tab \tab
\tab \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 1.1\tab Background of study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 1
\par 1.2\tab Statement of resea}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 rch problem\tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3
\par 1.3\tab Objectives of the Study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4
\par 1.4\tab Significance of study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab 5}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par 1.5\tab Scope of study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab 5}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par 1.6\tab Limitation of the study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 6
\par 1.7\tab Definitions of terms }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab 7}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par \tab \tab References}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 8
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid12724242 CHAPTER TWO
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 LITERATURE
REVIEW}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.1\tab Working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 9
\par 2.2\tab Types of working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 9
\par 2.2.1\tab Working capital policy }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 11
\par 2.2.2\tab Working capital cycle }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 1}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 2}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.2.3\tab Components of working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab 13}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par 2.3\tab Control of the components of working capital }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 13
\par 2.4\tab Cash control management }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 14
\par 2.4.1\tab Rational for holding cash }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 1}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 8}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.4.2\tab Cash management techniques }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 1}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 9}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.5\tab Inventory (stock) management }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 4}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.5.1\tab Inventory cost }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 6}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.5.2\tab Inventory control system }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 7}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.6\tab Debtors (account receivables) control }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 7}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.6.1\tab The accumulation of receivables }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 8}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.6.2\tab monitoring the receivable position }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 2}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 9}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.6.3\tab Credit policy }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.6.4\tab Default policy }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 5}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.7\tab Working capital financing }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 5}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.7.1\tab Alternative current assets financing policy }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 5}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.7.2\tab Advantage and disadvantage of short-term finance }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 3}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 6}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 2.7.3\tab Sources of short - term financing }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab 37}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par \tab \tab \tab References }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 2}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid1790521 CHAPTER THREE
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 RESEARCH METHODOLOGY
\par 3.1\tab Research design }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 3}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 3.2\tab The type and sources of data }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 4}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 3.3\tab Instrument of data collection }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 4}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 3.4\tab Actual field work }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 5}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 3.5\tab method of data presentation }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 6}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 3.6\tab Method of data analysis }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 6}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid7741073 CHAPTER FOUR
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 DATA PRESENTATION AND ANALYSIS
\par 4.1\tab Data presentation }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 8}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 4.2\tab Data analysis }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 5}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 8}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid9461805\charrsid7741073 CHAPTER FIVE
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 SUMMARY}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9461805 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
CONCLUSION AND RECOMMENDATION
\par 5.1\tab Synopsis }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 6}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 2}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par 5.2\tab Summary of findings }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471 64}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805
\par 5.3\tab Conclusion\tab \tab \tab \tab \tab \tab \tab \tab \tab 65}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par 5.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805 4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\tab Recommendation }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\tab \tab \tab \tab \tab
\tab \tab \tab 67
\par 5.5\tab Suggestion for further studies\tab \tab \tab \tab \tab \tab 68}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805\charrsid10636471
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id9461805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471 Bibliography}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid9461805 \tab \tab \tab \tab \tab \tab \tab \tab \tab 69
\par Appendix I\tab \tab \tab \tab \tab \tab \tab \tab \tab \tab 72
\par Appendix II\tab \tab \tab \tab \tab \tab \tab \tab \tab 73
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9461805\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9461
805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9461805
\par }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustri
ght\rin0\lin0\itap0\pararsid9461805 {\rtlch\fcs1 \af0 \ltrch\fcs0
\insrsid9461805\charrsid3961598
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid4216
659 {\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid9461805
\par }{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid12588051\charrsid15993430 CHAPTER ONE
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 INTRODUCTION}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10904622\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.1\tab BACKGROUND OF STUDY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 The performance of companies is }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 usually}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 viewed by the
extent to which a company or organization objectives are achieved. \tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8012210 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
The major objective of the most organization is profit making and such
organizations tend to indulge in policies that lead}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15227167 to the a}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid10904622 chievement}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 of the profit objective.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8391271 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 One major policy indulged in by
management of a company or organization to see to its}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8012210 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15149557\charrsid10636471 Objective}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 is working capital
control.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16651843
\par The daily }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3627378
operations of a firm\rquote s activities are}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16651843
sustained by funds available for such operations. These funds are referred to as
working capital.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16651843\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16736054 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (Eugene Brigham) in the book
fundamental of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 financial}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
management traced the origin of worki}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16736054 ng capital to the old Yankee }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 Peddlers}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
who would load up his wagon with goods and then go off to his route to peddle his
waves.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
The }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 merchandise}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
was \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210 s}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 een}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 as working
capital because it was what }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16736054
he}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
actually sold or turnover to produce his profits. The wagon and horse }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 w}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16736054 ere his fixed a}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 ssets}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16736054 . }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 He actually owned the horse and the
wagon so they were finance with equity capital, but h}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16736054 e borrowed the funds to buy the }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 Merchandize}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 .
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
15073805 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 Working}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 capital }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 control therefore}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
refers to the }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16736054 a}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 d}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16736054 m}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 i}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16736054 nistra}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 tion}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 within policy guideline of }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8012210\charrsid10636471 a
current}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
assets and current }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 liabilities.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16736054 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 The more of a business finance invested
in working }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 capital, the}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 less is available for investment in
long term }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 assets.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16736054 It }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 is
at most times believed that the profits to be earned from investment in}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16736054
long term assets are greater than the profit to be earned}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8290003 in}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 current }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8012210\charrsid10636471 assets.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8410264 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 At such time therefo}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8410264 re, a business would want to }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 minimize its resources on
investment }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15073805 with
a longer life than current }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 assets being financed by current
liabilities.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5313717 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 However,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid4986468 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 in some economic condition}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4986468 s}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 the wi}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4986468 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 d}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4986468 om of the day suggest that it'}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 s better for}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4986468 a business or
company }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 to keep its
resources liquid by investing in current assets including placing any }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5313717\charrsid10636471
surplus}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 cash in short
term financial investment .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5313717 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
Being liquid also enables a firm to take advantage of any opportunity that may
arise.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5313717 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 In the firms to be analyzed, some do
not have laid-down working capital control policies. Some have in certain areas
but, it is only banks}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5313717 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
that have a fairly established rule regarding the maintenance of a fixed
proportion of their deposit in form of cash. Attempts}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5313717 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 will therefore be made in demystifying
working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14758744
control }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
to be establishment of managers of these firms.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 \tab
\par 1.2\tab STATEMENT OF RESEARCH PROBLEMS
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3483815 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
This study will be guided by a number of question viz:
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid3483815 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.\tab Dose carrying of }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3483815\charrsid10636471 appropriate}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 working
capital affect the profit }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3483815\charrsid10636471 level}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 ?
\par 2.\tab Should there be a limit of the working capital carried at a point in
time?
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid4196827 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 3.\tab
What is the level of current assets both in total and by specific accounts?
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 4.\tab How should the required level of
current assets be financed?

\par }\pard \ltrpar\qj \fi-


720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid4196827 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 5.\tab Is there a relationship between
wor
king capital control and the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4196827\charrsid10636471 financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 performance of a company
or firm?
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13112175 1.3\tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
OBJECTIVES OF THE STUDY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13112175 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 The objective}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13112175 s of this }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (study) research work will among others
include the following;
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.\tab To determine the optimal level
of working capital
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid6886068 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 2.\tab To examine the working capital
control on the }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6886068\charrsid10636471
financial}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 performance of companies or firms.
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid147619 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 3.\tab
To know the combination of the components of working capital that }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13461339 will maximize the }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
value of the company.

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 4.\tab To know how the required working
capital should be financed.

\par 5.\tab To ascertain funds level of investment in working capital


\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid8878435 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 6.\tab
To know the general effect of working capital control on a company's profits.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3360463
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.4\tab SIGNIFICANCE OF STUDY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2455586 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Working capital accounts for over 3% of
a }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2455586\charrsid10636471 company\rquote
s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
or firms total assets and its proper management cannot be over emphasized.}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2455586 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 This }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2455586\charrsid10636471 study}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 is significant in}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2455586 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 the following
ways:
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid1009135 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.\tab
It highlights working capital control to a company or an organization.
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid5509673 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 2.\tab The research work will pore to
be }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5509673\charrsid10636471 relevant}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
to company/firm wishing to adopt new working policies.
\par 3.\tab It}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5509673
brings to the consciousness of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5509673\charrsid10636471 management;}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 the impact working capital has on
general performance of the company.
\par 4.\tab Using a sample of selected firms, the research work }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5509673\charrsid10636471 depicts}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
the level of working capital control amongst Nigeria managers.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 5.\tab To ensure the solvency of
companies though their knowledge.

\par
\par 1.5\tab SCOPE OF THE STUDY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4745279 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
The research work will cover a number of selected firms and their control working
capital.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\tx720\wrapdefault\faauto\rin0\lin720\itap0\pa
rarsid10315864 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 In }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid4745279\charrsid10636471 analysis}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 of the firms, working
capital will be restricted to only three (3) component stock,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4745279 account receivable or debtors }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 and cash.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1406041 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Since }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid1406041\charrsid10636471 marketable}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 securities are }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1406041\charrsid10636471
scarcely}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 invested upon
by }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1406041\charrsid10636471
these}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
firms.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par 1.6\tab LIMITATION OF THE STUDY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7634791 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 It is human to know that in the
course of carrying out this research work a number of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791\charrsid10636471 constraints}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
will }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791\charrsid10636471 militate}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
against it.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791 The }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 first was
uncooperative attitudes of staffs of some of the visited firms in the area of
reveal}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791 ing}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 attitude policies as }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791 some were }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
considered to }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3348102\charrsid10636471
chisel}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 to be reveal}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7634791 e}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 d.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 \tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1341718 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Another limitation i}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1341718 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 time available to the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1341718\charrsid10636471 research;}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 this factor will be
responsible for the number of firm's studies. The time also hindered the extensive
co}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1341718 nsultation of
material}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 s }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1341718 as }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
the research would have loved to finance at the disposal of the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1341718 researcher was set back which
also includes inadequate finance.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15796216\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 1.7\tab DEFINITION OF TERMS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3754147 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (a)\tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid14500304\charrsid10636471 Working}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 capital: some called
gross working capital.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14500304 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 It simply }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3754147 refers to current
assets and it}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 is
a firm's }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3754147
investment in short }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 term assets-cash, }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3754147\charrsid10636471 inventory, and}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 account
receivable.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3222575 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (b)\tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid3754147\charrsid10636471 Short}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 term: A period of time
usually not exceeding one (year) }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3222575\charrsid10636471 financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 year.
\par (c)\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid742578\charrsid10636471 Long}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 term: A period of time usually
exceeding one }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3222575\charrsid10636471 financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 year.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
742578 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (d)\tab Networking Capital:}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid742578 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 The difference between current assets
and current liabilities.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id742578 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (e)\tab Management: Organization and
control of activities.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
742578 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (f)\tab Inventory: Refers to stock of
raw }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid742578\charrsid10636471 materials}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 , work in
progress, and finished good.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id742578 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (g)\tab Account Receivable (Debtors):}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid742578 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Debtors due within one year.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
742578 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (h)\tab Marketable Securities:}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid742578 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Securities that can be turnover on
short notice}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid742578 .}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1533604
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1533
604 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 REFERENCES
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid15161290 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15161290
Brigham, E. F. Houstone }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 J.F. (1990): Fundaments of }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15161290\charrsid10636471
financial}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15161290 }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 managements; Dryden value
express, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6583784\charrsid10636471 Florida}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 , U.S.A}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6583784 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid6583784 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14287418
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Hampton}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6583784\charrsid10636471 , J.J}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
(1975), }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784 F}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784\charrsid10636471
inancial}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471
decision marking concepts}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6583784 p}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 roblems and cases, 4th edition practice
hall int. New Jersey }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784 U.S.A }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784\charrsid10636471 pp}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 .
177-206.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14287418
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 MortLand, I (199}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784 6}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 )}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 ,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 Budgeting for
non-financing management, pitman
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6583784 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13334339\charrsid10636471 Publication}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
London.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14287418
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Osazevbau, H. O. (20}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 03), P}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
rinciples of finance, Safmos pub,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13334339 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Anofil
\par \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
Centres Sango, Ibadan.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14287418
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 Van Home, J.C.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13334339 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 (1977)}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 ,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 F}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13334339\charrsid10636471 inancial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 management and policy, 4th
edition.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471
\tab practice Hall Int. New Jersey, U.S.A
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid15473013 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14287418
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13334339 Weston, J.F}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12588051\charrsid10636471 .
Copeland T.F. (1988), Management finance (2nd edition) Casel Edu L}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15473013 td.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12588051\charrsid10636471 London.
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1428
7418 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 CHAPTER TWO
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8470630 LITERATURE
REVIEW}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8926768\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.1\tab WORKING CAPITAL
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1051006 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 This is a term used to summarize the
financial resources }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1051006\charrsid10636471
available}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 for a company's/firm's day to d}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1051006 a}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 y operations. It determines the
liquidity pos}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1051006 i}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 tion of a firm. }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1051006 T}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
he short-term assets or current assets and liabilities of a company or firm
represent the working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1051006\charrsid10636471 of that}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1051006\charrsid10636471 company or}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 firm.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1051006 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
For the enhancing of an excellent performance of a company, most company managers
are }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1051006\charrsid10636471 concerned}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1051006\charrsid10636471
about}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 maintaining an adequate but }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1051006\charrsid10636471 not excess}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of the components of
working capital.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.2\tab TYPES OF WORKING CAPITAL


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8529068 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8529068\charrsid10636471 Working}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 capital can be said to be of two types:
permanent working capital and temporary working capital. It is divided this way
because permanent working capital decisions
are analysed differently form decisions to make temporary adjustments in the }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8529068 working }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
capital balances.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (i)\tab Permanent working capital


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
11343666 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
This is the base level of working capital. The amount required independent of
ability.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
11343666 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The company needs it}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11343666 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 permanent working capital on a
continuous basis even though a firm's cash, account }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid11343666\charrsid10636471 receivables}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 , inventory, etc. turnover
more frequently than once a year, there i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11343666 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 still need to maintain a minimum, below
which they should not go. For instance, extending trade }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11343666\charrsid10636471 credit}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 is a normal practice to bo}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11343666 o}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 st sales, thereby creating
account }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid402461\charrsid10636471 receivable}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 .
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
676379 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Some amount of inventory is also
required for both manufacturing and
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid676379\charrsid10636471
mechanizing}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
. Therefore, even though permanent working capital appears to be short-term in
nature, since it }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid676379\charrsid10636471 consists}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 of short-term }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid676379\charrsid10636471 components}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
, it is long-term requirement.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (ii)\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid229268\charrsid10636471 Temporary}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 Working Capital
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
229268 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 This is the amount above the base level,
which is the result of
variat}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid229268 ions in
business activities; it is}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 caused by three (3) simultaneous
processes viz}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid229268 :
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (a) The business cycle increase or
decreases the resources needs of all companies of firms over a multi year period.
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid229268
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (b) Most firms are seasonal having an
amount cycle of activities. (c) Daily events impact resources needs since }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid229268\charrsid10636471 revenue}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 and expenses and cash
inflows and outflows really balances on a day-to-day basis. Receivables and }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid229268\charrsid10636471 collections}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 follow the
pattern of sales expenses and payments in }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid229268\charrsid10636471 the}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid229268 -}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 other hand are commonly tied to the day
of the month.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3103256 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
In contrast to permanent working capital, temporary working capital is a short-
term requirement
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.2.1\tab WORKING CAPITAL POLICY


\par \tab This refers to the firm's basic policies regarding:
\par (i)\tab Target levels of each category of current assets
\par (ii)\tab How current assets will be financed.
\par 2.2.2\tab WORKING CAPITAL CYCLE
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6232617 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The working capital cycle of firm is the sequence of transaction and events
involving current assets and current liabilities through which the firm }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2191810 or business make
profit. Figure }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
1 (One) below shows how the working capital cycle begins. When suppliers allow the
company to obtain stock and don't insist on immediate payments, while they are
waiting for payments, they are called creditor. The }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid2191810\charrsid10636471 stocks obtain}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 by the firm or
company is used in product}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2191810 ion}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
held for resale or used in providing service. While the company holds the stocks
acquired, they form}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2191810
the inventory of the company. Any product manufactured from}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 these stock and
held for re-sale also form part of the inventory of the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2191810\charrsid10636471 company}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 or firm. The resulting
product or services are sold to customers who may pay }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid2191810\charrsid10636471 cash}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 immediately or are allowed
time to pay. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2191810\charrsid10636471 If}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
they are allowed time to pay they become debtors of the company. Debtors
eventually pay i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2191810 n}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 cash. Cash is a
general term used to cover money held in notes or coin in the company's premises
or in bank account. Finally, the cash may be used to pay suppliers who as
creditors have }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2191810 been }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 waiting
patiently for payments.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.2.3\tab COMPONENTS OF WORKING CAPITAL


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12414494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 components of working capital consist}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of
current assets and current liabilities. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494 A }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 Current}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 asset}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 is }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12414494\charrsid10636471 an asset}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 that is non intended for
use on }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 continuous}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 basis in the firm's or company's
activities. It is an }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 asset}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 that has been acquired with the
intension of sale or converted into cash with a relatively short space of time not
usually exceeding 12 months (one year). The term includes cash, inventory, and
account receivables. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494\charrsid10636471 A current liability on the other hands
refers}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12414494 to what the
firm owns,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 that are due for payment within on
year.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12414494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The major current liabilities items
include trade credit}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12414494 ors}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 or }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12414494\charrsid10636471
acc}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12414494 o}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12414494\charrsid10636471 unt}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 payable}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12414494 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 that evolved as a result of suppliers
who give credit by allowing time to pay}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12414494 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid673878\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.3\tab CONTROL OF THE COMPONENTS OF
WORKING CAPITAL
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3282247 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 This r
efers to administration within policy guidelines of the components of current
assets and current liabilities. Since about 40% of a typical firm capital is
invested in current assets efficient working capital control is vital to the
firm's or company's pro
fitability.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3282247 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Working capital as stated refers to the control or management of all aspects of
current assets and current liabilities. These }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5648177\charrsid10636471 components}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 include cash, inventory, account
receivables and account payable.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.4\tab CASH CONTROL/MANAGEMENT


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Cash is defi
ned as ready money in the bank or in the firm's premises. It is usually }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1399308\charrsid10636471
referred}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 to }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1399308\charrsid10636471 as
non-earning assets}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1399308 }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 It
is needed on the business to pay suppliers expenses, acquire more fund assets etc.
Generally, the goal of the cash manager is to minimize the amou
nt of cash the company holds for}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1399308 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
use in conducting its normal business activities because of the opportunity cost
of holding cash. The manager also aims to holding sufficient cash to:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 i.\tab Take }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid1399308\charrsid10636471 trade discount}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
\par ii.\tab Maintain credit worthiness
\par iii.\tab Meet unexpected cash needs
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Practicing good cash management or
control entails:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 1.\tab Knowing when where and how your
cash }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1399308\charrsid10636471 needs}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
will occur.
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.\tab Know what the best sources is for
meeting }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1399308\charrsid10636471
traditional}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 cash needs and
\par 3.\tab Been }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1399308\charrsid10636471 prepared}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 to meet these needs when
they oc
cur by keeping good relationship with bankers and other creditors. The starting
point to avoiding cash crisis is to develop a cash flow projection. }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1399308\charrsid10636471
Business}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 managers know
how to develop both short-term (weekly/monthly) cash flow projections to help them
ma
nage daily cash and long-term annual 3-5 year cash flow projection to help them
develop the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1399308\charrsid10636471 necessary}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 capital strategy to meet their company
or business needs. They also prepare and use understanding about where all the
money went.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1399308 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 At this point, it will be meaningful
to }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10764264\charrsid10636471 know}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 what cash flow
is. A cash flow simply refers to the flow of cash into and }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10764264\charrsid10636471 out}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
of business over a period of time, watching the inflow and outflow of cash is a
major management taste. If the inflow is more than the outflow, then there is a
positive cash flow }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10764264\charrsid10636471 and}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 the worry is }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10764264\charrsid10636471
what}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 use will the excess cash be
put to maximize profit. But on the control, when outflow exceeds inflow of cash,
there is a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10764264\charrsid10636471 negative}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 cash flow. A negative cash
flow is caused by any of these reasons: To much o
r absolute inventory or poor collection of account receivable.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10764264 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
There are components of cash flow which may be internal and external sources.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (1)\tab Operating cash flows:


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7940478 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 This refers }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid6758578\charrsid10636471 to}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 the flow of cash }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6758578\charrsid10636471
generated}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6758578 f}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 r}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6758578 o}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 m internal operation}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6758578 s}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 . }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7940478
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 It is the }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7940478\charrsid10636471 cash}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
generated from sales of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7940478\charrsid10636471 products}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
or services of a company or firm. It is the red life blood of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7940478\charrsid10636471 the}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
company and because it is generated internally, it is under the company's
control.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13712967
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (2)\tab Financing Cash Flows:
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12078445 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 This is the cash form external sources.
Such}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12078445 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 as}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12078445 lenders, }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 investors and shareholders. A new loan,
the repayment of a loan, issuance of stock}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12078445 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 an}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12078445 d}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
the payments of dividend are some of the activities that would be included in
this section of the cash flow statement
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj \fi-


720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid13712967 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (3)\tab This is }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13712967\charrsid10636471 generated}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 from non-generating
activities. The }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13712967\charrsid10636471
component}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 would }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13712967\charrsid10636471 include}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 investment in plant and equipments or
other fixed assets. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13712967\charrsid10636471 None}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 requiring gains }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13712967\charrsid10636471 or losses}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
or other sources and uses of cash outside normal operations.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6054178\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.4.1\tab RATIONAL FOR HOLDING CASH
\par \tab The }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6054178\charrsid10636471 reason for holding cash includes}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 :
\par (1)\tab Transaction motive:
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10295078 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Cash balances are necessary in a business operations as payment must be made in
cash and receipt deposited in cash account. Cash balanced is known as transaction
balances.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
(2)\tab Precaution motive:
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10295078 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Cas
h inflows and outflow are somewhat unpredictable with the degree of }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12400321\charrsid10636471
accuracy}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
varying among companies an}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12400321 d}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 industries. }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12400321\charrsid10636471 Therefore}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 , a company or firm needs to
hold cash in reserve for random unforeseen circumstances. }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12400321\charrsid10636471 These}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 stocks are
called precautionary balances and the less predictable. The firm's or }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9860491\charrsid10636471 company\rquote s}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
cash flow, the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9860491\charrsid10636471 larger}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
such balances should be }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12387680\charrsid10636471 however}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 , if the }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9860491\charrsid10636471 company}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 has easy access
to }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12387680\charrsid10636471 borrow}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
funds, its needs for }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1205533\charrsid10636471
precautionary}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 balances become reduced. However, most
companies firms that need large precautionary balances usually hold highly
liquid }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1205533\charrsid10636471 securities}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 instead of holding raw
cash}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1205533 .}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7473333\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (3)\tab Speculative motive:
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5507396 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Some cash balances may be hold to }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5507396\charrsid10636471 enable}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 a firm to take
advantage of bargain opportunities that might arise. These balances are called
speculative balance.

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.4.2\tab CASH MANAGEMENT TECHNIQUES


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5507396 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Cash management or control has change significantly over the past years as a
result }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4216727 of two
factors. First from the e}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 a}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4216727 rly 1970s to the mid 1980s, ther}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 e was upward
trend }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4216727\charrsid10636471 to}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
interest rates which increase the opportunity cost of holding cash and therefore,
encouraged financial managers to search for more efficient ways of managing and
controlling cash. Secondly, t
echnological developments particularly electronic funds transfer mechanism has
improved cash managements }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4216727 and }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
control.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4216727 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The company and its bankers perform most cash control activities jointly.
Effective cash control encourages proper }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4216727\charrsid10636471 cash}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 management of both the cash inflows and
cash outflows and entails:
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4216727 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (1)\tab Synchronizing cash flows
\par (2)\tab Using flows
\par (3)\tab Setting available funds to where they are needed.
\par (4)\tab Accelerating collections
\par (5)\tab Controlling disbursement
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5441791 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The commonly used techniques for
accomplishing this task include:

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (a)\tab CASH FLOW SYNCHRON}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid10624643 I}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 ZATION
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12084009 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Synchronized cash flows refer to a }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15079949\charrsid10636471 situation}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
in which cash inflows coincide with cash outflows, thereby permitting firm to
hold low transaction balances. By improving their forecast and by arranging things
so that }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15079949\charrsid10636471 cash
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
receipts coincide with cash requirement, firms/companies can reduce their
transaction bal}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15079949 a}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 n}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15079949 c}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 es to a min}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12020091 i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
mum. Recognizing all this, companies arrange bills to customers and also top pay
their own bills on a regular "billing cycle", throughout the month. This improves
the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12020091\charrsid10636471
synchronization}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 of cash }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12020091 flows, which in turn enables companies to
reduce their cash }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 balances, decrease their
bank loans}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12020091 ,}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
lower interest and expenses, and boost profit.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (b)\tab CHEQUE CLEARING PROCESS.


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10960422 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
This is the process of converting cheque that has been written and mailed to cash
in the payee's account. When customer writes and mailed a cheque, this does not
mean that funds are immediately available to a company in our bank account and the
bank will
tell us that we cannot write our own cheque against this }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4866405\charrsid10636471 deposit until}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
the cheque }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4866405\charrsid10636471
clearing}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 process has been completed in practice.
It may take a long-term for}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4866405 a firm to process in}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
coming cheques and obtain the use of the money. Firstly a cheque is delivered and
then be }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471 cleared}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
through the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12602870\charrsid10636471 banking
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
system before the money can be put to use. Cheques are generally cleared through
clearing house made up o}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12602870 f}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
representatives of banks in the area, or by special }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471 clearing}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471 process}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 .
If the cheques }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471 was}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471
deposited}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 in the bank in
which it was done, that bank merely transfers funds through book keeping }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12602870\charrsid10636471
entries}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
from one of its depositors to another. The length of time required for cheques to
be }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12087704\charrsid10636471 cleared}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 is
thus a function of the distance between the payers and the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12087704\charrsid10636471 payees\rquote }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 banks.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10960422
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Float is defined as the difference
between the balanced shown in a company's or an individual's }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13124946 cheque book }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 and
the balance in the books records. If the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1593963\charrsid10636471 company\rquote s}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 own }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 collection}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
and clearing process is more efficient than}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1593963 that}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
of the recipient of its cheques, which is generally, shown negative balance on
its books but have a positive balance on the records of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 its}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 banks. A company or firm
must be able to }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1593963\charrsid10636471 forecast}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 its disbursement and }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 collections}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
accurately in order to make optimum use of float. It }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 is entirely}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 proper to }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 forecast}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
that your bank will have recorded a}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1593963 s}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
your balance and the}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963
n}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1593963 t}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
o make decision based on the estimate, even if that balance is different from the
balance you have on your own books. However, it is fraudulent to forecast as
overdrawn situation and then tell the bank you expect to have a positive balance.
Basically, the
size of flows that float is a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1593963\charrsid10636471 function}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1593963 of the firm's ability to spend up}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1593963\charrsid10636471 collection}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
on cheques received and to show down collections on cheques drawn.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3955552


\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (c)\tab ACCELERATION OR RECEIPTS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3955552 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Financial managers have searched for
ways to collect }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3955552\charrsid10636471 receivables}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
faster since credit transaction began. Although cash collections is the financial
managers }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3955552\charrsid10636471
responsibility}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 , the speed with }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3955552
which }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 cheques is cleared is dependent on the
banking operations and to get funds when they are now used both to speed
collections and to get f
unds when they are needed. Among them are:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (i)\tab LOCK BOXES


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4588423 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
A lock boxes plan is one of the oldest cash management tool. It is a procedure
used to speed up collection and reduce float throug}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid2893888 h the use of a post office box }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 in the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2893888\charrsid10636471 payers\rquote }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
local are}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4588423 a}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 . In this
system, incoming cheques are sent to post office boxes rather than to corporate }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2893888\charrsid10636471 headquarters}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 ,
several times a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1777388\charrsid10636471 day;}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 a local bank will collect
all the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1777388\charrsid10636471 content}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of
the lock box and deposit the cheques into the company's local account. The bank
would then provid
e the firm with a daily record of the receipts collected usually vise or
electronic data transmission in a format that }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1777388 permits on-line up}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 dating the }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1777388\charrsid10636471 firms\rquote }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
receivables.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9468697 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
All lock box system reduce the time enquired for a firm or company to receive
incoming cheques to deposit them and to get, then cleared through the banking
system so that it often increase the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4071392\charrsid10636471 availability}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of funds by two for five
days over the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4071392\charrsid10636471
regular}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 system.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par (ii)\tab PAYMENT BY WIRE


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13114606 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Companies now demand payments of larger bills by wise or even automatic electronic
debits. This increase the speed of the collection process and the computer
technology is making such a process more feasible.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.5\tab INVENTORY (STOCK) MANAGEMENT


\par \tab Inventory may by }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12654000\charrsid10636471 classify}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 as:
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id15360239 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 a.\tab Raw materials
\par b.\tab work in progress
\par c.\tab Finished goods.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
15360239 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 These are essential part of virtually
all business operation, }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13859514\charrsid10636471
especially}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 manufacturing firms or companies.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13859514 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Since financial management }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13859514\charrsid10636471 is}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 responsible for both the raising of
needed c
apital to carry inventory for the overall profitability of the firm, we will look
at the financial aspect of inventory management or control.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4268352 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Proper inventory management requires
close co-ordinator between }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13188799\charrsid10636471
the}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
sales, purchasing, reduction and finance departments. The sales/marketing is
usually }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13188799\charrsid10636471
the}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
first to spot changes in demand. These changes must them be worked into the
company's }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13188799\charrsid10636471
purchasing}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
, and manufacturing schedules and the financial management arrange any financing
that will be needed to support the inventory building up lack of co-ordination
among departments, poor, poor sales }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13188799\charrsid10636471 forecast}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 or both can lead to
disaster.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6447763


\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.5.1\tab INVENTORY COST
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
806849 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The goal of inventory control or
management is to ensure that the i
nventory needed to sustain operations are available, while at the same time
holding the cost of ordering and }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13258125\charrsid10636471 carrying}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 inventory to the lowest }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13258125\charrsid10636471
possible}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
level. The cost of inventory is divided into three (3) categories; Carrying cost,
Ordering cost, and Recurring cost and the cost incurred if the company or firm
runs shot of inventory.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id13258125 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13258125
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13258125 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Inventory is costly to store, therefore there is always pressure to reduce
inventory as part of a company's overall cost containment strategies. However,
there }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13258125\charrsid10636471
is opportunity cost}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
associated with building to little inventory and these cost can be severe.
Generally, if a firm carries small inventory, it most re-order frequently. This
increase ordering }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5329757
cost for more important, firms }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 can}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5329757 face }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 larger costs (for example an immediate
loss of sales and goods with which can leaf to lower sales in future) if they do
not have the inventory on hand to meet the customer's demands.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.5.2\tab INVENTORY CONTROL SYSTEM


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
335859 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Inventory management also involves the
establishment of an }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid335859\charrsid10636471
inventory}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 control system. Inventory control
system range from simple to}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid335859 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 extremely complex depending on the size
of the firm and the nature of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid335859\charrsid10636471 inventory}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 . }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid335859\charrsid10636471 For}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid335859\charrsid10636471 example, one}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
simple control procedure is the red line }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid335859\charrsid10636471 method, where}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
inventory items are stocked in a bin, a red line is drawn around the inside of
the bin at the level of the recorder point and inventory clerk places orders when
the red }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6042714\charrsid10636471
line shows}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 .
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.6 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4526321 \tab }


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6042714\charrsid10636471
DEBTORS (}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
ACCOUNT RECEIVABLES) CONTROL
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2965205 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Account receivables refer to a
balance due from a customer companies would in general rather sell for cash
than }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2965205 on }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8978856\charrsid10636471
credit. The}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 dec}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2965205 i}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
sion to sell for cash or on credit is balancing profitability and liquidity.
Credit terms are sales attraction and so}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2965205 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 the longer the time a firm or }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4334717\charrsid10636471
companies allow}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
its customers to pay}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4334717 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 the greater the sales and the possible
profits. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4334717\charrsid10636471 However}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 , the longer the credit
terms the greater the amount of debtors (account }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid4334717\charrsid10636471 receivables}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 ) and the greater the
possible strain on the company's liquidity (Osazevbaru 2003)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4334717 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14102832 C}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 arrying receivables has both direct an}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3831367 d}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 indirect }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3831367\charrsid10636471 cost, but}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 it also has an important benefit,
granting credit will increase sales.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15932945
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Receivable management or control begins
with the decision of whether or not to create credit. A proper monitoring system }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15932945 is important because without it,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 receivables
will build up to excessive levels. Cash flows will decline and bad }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15932945\charrsid10636471 debts}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
will off set profits and sales, corrective actions is often needed and the only
way to know whether the situation is getting out of hand is to set up and then
follow a good receivable control system.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.6.1 THE ACCUMULATION OF RECEIVABLES


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9843666 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The total amount of account receivables outstanding depends at any given time on
two factors}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8938160 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
(a)The volume of credit sales}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8938160 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (b)}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8938160 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 the average
length between sales and collection time. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1338789
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Also, any receivables increase must be
financed in some manner but the entire amount of receivables does not have to}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1338789 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 be financed because the profit portion
does not represent a cash flow.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
2.6.2\tab MONITORING THE RECEIVABLE POSITION
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
662603 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Inventor should pay close attention to account receivable management, as can be
misled by reported financial statement and later suffer serious financial losses
on an investment. When a credit sale is made, the following }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5854020\charrsid10636471 event occurs}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 :
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id14943830 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 1.\tab Account }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid14943830\charrsid10636471 receivables}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 are increase by the sales
price.
\par 2.\tab The different is profit, which is added to retain earnings.
\par 3.\tab Inventories are reduced by the cost of goods sold.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
11560543 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid815127 I}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
f the sales are for cash, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10103430 t}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 hen the cash from the sales has actually
been received by the firm, but i
f sales is on credit, the firm will n}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10103430 o}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 t receive }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid10103430\charrsid10636471 the}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10103430\charrsid10636471 cash}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 from the sales unless and until the
account is colleted. Firms have been known to }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10103430\charrsid10636471 encourage}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 sales to very weak customers in order
to report a hi}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6424909 gh
profit. This will boost the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
firm stock price at least until credit sales begin to lower earning at which time
the stock price will fall. The following analysis will detect any questionable
practice, as well as any unconscious deterioration in quality of account
receivable such early
detection could help investors avoid losses.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
1.\tab DAYS SALES OUTSTANDING (DSO)
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14358036 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The average length of time required to collect credit sales is what is referred to
by day sales outstanding. The DSO can be calculated as follows:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id3019460 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 DSP}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0

\f39\fs24\insrsid7043756\charrsid10636471 : =}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\ul\insrsid8730533\charrsid10636471 Receivables
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3019460 \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Sales per day
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3019460 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The DSP IS then compared to the firm's or company' own credit terms to ensures it
complie}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14431619 s}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13192666\charrsid10636471 with}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
management laid down policies.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.\tab AGING SCHEDULES


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
15165114 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 An aging schedule is a }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6977265\charrsid10636471 report}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 showing how long accounts }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6977265\charrsid10636471
receivables}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
have been }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6977265\charrsid10636471 outstanding}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 . It breaks down a firm/company
receivable by age of account.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16197352 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Ag}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7022247
ing schedule can be developed f}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 r}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7022247 o}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 m the company' account receivable ledger
n}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid925062 o}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
t form the summary data contained in }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid925062\charrsid10636471 financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid925062 statement. However, W}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 ellrun}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid925062 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
companies have computerized their account receivable records, so it is easy to
determine the aging of each invoice, to sort electronically by age categories, as
this to generate an aging schedule.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14903803 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Management should }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3357143\charrsid10636471 constantly}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 monitor both DSO and he
aging schedule to detect trends, to see how collections experience compare with
its }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3357143\charrsid10636471 credit}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
terms, and to see }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3357143\charrsid10636471 how}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
effectively the credit department is operational in comparison with other firms or
companies in the industry. If the DSO starts to lengthen, or if }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15890891\charrsid10636471 the}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 aging }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15890891\charrsid10636471
schedule}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 begins to show
an increasing percentage of past due account then, the companies credit policy
many need to be tightened. Therefore, a change in either the DSO or the aging
schedule i}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15803418 s}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 an indication
to investigate further. The day sales ou
tstanding and the aging schedule are important and useful tools fo}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5060505 r}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 receiving the c}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5060505 red}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 i}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5060505 t}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4526321\charrsid10636471 apartment\rquote s}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
performance.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.6.3\tab CREDIT POLICY


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4139208 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
This refers to a set of decision of a company that answers several questions such
as:
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id3956172 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 i.\tab To whom should credit be
extended?
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid12133554 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 ii.\tab
How much credit should be allowed at an individual level and in total?
\par iii.\tab How long should the credit be and what is to be done about }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11547657\charrsid10636471
defaulting}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 debtors.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
881207 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 The objectives of a company or firm is
assured to the credit
policy that is taken in }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10040272\charrsid10636471 conjunction}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
with other polices decision maximizes the expected profit of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10040272\charrsid10636471 the}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
company o}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10040272 r}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 firm.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5013035 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
A company has at least four factors under its control that can influence the
number }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6758723\charrsid10636471 of its}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 deb}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid30823 t}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 o}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid30823 r}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 s and the level of debts. They are:
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id3280337 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 1.\tab Customers to sell
\par 2.\tab The term of credit/sales
\par 3.\tab Cash discounts offered for prompt payments
\par 4.\tab Follow up procedure on show payments
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5013035\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 1.\tab CUSTOMERS TO SELL
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3280337 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The choice of which customers to sell is really a question of the level of }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3280337\charrsid10636471
risk}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
of non-payment that is considered }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3280337\charrsid10636471 acceptable}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
with every credit sales, there is some risk that the customer will be unable to
pay at as when due. But for large }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10576325\charrsid10636471 companies\rquote }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10576325 (}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 customer), the risk is so small that
some }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10576325\charrsid10636471 times}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 it
is not even considered. With small liquid companies or
firms, the risk of non-questions of even selling them. At some point in between
these two extremes, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10576325 t}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
he company is faced with difficult choice whether or not to sell.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.\tab TERMS OF CREDIT/SALES


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9376572 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 When decided to sell to a customer the
firm or company has t
o decide on the terms of sales. The terms of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5733119\charrsid10636471 sales}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
comprises of credit terms that will be offered and the level of cash discounts.
Credit term is the length of time the buyer is given to pay. }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5733119\charrsid10636471 E.g.}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 a term "net 30 days" (means
that 30 days after delivery or invoice the account should be paid).
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 3.\tab CASH DISCOUNTS


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10966710 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Traditionally, cash discounts are offered by sellers to buyers to encourage early
payments (Osazevbaru 2003). Cash discounts are cost to the selling company but are
of value to the buyer. Whether the
buyers decide to pay early and take advantage of the cash discount being offered
or to wait until the end of the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15937091\charrsid10636471 credit}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 period before paying depends on some
extent on the size of the discount.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2760020 4.\tab }


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
FOLLOW UP PROCEDURE ON SLOW PAYMENT
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2760020 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Once the sales have been made and the terms offered, the firm must ensure that }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid403874\charrsid10636471 the}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
cash is received as quickly as possible. This means sending reminders to
customers, since }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid403874\charrsid10636471 choosing}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 bad and doubtful debts can be an
expensive process, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid403874
the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
firm or company must ensure that }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid403874 t}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 he selling price is adequate }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid403874\charrsid10636471 to}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 cover all expenses and }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid403874\charrsid10636471
credit}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 losses. With
records provided by the aging schedule, steps would then be taken to collect, the
account that considered to have been }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1659610\charrsid10636471 outstanding}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 for longer than on
acceptable length of time.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\tx720\wrapdefault\faauto\rin0\lin0\itap0\parars
id14169625 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 2.6.4\tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid14169625 D}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 EFAULT POLICY
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14169625 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1472720 A }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14169625\charrsid10636471
default}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 policy is a }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226309\charrsid10636471 means}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 of deciding how long a defaulting
debtor should be pursued and how much should be spend on this pursuit }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1472720\charrsid10636471
ideally}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 ; a default
policy and a credit policy should be decided simultaneously.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.7\tab WORKING CAPITAL FINANCING


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1472720 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Most companies usually take step to improve their working capital control. They
may reduce their cash, receivable and inventories to lower their operation cost
and raise profit. But then they still hold or have a substantial amount of
current assets and the funds invented have to be gotten from}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9585537 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9585537\charrsid10636471 some}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9585537\charrsid10636471 source}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9585537 . Thi}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 s involves working capital financing
policy.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.7.1\tab ALTERNATIVE CURRENT ASSET FINANCING POLICY


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13254150 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Most business firms experience seasons/cyclical fluctuations example, }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11614610\charrsid10636471
retailer\rquote s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
peak around }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11614610\charrsid10636471 Christmas}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
, construction firms peak mostly during the dry-season. Similarly, virtually all
firms/ companies build up current assets when }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10178348\charrsid10636471 the}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 economy is strong, but they then sell
of inventories and reduce receivables when the economy slack off. Still current
assets rarely drop to zero. That is }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10178348\charrsid10636471 why}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 we talk of permanent
current assets, which are the current on hand at low point of the cycle. Then as
sales increase during }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10178348 t}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 he upswing,
current assets most likely increase and those }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid7340704\charrsid10636471 additional}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 current }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7340704\charrsid10636471 assets}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 are defined as temporary
current assets. The manner in which }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7340704\charrsid10636471 permanent}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 and temporary current assets is
finance is called the firms current assets financing policy.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15998372 2.7.2\tab }


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
ADVANTAGE AND DISADVANTAGES OF SHORT-TERM FINANCING
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
15998372 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The three possible financing policies are (a) Maturity matching approach (b)
Aggressive approach (c) Conservative approach. The aggressive policy called for
the greatest use of short-term debt, while the conservation policy called for the
least. Maturity
matching falls in between. Although using short-term financing is generally }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15410137\charrsid10636471
riskier}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
than term credit in comparison, short-term }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15410137\charrsid10636471 credit}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 still has some
significant advantages.

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par 2.7.3\tab SOURCES OF SHORT-TERM FINANCING


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16392187 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Analysis about the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10496413\charrsid10636471 risk}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10496413 i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10496413\charrsid10636471 est}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 of short-term versus long-term debts
depends on the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10496413\charrsid10636471 type}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10496413 s}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of
short-term credit that is }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10496413\charrsid10636471 actually}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 used. They are numerous sources of
short-term funds. These include the following four major type}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5192445 s}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 :
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12781052 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (i)\tab Acc}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12781052 rual (ii) Account payable (trade}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 credit) (iii)
Bank loans }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4988333\charrsid10636471 overdraft}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6754700 (iv) C}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
ommercial papers.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid6761
636 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
(i)\tab ACCRUALS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6761636 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
These are continually recurring short term liabilities especially accrued wages
and accrued taxes. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1342530\charrsid10636471 Companies}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 or firms }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11298035\charrsid10636471 generally}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
, pay employees in a weekly, by weekly or monthly basis, so the balance sheet will
typically }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1342530\charrsid10636471 show}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 some accrued wages. Similarly, the
firms own estimated income taxes, the social security and inco}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6645469 me taxes withheld f}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 r}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6645469 o}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 m employee payrolls and }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6645469\charrsid10636471 the}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 sales taxes collected are
generally paid on a yearly monthly or }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5652412\charrsid10636471 quarterly}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 basis, hence the balances
sheet will typically show some accrued taxes along with accrued wages}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11416129 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
(ii)\tab ACCOUNT PAYABLE (TRADE CREDITORS)
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
15669644 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Trade }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13458674\charrsid10636471 credits are}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 debts arising from
purchases and recorded as an account }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13458674\charrsid10636471 payable}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 by }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13458674\charrsid10636471 the}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13458674 firm or company.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 Account payable
or grade }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13458674\charrsid10636471 credit}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13458674 s are}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
the largest simple category of short-term debt representing about 40% of the
current liabilities of an average non financial corporation. The percentage is
some what large for small companies often or companies because small companies
often do not qualif
y for financing from other sources}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13458674 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id13458674 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13458674
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13458674 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8278462 Trade
credit i}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 s a spontaneous }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8278462\charrsid10636471 source}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 of
financing in }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8278462\charrsid10636471 the}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 sense that it
arises ordinary business transactions.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6318674 (iii)}


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
.\tab SHORT-TERM BANK LOANS/OVERDRAFT
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13897907 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Commercial banks, whose loans generally appear on a firm's balance sheet as notes
payable are second in importance to trade-credit as source of short term
financing. As a company or firms financing }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6953700\charrsid10636471 needs}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 increase}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6953700 s}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 , it request addition}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6953700 al}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 funds from its bank }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6953700 the key features of bank }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 loan are
discount bellows.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4990103 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (A)\tab MATURITY:
\par }\pard \ltrpar\qj
\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\parars
id4990103 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Al
though banks do not make long-term loans, the bulk of their lending is short-term
basis. About two third of all banks loan mature in a year or less. Banks loans to
businesses are usually written as (90) ninety days or renewed.
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid15400983 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 (B)\tab PROMISSORY NOTE: When a b
ank loan is approved, the agreement is executed by signing a promissory note,
which specifies
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id853164 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 1.\tab The amount borrowed
\par 2.\tab The percentage }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid853164\charrsid10636471 interest}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 rate
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid853164 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 3.\tab
The repayment schedule which call for either a lump sum, is a series of
installment.
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid13707780 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 4.\tab Any other term and conditions
to }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13707780\charrsid10636471 which}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
the bank might agree.
\par 5.\tab Any collateral that might have to be put up as security for the loan.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13707780 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 When the not}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid4282278 e}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 is signed the bank credits the borrow}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4282278 er}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 s account with the loaned amount.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11732518 (iv)}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 .
\tab COMMERCIAL PAPERS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14246574 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Commercial paper is a type of unsecured promissory note issued by large, strong
companies, to pension funds, insurance companies, to money market}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8344435 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Mutual funds, and to the bank}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3089340 .}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3089340 T}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 hough the amount of commercial paper
outstanding is smaller than bank outstanding. This form of financing has grown
rapidly in recent years.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id14815363 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 MATURITY AND COST
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14815363 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid932305\charrsid10636471 Maturity}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 of commercial paper generally varies
form one to nine months. The interest rate on commercial papers }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7559629\charrsid10636471 fluctuate}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 with supply and
demand conditions, if is determined in the market place, varying daily as
conditions changes.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id3883932 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4876381
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 USE OF COMMERCIAL PAPERS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3883932 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
The use of commercial papers is restricted to a comparatively small number of very
large concer}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6643239 n}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
s that are exceptionally good credit risk. Teachers prefer to handle }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7877678 t}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
he papers of companies whose network is very high (May be }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\striked1\insrsid7877678\charrsid7877678 N}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
100 million or more) are whose annual borrowing expenses }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\striked1\insrsid7877678\charrsid7877678 N}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 100 million.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7877678 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7360962
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 One potential problem with commercial
paper is that a debtor who is in temporary financial difficulty may receive }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4876381\charrsid10636471 little}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 help because commercial
paper dealings are generally less personal than bank}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid4876381 relationships, thus banks are generally more able and
willing to help a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
good customer whether a temporary form than is a commercial paper dealer on the
other hand, using a wide range of credit sources, including financial institution.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15874317
\par
\par
\par
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15874317\charrsid10636471
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1384
9591 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 REFERENCES
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid15672881 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Brigham E.F. Joel, E.H. (1996)}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15672881 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Fundamentals of financial management.
Dryden value press, Florida, U.S.A}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid15672881\charrsid10636471 George}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
, E.P. (1996), Essential of financial management, Harper Collins. Collins Pub. New
York U.S.A}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Omuya, J.O. (1983)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15672881 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
Frankwood's Business Accounting West Africa Edition Longman Group London.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid11432721 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3298850
Osazerbaru, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 H.O. (2003)}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3298850 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471
Principles of finance, safnos pub. Amofil Centres Sango, Ib}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11432721 a}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 dan.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid3482941 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Pandey I.M. (1993)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3482941 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Financial management. }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3482941 6}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\super\insrsid3482941\charrsid3482941 th}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3482941 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 edition. Vikas }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid3482941 Publishing house Pvi ltd. New Delhi-I}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 ndia}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid16334531 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Richard, A.R., Steward, C.M. (1996)}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16334531 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471 Principles of Corporate
finance, McGraw Hill Companies Inc. New York, U.S.A}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8730533
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8730533\charrsid10636471 Van Home J.C. (1977)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16334531 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471
Financial management and policy, 4h edition practice Hall Int. New jersey, U.S.A
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8730533\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid12199516\charrsid10636471
\par
\par
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid4635
08 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
CHAPTER THREE
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par RESEARCH METHODOLOY
\par
\par 3.1\tab RESEARCH DESIGN
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16397921 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
In the process of carrying out study, the impact of working capital control on
the}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16397921 financial
performance of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
companies}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16397921 ,}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
an example explanatory survey design was used.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16397921 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
The population of the study here is made up of 50 respondents directly involved in
components of working \tab capital such as work staff involved in }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16397921\charrsid10636471 financial}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 control.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16397921 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 A probability sampling method know as
simple random }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16397921\charrsid10636471 sampling was}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
used on}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16397921 }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 selecting the
sampling size and in administering questionnaire since it give every number of
the study population an equal }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16397921\charrsid10636471 opportunity}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16397921 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 of being in the sample.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16397921\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 3.2\tab THE TYPE AND SOURCES OF DATA
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 In }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9532977
this study }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 a combination of both prim}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9532977 ary and secondary data was used.
\par
\par P}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 rimary data, which are the field}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9532977 data, }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 was generated through }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9456434\charrsid10636471 administered}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
questionnaires and in some instances, personal interviews.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 Secondary data was gotten from }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9456434\charrsid10636471 relevant}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 text books,
internet sources and journals.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par 3.3\tab INSTRUMENT OF DATA COLLECTION
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7691955 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 Questionnaires constituted the major
instr}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7691955 ument for data collection in thi}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 s
research work. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 Combinations for both open ended and
closed ended questioned were}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 asked in two section}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 A and B.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7691955 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
Section A is made up of nine questions that are demographic in nature and are
aimed at obtaining information concerning the respondent's personal data.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7691955 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 While B comprise of twelve (12)
questions aimed at }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 generating}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 information in relation to the study,
the \tab use of SA ,A ,UD,D,SD, as appropriate against each of the statement
where:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 \tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 SA =}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 strongly agreed
\par \tab A }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 = agreed}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
\par \tab UD }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 = undecided}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
\par \tab D = disagreed
\par \tab SD }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7691955\charrsid10636471 = strongly}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 disagreed
\par
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8004944 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 All nine questions in se}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8004944 le}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 ction }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8004944 B }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 are closed ended questions. The
remaining three questions were asked.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par \tab A }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8004944\charrsid10636471 copy of}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 the questionnaire is shown
in appendix.
\par
\par 3.4\tab ACTUAL FIELD WORK
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2973903 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 In this study, face - to -face
interview was adopted}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2973903 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 a small scale to
complement the questionnaires}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2973903 }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
were}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2973903 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2973903\charrsid10636471
administered}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 myself by the
help of research assi}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2973903 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
tants directly to respondents and collection was done \tab directly from
respondents a couple of days later.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2973903 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
The use of personal interview along-side the questionnaires enable me to get a
better and clear understanding in matters and areas in which such clarity was
required. The questionnaires were therefore advantageous in this aspect as they
could be comple}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2973903 ted at the
conveniences of the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 respondents any time}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2973903 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 before the date of collection.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par
\par 3.5\tab METHOD OF DATA PRESENTATION
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3673766 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
To aid analysis of data and promote understanding, simple tables will be used in
the presentation of data. A verbal summary will also be done.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par 3.6\tab METHOD OF DATA ANALYSIS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9503335 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 The data collect}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9503335 ed}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 are to be processed manually.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9503335 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 Simple percentages will be used in
analyzing \tab distributions}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9503335 o}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
f respondents and questionnaires administered.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9503335 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 Here, the number of positive, }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9503335\charrsid10636471 negative}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 and neutral
responses over fit number of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9503335\charrsid10636471 respond}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9503335 ent}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9503335\charrsid10636471 s}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9503335 is multiplied }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 by one hundred. }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9503335\charrsid10636471 i.e.}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par \tab }{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 EQ \\F(NUMBER OF RESPONSES,TOTAL
NUMBER OF RESPONDENTS) }}{\fldrslt }}\sectd \ltrsect
\pgnrestart\linex0\sectdefaultcl\sectrsid8679729\sftnbj {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 \tab \tab X\tab
}{\field\flddirty{\*\fldinst {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 EQ \\F(100,1) }}{\fldrslt }}\sectd
\ltrsect\pgnrestart\linex0\sectdefaultcl\sectrsid8679729\sftnbj {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
\par
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3307546 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471 This method of analysis is favoured }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3307546\charrsid10636471 because}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471 computation }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3307546\charrsid10636471
carried}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
out are }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3307546 easier }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516\charrsid10636471
and i
t is easy to understand the analysis done using this method.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12199516
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8678839
\par
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8678839\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8678
839 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
CHAPTER FOUR
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par DATA }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0


\f39\fs24\insrsid10964724\charrsid10636471 PRESENTATION AND}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 ANALYSIS
\par
\par 4.1\tab DATA PRESENTATION
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10964724 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
This chapter is based on the response obtained from questionnaires administered.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10964724 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 The outcome}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10964724 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 or }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid24737\charrsid10636471 result}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid24737 s were}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 presented in the form of tables and
analysis was done in them, a total of 50 (fifty) }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid10964724\charrsid10636471 questionnaires}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10964724 were given out and 45 (fo}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
rty-five) questionnaires received }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid24737\charrsid10636471 from respondents}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 were used in
the analysis.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10964724 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 The presentation and analysis was done
on a questio
n basis as follow:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTIONS


\par \tab Do you know what working capital control entail?
\par
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid4591
689 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4591689

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4591689 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 Table }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid8735300 4.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 .1
\par \ltrrow}\trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh287\trleft753\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind861\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh287\trleft753
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind861\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560\row
\ltrrow}\trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh280\trleft753\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind861\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Yes\cell 8\cell 17.8\cell }\pard \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh280\trleft753\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind861\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560\row
\ltrrow}\trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh334\trleft753\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind861\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
No\cell 37\cell 82.2\cell }\pard \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh334\trleft753\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl
\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
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\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560\row
\ltrrow}\trowd \irow3\irowband3\lastrow
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\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
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\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5331\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow3\irowband3\lastrow \ltrrow
\ts11\trgaph108\trrh281\trleft753\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
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\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2655\clshdrawnil
\cellx3408\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
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\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2229\clshdrawnil
\cellx7560\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\tx720\wrapdefault\faauto\rin0\lin0\itap0\parars
id11039682 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \tab QUESTIONS A (SECTION A)
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
24737 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
Do you have a formal training on working capital control in your company?
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226494 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4288023
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4288023 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226494 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 2
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh500\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trft
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b3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl
\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil
\cellx6474\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpg\phpg\posx2289\posy8944\dxfrtext180\d
frmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471
Options\cell Respondents\cell Percentage\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471
\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh500\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
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\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil \cellx6474\row \ltrrow}\pard
\ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpg\phpg\posx2289\posy8944\dxfrtext180\d
frmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Yes\cell 3\cell
6.7\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
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\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
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\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil \cellx6474\row \ltrrow}\trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh549\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
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\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil \cellx6474\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpg\phpg\posx2289\posy8944\dxfrtext180\d
frmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 No\cell 42\cell
93.3\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh549\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
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\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil \cellx6474\row \ltrrow}\pard
\ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpg\phpg\posx2289\posy8944\dxfrtext180\d
frmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Total\cell
45\cell 100\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd \irow3\irowband3\lastrow
\ltrrow\ts11\trgaph108\trrh549\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpg\tphpg\tposx2289\tposy8944\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2851\clshdrawnil
\cellx2743\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx4666\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1808\clshdrawnil \cellx6474\row }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682 \tab }


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4288023
\par
\par
\par
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4288023 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13319201
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682 QUESTION }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 1
(SECTION B)
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\tx720\wrapdefault\faauto\rin0\lin0\itap0\parars
id11039682 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \tab Th}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid11039682 ere}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 is general lack of awareness of working
capital control.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4288023 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226494 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 3
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trw
Width7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpa
ddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl
\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr
\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil
\cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471
Options\cell Respondents\cell Percentage\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471
\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Strongly Agreed\cell 8\cell
17.8\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Agreed\cell 30\cell
66.7\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Undecided\cell 1\cell
2.2\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Disagreed\cell 4\cell
8.9\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh383\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Strongly disagreed\cell
2\cell 4.4\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh414\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row \ltrrow}\pard
\ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phpg\posx2241\posy228\dxfrtext180\
dfrmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid11039682 {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682\charrsid10636471 Total\cell
45\cell 100\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid11039682\charrsid10636471 \trowd \irow6\irowband6\lastrow
\ltrrow\ts11\trgaph108\trrh414\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphpg\tposx2241\tposy228\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth3\trwW
idth7578\trftsWidthB3\trftsWidthA3\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpad
dfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2988\clshdrawnil
\cellx2880\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2160\clshdrawnil
\cellx5040\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2430\clshdrawnil \cellx7470\row }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11039682
\par
\par
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \tab QUESTION 2 (SECTION B)
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
11039682 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
Efficient working capital ensures the availability of funds for investment.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4288023
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7226494 4}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trgaph108\trrh369\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt
\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil \cellx7816\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\df
rmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7226494\charrsid10636471 Options\cell
Respondents\cell Percentage\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7226494\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh369\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols
\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil
\cellx7816\row \ltrrow}\pard \ltrpar\qj \li0\ri0\sl480\slmult1
\
nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\dfrmtxtx180\dfrmtxty0\wra
paround\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 Strongly agreed\cell 14\cell 31.1\cell
}\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd \irow1\irowband1\ltrrow
\ts11\trgaph108\trrh369\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trftsW
idthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3
\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil \cellx7816\row \ltrrow}\trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh399\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr
\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trftsW
idthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3
\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil \cellx7816\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\df
rmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7226494\charrsid10636471 Agreed\cell 31\cell
68.9\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh399\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols
\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil
\cellx7816\row \ltrrow}\pard \ltrpar\qj \li0\ri0\sl480\slmult1
\
nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\dfrmtxtx180\dfrmtxty0\wra
paround\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 Undecided\cell -\cell -\cell }\pard
\ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh399\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trftsW
idthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3
\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil \cellx7816\row \ltrrow}\pard
\ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\df
rmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226494\charrsid10636471 Disagreed\cell
-\cell -\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh399\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols
\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil
\cellx7816\row \ltrrow}\pard \ltrpar\qj \li0\ri0\sl480\slmult1
\
nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\dfrmtxtx180\dfrmtxty0\wra
paround\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 Strongly disagreed\cell -\cell
-\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh399\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trftsW
idthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3
\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3 \clvertalt\clbrdrt
\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil \cellx7816\row \ltrrow}\pard
\ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\pvpara\phmrg\posxc\posy293\dxfrtext180\df
rmtxtx180\dfrmtxty0\wraparound\faauto\rin0\lin0\pararsid7226494 {\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7226494\charrsid10636471 Total \cell
45\cell 100\cell }\pard \ltrpar\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7226494\charrsid10636471 \trowd \irow6\irowband6\lastrow
\ltrrow\ts11\trgaph108\trrh399\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh
\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\tpvpara\tphmrg\tposxc\tposy293\tdfrmtxtLeft180\tdfrmtxtRight180\trftsWidth1\trfts
WidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb
3\trpaddfr3\tbllkhdrrows\tbllkhdrcols
\tblind0\tblindtype3 \clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3654\clshdrawnil
\cellx3546\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth1923\clshdrawnil
\cellx5469\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2347\clshdrawnil
\cellx7816\row }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par
\par
\par
\par
\par
\par
\par
\par
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid7226
494 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab QUESTION 3 (SECTION B)
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\tx630\tx810\wrapdefault\faauto\rin0\lin720\it
ap0\pararsid14449553 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 Working capital control has }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13391574\charrsid10636471 an impact}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 on the
financial performance of \tab companies.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id14449553 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13391574
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 .5
\par \ltrrow}\trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh447\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh447\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agreed\cell 17\cell 37.8\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh447\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agreed\cell 27\cell 60.0\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh447\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell 1\cell 2.2\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh447\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh484\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagreed\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh484\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh447\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagreed\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh447\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trgaph108\trrh447\trleft720\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth3150\clshdrawnil
\cellx3870\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2096\clshdrawnil
\cellx5966\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth2983\clshdrawnil
\cellx8949\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTION 4 (SECTION B)


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8992766 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
There is an optimal level of working capital that should be carried out any time.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id13066252 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13391574
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13391574 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 6
\par \ltrrow}\trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh350\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trgaph108\trrh350\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 8\cell 17.8\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trgaph108\trrh350\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell 37\cell 82.2\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trgaph108\trrh350\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh384\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trgaph108\trrh384\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh350\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trgaph108\trrh350\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh384\trleft720\trbrdrt\brdrs\brdrw10\brd
rcf1 \trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trgaph108\trrh384\trleft720
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trgaph108\trrh384\trleft720\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind828\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx3600\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2438\clshdrawnil
\cellx6038\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx9057\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTION 5 (SECTION B)


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13066252 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
The optimal level of working capital increases the profit of the companies.
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id7411451 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7411451
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13391574 .}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 7
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 13\cell 28.9\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell 32\cell 71.1\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh384\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2610\clshdrawnil
\cellx2502\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2349\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTION 6(SECTION B)


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13391574 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
The amount of working capital to carry should be the minimum consistent}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13391574 with the
organization without }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
interruption.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id13391574 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4797051 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 8
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 5\cell 11.1\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell 29\cell 64.4\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell 8\cell 17.8\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell 3\cell 6.7\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh384\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2729\clshdrawnil
\cellx2621\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2230\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTION 7 (SECTION B)


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
4797051 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
The method of financing working capital has an effect on the company's profits.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15360485
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id15360485 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12675560 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 9
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 15\cell 33.3\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell 21\cell 46.7\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell 9\cell 20\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh384\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2909\clshdrawnil
\cellx2801\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\par \tab QUESTION 8 (}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2649713\charrsid10636471 SECTION B}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 )
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2649713 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 Working capital should be financed using
only short-term financing.

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab Table }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 .}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 0
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 20\cell 44.4\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell 21\cell 46.7\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell 4\cell 8.9\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\trowd \irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh384\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2549\clshdrawnil
\cellx2441\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2410\clshdrawnil
\cellx4851\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7870\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab QUESTION 9 (SECTION B)


\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12675560 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
Enlightenment should be provided on the methods of working capital control.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13575972
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13575972\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8735300 4.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 .1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13575972 1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Options\cell Respondents\cell Percentage %\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly agree\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Agree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow2\irowband2\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\trowd \irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Undecided\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow3\irowband3\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\trowd \irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow4\irowband4\ltrrow\ts11\trqc\trgaph108\trrh350\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\trowd \irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-
108\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv
\brdrs\brdrw10\brdrcf1
\trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\
trpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1
\clbrdrb\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841
\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Strongly disagree\cell -\cell -\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd
\irow5\irowband5\ltrrow\ts11\trqc\trgaph108\trrh384\trleft-108
\trbrdrt\brdrs\brdrw10\brdrcf1 \trbrdrl\brdrs\brdrw10\brdrcf1
\trbrdrb\brdrs\brdrw10\brdrcf1 \trbrdrr\brdrs\brdrw10\brdrcf1
\trbrdrh\brdrs\brdrw10\brdrcf1 \trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
\ltrrow}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\intbl\wrapdefault\faauto\rin0\lin0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
Total\cell 45\cell 100\cell }\pard \ltrpar
\ql
\li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\ad
justright\rin0\lin0 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 \trowd \irow6\irowband6\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh384\trleft-108\trbrdrt\brdrs\brdrw10\brdrcf1
\trbrdrl\brdrs\brdrw10\brdrcf1 \trbrdrb\brdrs\brdrw10\brdrcf1
\trbrdrr\brdrs\brdrw10\brdrcf1 \trbrdrh\brdrs\brdrw10\brdrcf1
\trbrdrv\brdrs\brdrw10\brdrcf1
\
trftsWidth1\trftsWidthB3\trftsWidthA3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\t
rpaddft3\trpaddfb3\trpaddfr3\tbllkhdrrows\tbllkhdrcols\tblind0\tblindtype3
\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1 \clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb
\brdrs\brdrw10\brdrcf1 \clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2880\clshdrawnil
\cellx2772\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1
\cltxlrtb\clftsWidth3\clwWidth2050\clshdrawnil
\cellx4822\clvertalt\clbrdrt\brdrs\brdrw10\brdrcf1
\clbrdrl\brdrs\brdrw10\brdrcf1 \clbrdrb\brdrs\brdrw10\brdrcf1
\clbrdrr\brdrs\brdrw10\brdrcf1 \cltxlrtb\clftsWidth3\clwWidth3019\clshdrawnil
\cellx7841\row
}\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6901086


\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id6901086 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 No options were provided for the
question below;
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10818502

\par }\pard \ltrpar\qj


\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id10818502 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 QUESTION 10
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 What impact dose }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10818502\charrsid10636471 increased in working capitals}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
have on profitability? }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10818502
\par
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9650145 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
All 45 respondents opinionated that an increase in working capital above the
optimal level would have a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9650145\charrsid10636471 negative}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 effect on profitability. But on the
occasion that working capital was lower than the optimal }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid876910\charrsid10636471 level;}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9650145 an increase will boost profit t}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9650145\charrsid10636471 remendously}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 .
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid876910 QUEST}


{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1062240 ION }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 11.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5843074 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 What impact dose the }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5274890\charrsid10636471 methods}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 of working capita financing
have on}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5274890
profitability? 35 respondents r}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 epresenting 77 .8% stated that the
method of working capital financi}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5843074
ng should have a positive or a n}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5843074\charrsid10636471 egative}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 on profitability depending
on the following:
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab (a) Relative stability of the cost of borrowing.
\par \tab (b) The use of the funds needed.
\par
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
3086482 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
10 respondents representing 22.8% was not contain if the method of financing
working capital have any impact on profitability.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par \tab Question 12


\par \tab What are suggested ways for improving working capital }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13193636\charrsid10636471 control?}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 All 45 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13193636\charrsid10636471 respondents}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 suggest various ways for
improving working capital control. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13193636\charrsid10636471 Some}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 of these are;
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid13193636 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13193636
(a)\tab Ther}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 e should be a formal training on working
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13193636 capital }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
control
for staff involved in }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13193636 department where }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
activities relating to working capital or its components are dealt with.
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid3146901 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3146901 (b)\tab
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 An optimal level of working capital to
be carried of any point in time should be determined for any firm or company.
\par }\pard \ltrpar\qj \fi-
720\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\par
arsid16200753 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3146901
(c)\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3146901\charrsid10636471 Financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 control/
management strategies should be formulated which is in agreement with the overall
objective of working capital control.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li0\ri0\sl480\slmult1\nowidctlpar\tx720\tx810\wrapdefault\faauto\rin0\lin0\itap0\
pararsid666925 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid666925
4.2\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 DATA ANALYSIS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5987600 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5987600 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 .1 shows that 8
responde}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4678530
nts to representing 17.8% said }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid7623421 that they }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 know}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4678530
what}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 working capital control}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4678530 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7623421
entails, while 37 respondents represent 82.2% said they do not know what working
capital entails.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10104177
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
12276077 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 Table }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5987600 4.}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 1}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10104177 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
2 shows that 3 respondents representing 6.7% said they had formal in/service
training up working capital control in their company while 92 respondents
representing 93.3% said they had no training.
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
14696811 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 Table}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid16075792 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5987600 4.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792 1.3}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
shows that 8 respondents}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12415878 representing }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 17 .8% of the total}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14696811 population strongly agreed 30 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 respondents representing
66.7%. Agreed I respondent representing 2.2% was }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid14696811 \'93}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 undecided}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid14696811 \'94}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 4 respondents representing 8.9%
"Disagree", while 2 respondent representing 4.4% "strongly disagree" that there is
general lack of awareness}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14696811
of the working capital control.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5987600 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5987600
Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5987600\charrsid10636471 4}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5987600 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 shows}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5987600 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 14 respondent representing
31.1% of the total }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6058017
populations
\'93strongly}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6058017\charrsid10636471 agree}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6058017 \'94}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 while 37
\tab respondents representing 68.9% "Agree" that efficient working capital control
ensures the availability of funds for investment.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1064994\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
5987600 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5987600
\tab Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5987600\charrsid10636471 5}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5987600 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
shows 17 respondents representing 37.8% of the total population "strongly agree"
27 respondents representing 60% of the population "Agree" while I respondent was
not decided whether working capital control as an impact on the }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid161706\charrsid10636471 financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7808067\charrsid10636471
performance}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 of companies.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9775794 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9775794
Table }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1658594 4.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9775794 1.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9775794\charrsid10636471 6}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9775794 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 shows 8 respondents representing 17.8%
"strongly agree". While 37 respondents representing }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid15023221 82.2% }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 "Agree" }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1334310 t}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 hat there is an optimal level of working
capital that should be carried at the time.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1658594
Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1658594\charrsid10636471 7}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1658594 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 shows 13 }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10242772 respondents
representing 28.9% \'93}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 Strongly agree}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10242772
\'94}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10242772\charrsid10636471 while}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10242772 32}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4743094 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10242772\charrsid10636471 respondents}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 representing
71.1% "Agree" that the optimal level of working capital increases the profit of
companies}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10242772 .}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
292972 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9767672
Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9767672\charrsid10636471 8}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9767672 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
shows that 5 respondents representing 11.1% "Strongly agree" 2}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid292972 9 respondents representing 6.7% }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
"Strongly agree" that the amount}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid292972 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 of working capital to carr}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid292972 y}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 should be the }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid292972 minimum }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 consistent with \tab running the
organization/company without interruption.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6054678
Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6054678\charrsid10636471 9 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6054678 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
shows 15 respondents representing 33.3% "Strongly Agree"}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7553988 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471 21 respondent representing }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7553988 46.7% \'93Agree\'94}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8333328 while 9 respondent
representing }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
20% were undecided if the method of financing working }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8333328\charrsid10636471 capital}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8333328 has an ef}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 fect on the organization/company's
profit.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6765142 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 This }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8521881
Table 4.1.1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8521881\charrsid10636471 0}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8521881 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471
shows 20 respondents representing 44.4% "Strongly agree" 21 respondent
representing 46.7% "Agree" }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6765142\charrsid10636471 while}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 4 respondent representing 8.9%
"Disagree" that working capital should be financed using only short-term
financing.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792 \tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471

\par }\pard \ltrpar\qj


\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10187212 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 45 respondent}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2888605 in Table 4.1.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2888605\charrsid10636471 1}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid2888605 1}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 representing 100% "Strongly agree}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10187212 \'94}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228\charrsid10636471
that enlightenment should be provided in the method}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid2098105 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 of}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10187212 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 working capital}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10187212 control}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5574228\charrsid10636471 .}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5574228
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12199516\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5574228
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792
\par
\par
\par
\par
\par
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 CHAPTER FIVE
\par }\pard \ltrpar\qj
\fi720\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\parars
id4683080 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 SUMMARY}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid16075792 , }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 CONCLUTION AND RECOMMENDATION
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2912099
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 5.1\tab SYNOPSIS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
8391271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
The work aimed at studying working capital and its impact on the financi}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8526422 al}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 performance of
companies in Nigeria}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8526422 , using NIIT Warri
as a case study.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 \tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2912099 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
Chapter one of this study is gives an insight of the topic in regards to what the
study is about, purpose of carrying out the study, the objectives of the study,
the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2912099\charrsid10636471
problems the}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 research work hopes to solve etc under
the following heading's background }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2912099\charrsid10636471 of the}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
study}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2912099 ,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
statement of research problems,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2912099 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 aims/objective of the study}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2912099 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 significance of the study, scope of
the study, definitions of terms.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
13515895 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2912099 Chapter two
of the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 research work covers the reviews of the
literature.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2912099 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
\tab
This reviews covers working capital, types,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid2912099 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
policy, cycle components of working capital and its control, cash inventory
(stock) debtors (account receivables) working capital financing accrued, account
payables (trade creditors ) short term bank loans/overdraft and }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13515895\charrsid10636471 commercial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 papers}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7557345 .}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
7557345 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 Chapter three deals with the
methodology adopt}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16461515 ed}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 in carr}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16461515 y}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 ing out the study.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16461515 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 It includes research design
adopted,}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16461515 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 the type and
\tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
16461515 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16461515\charrsid10636471 Source}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 of data, instruments of data
collection, actual fieldwork,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16461515 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
method of data presentation and methods of data analysis.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12466663
\par Chapter four shows the analysis of data collected or obtained for the purpose
of the work. From the data analysis, it was discovered that many benefits are
obtained through}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid160783
encouragement and }{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12466663 improv}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid160783 ement}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12466663 of working capital control }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12466663\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
9197618 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 Chapter five gives a summary of
findings}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid9197618 , conclusion}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 and recommendations}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9197618 with suggestions
for further studies}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 .
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4665536\charrsid10636471
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 5.2\tab SUMMARY OF FINDINGS
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
2649518 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
It can therefore be said from the research work that working capital control plays
and important role in the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid2649518\charrsid10636471 financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 performance of companies.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 \tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6488974 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 Since profitability is usually the }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8718375\charrsid10636471 yardstick}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
for measuring companies performance. It is therefore important for the proper
control and management of all such thing that has }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6488974\charrsid10636471 an impact}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 on the profitability. It
would be worth while for all managers of \tab any of the companies of working
capital to determine and optimal level of such component that shift his }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15012649\charrsid10636471 company (}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 i}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6488974 .}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 e.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6488974 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 the level that is just enough}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6488974 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 to minimize profits without
tying down investable funds }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15012649\charrsid10636471 in working}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 capital components.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6309594 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 The}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6309594 y
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
will be looking up funds that would have been profitability invested in excess
working capital thereby having a }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6309594\charrsid10636471 negative}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 impact on }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6309594\charrsid10636471 profitability}
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 . On the other
hand, if }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6309594 a}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
level below the optimal level is carried, this wil}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6309594 l}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 also have a }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6309594\charrsid10636471 negative}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
effect on the profitability because they will not be able to produce to a level
to meet customers demand make enough sales to ensure to profitability.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1145854 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
Most firms or companies do not employ working capital control techniques.}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5592995 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 A}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid5592995 l}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 though, some }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5592995\charrsid10636471 unconsciously}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 engage in the control of
the components.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1145854
They do so by r}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 ule of }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid1145854\charrsid10636471 thumb:}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
this making it a common practice to increase or reduce their holdings of working
capital arbitrarily.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 \tab
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
6382514 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 If they do employ or could employ }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6382514\charrsid10636471 standard}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 working
capital control techniques, they will }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6382514
be }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 able to achieve a level of raw
materials, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6382514\charrsid10636471 finished}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 goods, }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid6382514 cash, and}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 debtors that will
adequately support, ensure and }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13261317\charrsid10636471
enhance}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 profitability.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0
\f39\insrsid10759687 \hich\af39\dbch\af0\loch\f39 5.3\tab}}\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar
\jclisttab\tx720\wrapdefault\faauto\ls4\ilvl1\rin0\lin720\itap0\pararsid10759687
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10759687 CONCLUSION
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
9687 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10759687
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
10759687 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13855791
Based on this research carried out the researcher have carefully collected data
from management of the companies, the workers and customers who are made up of
professionals and students to enable him draw conclusion.}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10759687
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13855791
\par These data made up of questionnaires were presented and analyzed from where
useful information based on the fact that the data were collected. It is therefore
pertinent to say:
\par
\par That working capital has a positive, role to play in the financial
performance of companies in Nigeria.
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15996275 That working
capital has a very strong impact on the financial performance of companies in
Nigeria.
\par
\par That working capital increases the profit of companies in Nigeria}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1795967
\par
\par That if working capital can be used to finance a company in all level, it
will in no doubt lead to improvement and allow companies to participate in most of
the dealings as carried out by the commercial banks. }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13855791
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10759687
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1795967 5.4}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
\tab RECOMMENDATION
\par \tab It is therefore recommended that
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid4143056 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 1.\tab A formal trainin}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid15678004 g should be given to staffs invol}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15678004\charrsid10636471 v}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid15678004 ed}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 in departments where
activities }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid15678004\charrsid10636471 relating}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 to working capital components are
deal}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4143056 t with to
abreast }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
them to the working capital control and its impact on }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4143056 the }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4143056\charrsid10636471 financial}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4143056\charrsid10636471 performance}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 of companies.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid6170599 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 2.\tab
An optional level of working capital to be carried at any point in time should be
determined for any firm }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6170599\charrsid10636471 or}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 company.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid3371309 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 3.\tab
A consistent method of financing working capital should be adhered to since the
methods would have taken into consideration }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3371309\charrsid10636471 stability}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471 in cost of borrowing}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3371309 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471 the use of the funds }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3371309\charrsid10636471 needed}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
over time.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13456942\charrsid10636471
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0
\f39\insrsid13456942\charrsid10636471 \hich\af39\dbch\af0\loch\f39
4.\tab}}\pard \ltrpar\qj \fi-360\li720\ri0\sl480\slmult1\nowidctlpar
\jclisttab\tx720\wrapdefault\faauto\ls5\rin0\lin720\itap0\pararsid11092016
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13456942\charrsid10636471
All components of working capital should be managed simultaneously to a level that
is optima}{
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11092016 l as determined by
managers. }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11866312
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\tx720\tx810\wrapdefault\faauto\rin0\lin0\itap0\
pararsid11866312 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid11866312
5.5 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
SUGGESTION FOR FURTHER STUDIES}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8406
780 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1864925 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
The fact that the researcher have carried out a comprehensive study, on working
capital control and its impact on the financial performance of companies in
Nigeria in NIIT Warri is not an indication that further studies cannot be
conducted on the topic or
related areas.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8406
780 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
\par }\pard \ltrpar\qj
\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\pararsid
1864925 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780 However, the
}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12077232
researcher wishes}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
to make the following suggestion of further studies by interested persons.
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2507509
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \f39\insrsid8406780
\hich\af39\dbch\af0\loch\f39 1.\tab}}\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\jclisttab\tx720\wrapdefault\faauto\ls3\rin
0\lin720\itap0\pararsid1864925 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780 A comprehensive study
on th}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1864925 e same study
in any other local }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8406780
government area.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0
\f39\insrsid12077232 \hich\af39\dbch\af0\loch\f39 2.\tab}}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid12077232 Ways}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid8406780
of improving working capital }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid12077232 on the financial performance of companies in the public
sector.
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0
\f39\insrsid12077232 \hich\af39\dbch\af0\loch\f39 3.\tab}}\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\tx630\tx720\wrapdefault\faauto\ls3\rin0\li
n720\itap0\pararsid1864925 {
\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12077232 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14499769 Factor militating against }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6399
working capital improvement in the Nigeria economy today.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid8406780
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid8391
271 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792
\par
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 BIBLIOGRAHY
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14043502
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid14043502 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Brigham, E.}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid10892226 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 F., and Joel E.H. (1996)}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14043502 ,}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid14043502\charrsid10636471 Fundamentals}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471
of }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid14043502\charrsid10636471 Financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 Management,
Dryden }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14043502\charrsid10636471
Value Press}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Florida, U.S.A.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid14043502 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10892226
George, }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 E.P. (1996)}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid14043502 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid14043502\charrsid10636471 Essentials}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 of }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid14043502\charrsid10636471 Financial}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 Management, Harper Collins
College Publishers, New York U.S.A.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid16327896 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Hampton, J.J. (1975)}{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3677559 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16327896\charrsid10636471 Financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Decision Marking Concepts, Problems
and Cses}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16327896\charrsid10636471 , 4th}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471
edition practice hall Int. New Jersey, U.S.A.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid3677559 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Morland, I. (1996) Budgeting for non }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9727567\charrsid10636471 Financial}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471
Manager, Pitman Publication London.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
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rarsid9727567 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 N.G.C. Nigeria German Chemical plc
(2005)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid4604160 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9727567\charrsid10636471 Background of}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 NGC plc
(http:www.ngcplc.com/ns }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9727567\charrsid10636471 about}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471
hfm background) April. 2005\tab \tab
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 \tab
\par }\pard \ltrpar\qj \fi-
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rarsid1599693 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Omuya J.O (1983)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4604160 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Frankwood's Business Accounting, West
Africa Edition Longman Group, London.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid4604160 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Osazerbaru, H.O}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4604160\charrsid10636471 . (}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 2003): Principle of Finance Statmos
Publishers, Anofil Centre, Sango Ibadan
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid4459371 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Padey, I.M. (1993)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid4459371 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid4459371\charrsid10636471 Financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Management 6th edition Vikas
publishing House port Ltd. New Delhi- India
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid13401238 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Richard, A.R. }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid13401238\charrsid10636471 Steward C.M}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 . (1996)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid13401238 ,}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Principle of }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid13401238\charrsid10636471 Corporate}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471
Finance McGrew Hill Company }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13401238\charrsid10636471 Line, New}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 York, U.S.A.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid10495244 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10495244 Rose
S.A. et}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 al}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10495244\charrsid10636471 . (}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 2002)}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10495244 ,}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid10495244\charrsid10636471 Corporate}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Finance 6th Edition McGraw Hill Irrin
New York.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid11549409 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Van Horne J.C. (1977) }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid11549409\charrsid10636471 Financial}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 Management and
policy, 4th edition Practice Hall Mc New Jersey, U.S.A.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid11549409 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471
Weston J.F. Copoeland, T.E (1988) Managerail Finance 2nd edittion Cassel .Ed
Ltd. London.
\par }\pard \ltrpar\qj \fi-
1440\li1440\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin1440\itap0\pa
rarsid3545267 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Women Economic Self }{\rtlch\fcs1
\af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3545267\charrsid10636471 Sufficient}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10754700\charrsid10636471 Team (2004)
How does one practice good cash management (http:www.englightenmentor) \tab
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1075
4700 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 \tab }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3545267
\tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid10754700\charrsid10636471 Finance.
\par
\par
\par
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10892729
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16253563
\par
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2847388
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10892729
\par }\pard \ltrpar\qc
\li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9857428
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366 APPENDIX I
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9857428
\par
\par }\pard \ltrpar\qj
\fi720\li4320\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin4320\itap0\pararsid985742
8 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366 Accountancy,
\par School of }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9857428
Financial Studies}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366 ,
\par }\pard \ltrpar\qj
\li5040\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin5040\itap0\pararsid9857428
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366 Akwa Ibom State
Polytechnic,
\par }\pard \ltrpar\qj
\fi720\li4320\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin4320\itap0\pararsid985742
8 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid12129275 Ikot Osurua,
Ikot-Ekpene.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366

\par Akwa Ibom State.


\par 6}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\super\insrsid7552366\charrsid7552366 th}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid7552366 October, 2009.
\par }\pard \ltrpar\qj
\li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9857428
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366
\par Dear Respondent,
\par
\par }\pard \ltrpar\qc
\li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9857428
{\rtlch\fcs1 \af39\afs28 \ltrch\fcs0 \f39\fs28\insrsid7552366\charrsid9857428
QUESTIONNAIRE ADMINISTRATION
\par }\pard \ltrpar\qj
\li0\ri0\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid9857428
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9857428 I the student
of the above named institution, as a requirement for the award of Higher National
Diploma in Accounting wish to solicit for your
assistant in answering the following questions which will help me in my research
work.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9857428
\par In line with the above, I humbly request you to corporate with me my
providing the required information to the questions asked.
\par
\par All information supplied will be treated in strict confidence and used purely
to academic exercise.
\par
\par Thanks.
\par
\par Yours Faithfully,
\par
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid9857428\charrsid9857428 Ibrethi Ufuoma Endurance
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9857428 Researcher.
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366
\par
\par
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1123
489 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1123489 APPENDIX II}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid7552366
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1036
8371 {\rtlch\fcs1 \af39\afs28 \ltrch\fcs0
\f39\fs28\insrsid16075792\charrsid10368371 QUESTIONNAIRES
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid6424
125 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid6424125 SECTION A}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid10368371
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471 Please tick or fill the appropriate.
\par 1.\tab
Name------------------------------------------------------------------------------
--------------------
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft4280\shptop90\shpright4581\shpbottom346\shpfhdr0\shpbxcolu
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\
dpptx354\dppty0\dpx4280\dpy90\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
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{\shp{\*\shpinst\shpleft2120\shptop90\shpright2421\shpbottom346\shpfhdr0\shpbxcolu
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sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251625984}}{\sp{\sn fLayoutInCell}
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{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8192\dppolygon\dppolycount8\dpptx0\dppty
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\
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0\dpptx354\dppty0\dpx2120\dpy90\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
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\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 2.\tab Sex:
Male \tab Female
\tab
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft6560\shptop87\shpright6861\shpbottom343\shpfhdr0\shpbxcolu
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{\shp{\*\shpinst\shpleft4040\shptop87\shpright4341\shpbottom343\shpfhdr0\shpbxcolu
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{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8194\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx4040\dpy87\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 3.\tab
Age: 30 years and below Above 30 years
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft5240\shptop56\shpright5541\shpbottom312\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz5\shplid1040
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251631104}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8197\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx5240\dpy56\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
fillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dplinec
or0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft3680\shptop40\shpright3981\shpbottom296\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz4\shplid1041{\
sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251630080}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8196\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx3680\dpy40\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 4.\tab
Marital Status: Single Married
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid16075792 {\rtlch\fcs1 \af37 \ltrch\fcs0
\lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft5998\shptop760\shpright6299\shpbottom1016\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz10\shplid104
2{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251636224}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8202\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx5998\dpy760\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft7078\shptop760\shpright7379\shpbottom1016\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz13\shplid104
3{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251639296}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8205\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx7078\dpy760\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft4899\shptop760\shpright5200\shpbottom1016\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz12\shplid104
4{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251638272}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8204\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx4899\dpy760\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft8120\shptop40\shpright8421\shpbottom296\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz6\shplid1045{\
sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251632128}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8198\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx8120\dpy40\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft9463\shptop7\shpright9764\shpbottom263\shpfhdr0\shpbxcolum
n\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz7\shplid1046{\s
p{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251633152}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8199\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx9463\dpy7\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 5.\tab
Academic qualification: GCE, O.}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6424125 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471 Level and }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid3805747\charrsid10636471 equivale}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid3805747 nt}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid6424125 OND, and its equivalent}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471 , B.Sc or HND}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid8324629 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 M,Sc. }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid3805747\charrsid10636471 P}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\cf1\insrsid3805747\charrsid10636471 hD}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\cf1\insrsid16075792\charrsid10636471 }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471 6.\tab How long hav}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1121888 e you being working in the firm}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 : years and
below.
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft6320\shptop32\shpright6621\shpbottom288\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz9\shplid1047
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251635200}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8201\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx6320\dpy32\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
fillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dplinec
or0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft3920\shptop32\shpright4221\shpbottom288\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz8\shplid1048{\
sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251634176}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8200\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx3920\dpy32\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft2000\shptop32\shpright2301\shpbottom288\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz11\shplid1049{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251637248}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8203\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx2000\dpy32\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1121888 \tab 3-5 years }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 6-15 years}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid1121888 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid5715008 }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid1121888\charrsid10636471 above}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 15 years
\par 7.\tab Job/Department}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid13982507\charrsid10636471 : _}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471
_______________________________________________
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft7760\shptop32\shpright8061\shpbottom288\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz15\shplid1050
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251641344}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8207\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx7760\dpy32\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
fillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dplinec
or0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft7002\shptop32\shpright7303\shpbottom288\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz14\shplid1051{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251640320}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8206\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx7002\dpy32\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 8.\tab
Do you know what working capital entails? Yes No
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid16075792 {\rtlch\fcs1 \af37 \ltrch\fcs0
\lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft6062\shptop779\shpright6363\shpbottom1035\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz17\shplid105
2{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251643392}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8209\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx6062\dpy779\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft4701\shptop779\shpright5002\shpbottom1035\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz16\shplid105
3{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251642368}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8208\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx4701\dpy779\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 9.\tab
Do you have a firms / in service training on working capital control in your
company? Yes No
\par }\pard \ltrpar\qc
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid2184
789 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid9124979
\par
\par
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid2184789 SECTION B}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471
\par }\pard \ltrpar\qj
\li0\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin0\itap0\pararsid1607
5792 {\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471
Please complete the following by ticking as appropriate against each of the
following statements.
\par \tab SA = }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16524464\charrsid10636471 strongly}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 agree
\par \tab A }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16524464\charrsid10636471 = Agree}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471
\par \tab UD Undecided
\par \tab D = Disagree
\par \tab }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16524464\charrsid10636471 SD =}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16524464\charrsid10636471
strongly}{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
\f39\fs24\insrsid16075792\charrsid10636471 disagree
\par }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16524464 1.\tab }
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471
The is general lacks of awareness of the working }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid16524464\charrsid10636471 capital}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 :
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft1840\shptop60\shpright2141\shpbottom316\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz23\shplid1054
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251649536}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8215\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx1840\dpy60\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
fillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dplinec
or0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft2800\shptop76\shpright3101\shpbottom332\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz24\shplid1055{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251650560}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8216\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx2800\dpy76\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft3400\shptop60\shpright3701\shpbottom316\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz21\shplid1056{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251647488}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8213\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx3400\dpy60\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft4480\shptop60\shpright4781\shpbottom316\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz20\shplid1057{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251646464}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8212\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx4480\dpy60\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft1221\shptop76\shpright1522\shpbottom332\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz18\shplid1058{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251644416}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8210\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx1221\dpy76\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 \tab SA }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16580836 }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 }{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid5061156\charrsid10636471 A,}
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 UD , D , SD.
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft7252\shptop58\shpright7553\shpbottom314\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz19\shplid1059
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251645440}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8211\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx7252\dpy58\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\dp
fillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dplinec
or0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft6327\shptop58\shpright6628\shpbottom314\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz25\shplid1060{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251651584}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8217\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx6327\dpy58\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft5532\shptop58\shpright5833\shpbottom314\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz22\shplid1061{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251648512}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8214\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx5532\dpy58\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft8240\shptop58\shpright8541\shpbottom314\shpfhdr0\shpbxcolu
mn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz26\shplid1062{
\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251652608}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8218\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx8240\dpy58\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 2.\tab
Efficient working capital control: SA , A, UD, SD.
\par }\pard \ltrpar\qj \fi-
720\li720\ri0\sl480\slmult1\nowidctlpar\wrapdefault\faauto\rin0\lin720\itap0\parar
sid16075792 {\rtlch\fcs1 \af37 \ltrch\fcs0
\lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft7461\shptop745\shpright7762\shpbottom1001\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz30\shplid106
3{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251656704}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8222\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx7461\dpy745\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft6729\shptop745\shpright7030\shpbottom1001\shpfhdr0\shpbxco
lumn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz29\shplid106
4{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251655680}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8221\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx6729\dpy745\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft5721\shptop724\shpright6022\shpbottom980\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz28\shplid1065
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251654656}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8220\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx5721\dpy724\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft4876\shptop724\shpright5177\shpbottom980\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz27\shplid1066
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251653632}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8219\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx4876\dpy724\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft8515\shptop724\shpright8816\shpbottom980\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz31\shplid1067
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251657728}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8223\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx8515\dpy724\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 3.\tab }
{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid14704882\charrsid10636471 Working}{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 capital
control has an in impact of the financial performance of }{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0
\f39\fs24\insrsid5061156\charrsid10636471 companies SA}{\rtlch\fcs1 \af39\afs24
\ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 , A , UD ,
D , }{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3701004 }
{\rtlch\fcs1
\af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid3701004\charrsid10636471 SD}
{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0 \f39\fs24\insrsid16075792\charrsid10636471 .
\par }{\rtlch\fcs1 \af37 \ltrch\fcs0 \lang1024\langfe1024\noproof\insrsid15290088
{\shp{\*\shpinst\shpleft4164\shptop708\shpright4465\shpbottom964\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz32\shplid1068
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251658752}}{\sp{\sn fLayoutInCell}
{\sv 1}}
{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8224\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0\dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty25
6\dpptx354\dppty0
\
dpptx354\dppty0\dpx4164\dpy708\dpxsize301\dpysize256\dpfillfgcr255\dpfillfgcg255\d
pfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb255\dpfillpat1\dplinew15\dpline
cor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft8703\shptop729\shpright9004\shpbottom985\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz37\shplid1069
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251663872}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8229\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx8703\dpy729\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
5\dpfillpat1\dplinew15\dplinecor0\dplinecog0\dplinecob0}}}
{\shp{\*\shpinst\shpleft7757\shptop729\shpright8058\shpbottom985\shpfhdr0\shpbxcol
umn\shpbxignore\shpbypara\shpbyignore\shpwr3\shpwrk0\shpfblwtxt0\shpz36\shplid1070
{\sp{\sn shapeType}{\sv 2}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}
{\sp{\sn adjustValue}{\sv 0}}{\sp{\sn dhgt}{\sv 251662848}}{\sp{\sn fLayoutInCell}
{\sv 1}}{\sp{\sn fPseudoInline}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}}
{\shprslt{\*\do\dobxcolumn\dobypara\dodhgt8228\dppolygon\dppolycount8\dpptx0\dppty
0\dpptx0\dppty0
\
dpptx0\dppty256\dpptx0\dppty256\dpptx354\dppty256\dpptx354\dppty256\dpptx354\dppty
0\dpptx354\dppty0\dpx7757\dpy729\dpxsize301\dpysize256
\
dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
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{\rtlch\fcs1 \af39\afs24 \ltrch\fcs0
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dpfillfgcr255\dpfillfgcg255\dpfillfgcb255\dpfillbgcr255\dpfillbgcg255\dpfillbgcb25
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{\shp{\*\shpinst\shpleft1120\shptop6\shpright1421\shpbottom262\shpfhdr0\shpbxcolum
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{\shp{\*\shpinst\shpleft4880\shptop48\shpright5181\shpbottom304\shpfhdr0\shpbxcolu
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{\shp{\*\shpinst\shpleft6202\shptop749\shpright6503\shpbottom1005\shpfhdr0\shpbxco
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{\rtlch\fcs1
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\f39\fs24\insrsid12994371\charrsid10636471 _}{\rtlch\fcs1 \af39\afs24
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