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STEPS INVOLVED IN WRITING A RESEARCH REPORT
a. Abstract
An abstract is a summary of the entire work, the abstract should be written
capturing the following, a short preamble about the topic, the topic, objectives,
methodology, findings and recommendations.
Note that there should not be spacing or paragraph between the contents of the
abstract. This should come before the table of contents and also before the main
work starts.
b. Research Topics
A research topic is a title given to a research work, it is developed based on an idea
or a problem identified in a society, organization or an industry that needs to be
addressed by the researcher.
When developing the topic, the researcher should ensure that the contents
should not exceed 16 words.
Sample: Research Topic(s)
1. A c c o u n t i n g :
A study on the sources of financing for deposit taking micro finance
Institution. A case Study of ……………..
2. Human Resource management:
An assessment of the effect of motivation on productivity in manufacturing
organizations. A case Study of ……………..
3. M a r ke t i n g :
An evaluation of the impact of sales promotion on consumer
behaviour .A case Study of ……………..
2
1.1 Introduction
Chapter one
General Introduction and Summary
Every chapter should have an introduction, the introduction should either introduce
the reader to what is expected to be contained in the chapter, or the introduction
should present a brief idea about the topic and the problem to be researched into.
1.2 Field and subject area of study
The field of study for the research work should focus on the broad course or
program of study e.g Accounting, Finance, Economics, Computer Science,
Information technology etc.
The subject area of study:
This refers to a sub unit under the field of study that the research topic seeks to
research into:
a. Taking a field of study such as Accounting; the subject of study could be any
of the subjects that alls under the field of accounting, such as; Taxation,
auditing, cost accounting, financial accounting, etc,
b. Taking a field of study such as Finance; the following subjects can be
studied, working capital management, cash management, sources of
financing, inventory management, dividend policy, capital structure, money
markets, capital markets etc
c. Taking a field of study such as human resource management: the subject of
study could be training and development, motivation, compensation
management, recruitment and selection, performance management etc.
d. Taking a field of study such as marketing; the subject sales management,
marketing mix, customer relationship management, advertisement
management, promotion, marketing research etc.
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e. Taking the field of information technology, the subject area can be web
programming, software engineering, data bases, computer networks, network
security , computer ethics etc.
1.3 Purpose of the Research
The purpose of the research provides the broad idea or understanding of what
the research seeks to achieve in the long run.
Sample: Purpose of Research
The purpose of this study is to gain a better understanding of how the capital
structure of deposit taking micro finance institutions affect the financial
performance of these institutions.
1.4 Objective of the study
The research objectives, are statements that are framed with the intention of
addressing the problems identified in the research; the objectives are the statement
indicating what the researcher intends to do to address the problems identified. The
objective are of two kinds, these are:
Specific objectives are statements made by the researcher that aims at addressing a
particular problem in the case study organization or a general problem in society;
specific objectives should be framed focusing on the case study institution.
Example
To determine the extent to which student age of students at Accra institute
of Technology (AIT) has affected their academic performance.
To find out the challenges faced by AIT in managing students absenteeism
To establish the relationship between Age and Academic work as a
determinant of performance at AIT.
To assess the relationship between the mode of delivery and the performance
of students of AIT.
To examine the extent to which course work has helped improve the
performance of students at AIT
4
1.5 Problem Statement
The problem statement is the process of the researcher stating the problems that led
to the researcher conducting the research. In stating the problem, the researcher has
to indicate the actual problem that has led to the researcher to conduct the research
clearly, the researcher should further present the initial or prior research done by
other writers, the areas they have looked at and the results that came out of that
research, finally the researcher should indicate what he or she seeks to do in his or
her research, this comes from the difference in his or her research and that of what
the earlier researchers have done so far.
Sample: Research problem statement
The Problem Setting
Ghana over the past five years have seen a tremendous increase in the number of
micro finance intuitions. These institutions play a major role by providing
financial support for the informal sector, who are unable to access financial
support from the Banking institution. These financial institutions need to raise
funds to be able to support their clients financially.
A firm’s capital structure refers to the mix of its financial liabilities. It has
long been an important issue from the strategic management standpoint since it
is linked with a firm’s ability to meet the demands of various stakeholders (Roy
and Minfang, 2000). Debt and equity are the two major classes of liabilities,
with debt holders and equity holders representing the two types of investors in
the firm. Each of these is associated with different levels of risk, benefits, and
control. While debt holders exert lower control, they earn a fixed rate of return
and are protected by contractual obligations with respect to their investment.
Equity holders are the residual claimants, bearing most of the risk and have
greater control over decisions.
Managers have numerous opportunities to exercise their discretion with respect
to capital structure decisions. The capital structure employed may not
be meant for value maximization of the firm but for protection of the
manager’s interest especially in organizations where corporate decisions are
dictated by managers and shares of the company closely held (Dimitris,
and Psillaki, 2008). Even where shares are not closely held, owners of equity
5
are generally large in number and an average shareholder controls a minute
proportion of the shares of the firm. This gives rise to the tendency for such a
shareholder to take less interest in the monitoring of managers who left to
themselves pursue interest different from owners of equity
The difficulty facing Deposit Taking micro finance institutions in Ghana has to
do more with the financing – whether to raise debt or equity capital. The issue of
finance is so important that it has been identified as an immediate reason for
business failing to start in the first place or to progress. Thus it is necessary for
Deposit taking micro finance institutions in Ghana to be able to finance their
activities and grow over time, if they are ever to play an increasing and
predominant role in creating value added, as well as income in terms of
profits. From the foregoing, it is therefore important to understand how firm’s
financing choice affects their performance. It is evidently clear that both
internal (firm specific) factors and external (macroeconomic) factors could
be very important in explaining the performance of firms in an economy. Thus,
the central point of this study is to assess the effect of capital structure on
financial performance of Deposit taking micro finance institutions.
Prior Studies/Works
There have been several studies investigating the sources of capital of firms
in different business sectors such as electricity and utility companies (Miller &
Modigliani, 1966), manufacturing sector (Long & Malitz, 1985; Titman &
Wessels, 1988), non-profit hospitals (Wedig, Sloan, Hassan, & Morrisey, 1988),
agricultural firms (Jensen & Langemeier, 1996) and joint venture-ships
(Boateng, 2004). In the research of Jensen & Langemeier, (1996), the findings
in the study indicated that industrial or sector classification is an important
determinant of capital structure, because different sectors employ different mix of
debt and equity for their operations.
There have also been studies emphasizing on the relationship between sources of
funding of micro finance institutions a n d firm performance. Berger and
Bonaccorsi di Patti (2006) argued that firm performance and funding sources
could be closely correlated. They used data on commercial banks in the US and
their results are consistent with the agency theory, under which high leverage
6
reduces the agency costs of outside equity and increases firm value by
constraining or encouraging managers to act more in the interests of shareholders
(Berger & Bonaccorsi-diPatti, 2006).
Abor (2005) on “The effect of sources of funding on profitability: an empirical
analysis of listed firms in Ghana”, show a significantly positive relation
between the short-term debt ratio and profitability (measured by ROE).
However, a negative relationship between long- term debt ratio and profitability
was established. But in terms of the relationship between total debt ratio and
profitability, the results of his study indicated a significantly positive
association between total debt ratio and profitability (Abor, 2005).
Nwangi, (2011), investigated the relationship between the capital structures of
deposit taking micro finance institutions in Kenya, he observed that there is a
significantly positive association between total debt ratio and profitability
The Focus/what is New Although studies have been done by several researchers on sources of funding
for different institutions, not much has been done in the area of sources of
funding for deposit taking micro finance institutions in Ghana. It is against this
backdrop that the researcher seeks to conduct a study on the sources of funding
for Deposit Taking micro finance institutions in Ghana.
1.6 Research Questions
Research questions are questions set by the researcher to guide the researcher in
achieving the set objectives, the research questions can be derived from the
research objectives, by changing the from a statement to a question.
Example.
To determine the extent to which student age of students at Accra institute
of Technology (AIT) has affected their academic performance.
Are there challenges faced by AIT in managing student’s absenteeism?
What relationship exist between Age and Academic work as a determinant
of performance at AIT?
What relationship exist between the mode of delivery and the performance
of students of AIT?
To what extent has course work helped to improve the performance of
7
students at AIT?
1.7 Significance of the study
The significance of the study provides the reader information on how important the
research is in addressing the problems identified, here the student is expected to
present the significance from the following angles;
i. How beneficial the research will be to the society and Economy of Ghana
ii. How beneficial the research be to the case study institutions and industry
at large
iii. How beneficial the research would be to the researcher or other
researchers in general.
1.8 Background and Justification of the study
The background of the study presents a step by step general knowledge on the
research topic and the extent to which issues have gone, it provides the reader with
the preliminary research done on the study or research topic. It is expected to
provide the reader with the history or global knowledge on the research area
chosen, what other researchers have done, their results, where or areas they looked at
and what your research seeks to do that is different from that work you have
reviewed. It should also provide the reader with the current state of the research or
issue on the national level and finally narrowing it down to the case study
organization and indicating the reason why the researcher decided research into the
given area.
This part is expected to justify or provide a solid basis for which the research work
is necessary, this usually comes from the gaps in literature, facts that support the
need such company reports and public reports, imediate actions taken by
management etc to remedy the situation. e.g for a research topic that seeks to
assess the internal control systems of an organizations may have the following as
justifications for which the research may be conducted;
8
Example.
1. Research gaps in the field of the research coming from related literature
2. Cases of reported fraud from the organization, for which employees have been
either suspended or dismissed
3. Cases or issues that have been taken to court for which the organization have
lost or paid substantial amounts which hitherto could have been avoided
4. Continuous or downward trend in company’s revenue, affecting its fortunes.
iv. Administrative policies and laws that have been enforced due to fraud or
other malfeasance
1.9 Expected Outcome and Possible usage
The expected outcome and possible usage of the study, provides the reader
information on what is expected to come out of the research and how the results
can be used;
i. The expected results from the research in relations to the objectives set.
ii. How the case study organization would use the results
iii. How companies within the industry would use the results
iv. How other researchers would use the results
1.10 Limitations and Delimitation
1.10.1 Limitations
This part should explain the challenges that are likely to affect the researcher in
carrying out the research work, this should range from literature, sampling,
respondents, time factor, funding and other factors that will affect the researcher in
carrying out the research
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Example
The research work would not be without limitations, it is envisaged that the research would might
affected by the following challenges;
The literature search might not present enough and adequate literature to support the research, the
selection of the sample size and the sampling procedure might not present adequate and reliable
sample size, the sampling units for the research and their availability might pose a challenge due to
their work schedule and their ability to assist in the research. Analysis tools may not produce results
that may reflect the actual situation, security and confidentiality issues may also affect the responses
from the respondents. On the part of the researcher time and lecture schedules may affect the
researcher’s ability to meet deadlines and do extensive work. Also the researcher may be
constrained with financial challenges that may affect the data collection.
1.10.2 Delimitation
Delimitations should spell out the how the limitations above would be addressed
Examples
In order to reduce the limiting factors, the researcher would limit the scope of literature to be
searched to reflect the selected objectives and topic, the researcher would also adopt tested
sampling methods that produced results to narrow the chances or errors occurring, the researcher
would further assure the respondents and organization of the confidentiality of the responses that
would be provided by the respondents. The sample size would be drawn from individuals who have
the requisite skills and knowledge in the research topic or their field of work relates to the subject
area been investigated
10
1.11 Layout of thesis
This part of the thesis presents, how the research work would be organized, it must
be noted as part of the universities policy, the capstone is divided or made up of
five chapters, the researcher or student is supposed to present a summary of the
expected contents, chapter wise for all five chapters. This should not be too
detailed but provide a summarized idea of all the contents.
11
2.1 Introduction
Chapter Two
Literature Review
Every chapter should have an introduction, the introduction should either introduce
the reader to what is expected to be read in the chapter, this should present the
contents of the chapter in a summarized for, or the introduction can present or
introduce the reader to the concept or topic been researched.
2.2 Theoretical Framework
Theoretical literature reviews, literature on theories surrounding or relating to a
topic or variables in a topic, for instance if the topic is on the effect of motivation
on the performance of employees, the theoretical framework will review theories
from other writers on capital structure. E.g. MM Theory, Perking order Theory,
Agency cost theory etc. after reviewing these theories the researcher or the
student needs to indicate which theory he or she is adopting and why he adopted or
used that theory.
Sample: Theoretical framework on capital structure
2.2.1 Ground Theory from Modigliani and Miller
Modigliani and Miller (1958) contend that the capital structure is independence of
the value of a company in the perfect market, which is an efficient market without
taxes, bankruptcy costs, agency costs and asymmetric information. Modigliani and
Miller theory is the foundation stone of the study of capital structure, but the
unrealistic assumption is refuted by the following theories, for instance, trade-off
theory (Kraus and Litzenberger, 1973), pecking order theory (Myers and Majluf,
12
1984) and agency costs theory. The following theory is test through empirical
studies, which is also good argument to illustrate the unreality aspects of the
Modigliani and Miller theory.
2.2.2 Agency Cost Theory
Jensen and Meckling developed the capital structure theory based on the agency
costs in 1976. Firm incurs two types of agency costs-cost associated with the outside
equity holders and cost associated with the presence of debt in capital structure
(Jensen and Meckling 1976). Total agency cost first decreases and after certain level
of outside equity capital in capital structure, it increases. The total agency cost
becomes minimal at certain level of outside equity capital. Thus, this theory pleads
the concept of optimal capital structure.
The agency cost theory (Jensen and Meckling, 1976) is fairly arguable, because
some researchers think the agency theory is a branch of static trade-off theory, based
on the information asymmetry between shareholders and managers. However, other
researchers believes that the agency costs theory is a solely theory that can explain
the determinants of capital structure. The former arguments think the premise of the
theory is that the interest of the agency is not perfectly aligned with the interest of
the shareholders. Therefore, the manager would possibly make decisions on the
project with significant risk by using the capital of others. To avoid the risk shifting
13
to the shareholder, the debt is increased to create the distress pressure and lessen
the nonaligned behaviour from the managers (Armada, Nunes and Serrasqueiro,
2011; Degryse, de Goeij and Kappert, 2012; Mahajan and Tartaroglu, 2008).
2.3 Empirical Review of literature
This part reviews theories on the objectives of the research, here the researcher
would pick each of his or her objectives stated in chapter one, review literature on
each of them, stating what researchers have done on it, what their findings were
and how different it is from your work, this should be done for each objective.
e. g. 2.3.1 Effect of motivation of employees performance
2.3.2 Relationship between motivation and performance
Sample Empirical Review of literature
2.3.3 Relationship between funding structure and financial performance
Hartarska et al (2009) studied Microfinance Institutions in East Europe and
Central Asia for the years 2003 and 2004 to determine which ones were
becoming more cost effective with time. Cost functions for MFIs were estimated
using translog form for all estimations. Regression analysis was then
used to analyze findings . Their findings revealed that larger MFIs offering
deposits and those receiving lower subsidies operated more cost effectively over
time and vice versa.
Bogan (2008), examined existing sources of funding for MFIs by geographic region,
14
and explored how changes in capital structure could facilitate future growth and
improve the efficiency and financial sustainability of the MFIs. Data over a
period of three years in Africa, East Asia, Eastern Europe, Latin America, the
Middle East between 2000 and 2003 were examined to explore the role that
different sources play in determining the success of MFI s. They concluded that
only by weaning off donor dependency and adopting a commercial orientation
can MFIs truly attract the capital and savings base they need to scale up their
micro loan portfolios, increase sustainability, lower lending rates, increase
outreach and meet their demands. Further, they found that financing tools could be
used to decrease transaction costs and increase liquidity in the MFIs.
Regarding Grameen’s present sustainability, opinions are divided. Grameen Bank
itself claims to have reached sustainability. The decision to become free of donor
funds was made in 1995 when the last request for donor funds was issued.
Grameen felt it would be increasingly able to raise funds from the commercial
market and its own business. It wanted to improve its access to the capital market.
Additionally, it did not want to be dependent on the policy prescriptions of donors
(Yunus and Jolis, 1998). Grameen aims at funding its loans entirely from deposits
15
one day. According to the bank’s balance sheets, Grameen has run a profit in
nearly every year since its start of operations (Grameen Bank, 2005).
2.4 Conclusion
From the literature reviewed, the student or the researcher should conclude by
explaining how different his or her work is from that of other researchers.
Note: the Referencing style follows the APA version 6
16
Chapter Three
Research Methodology
3.1 Introduction
Every chapter should have an introduction, the introduction should either introduce
the reader to what is expected to be read in the chapter, this should present the
contents of the chapter in a summarized for, or the introduction can present or
introduce the reader to the concept or topic been researched.
3.2 Research Design
In this part, the researcher is expected to indicate the type of research design he or
she is going to use and why, for instance if the research is a descriptive study or an
exploratory or any other type it should be indicated, with the reason, and also is
the research will be a qualitative research, quantitative or mixed research strategy,
this should be indicated stating the reason behind the adoption of the strategy. Also
whether it is a survey or any other type, it should be indicated with reason.
3.3 Population of the Study
This part describes the total population as well as the accessible population of the
study, the population is the total units or people in the organization or study
population. E.g the population for AIT, would be the entire staff and students of
Accra institute of Technology, and the accessible population is the population that
the researcher can have access to. The population should be stated in real numbers
17
or a rough idea and an indication given as to how the population was determined.
E.g the total population of students can be taken from the admissions offices whilst
that of staff from the Human Resource Department.
3.4 Sample and sampling Procedure
3.4.1 Sample size
The sample size refers to a sub unit selected from the population, this is done when
the population is large, and inaccessible, where a sample is selected, the researcher is
supposed to indicate the number selected out of the population, and provide the
reason for selecting that number.
3.4.2 Sampling Procedure
This refers to the procedure or process used by the researcher to select the sample
size, here the researcher should note that there are two types of procedures,
probability and non-probability.
Probability follows a systematic procedure, e.g. random, simple random, quota
sampling, systematic random sampling etc.
Non-probability does not follow any pattern or laid down procedure, e.g
judgmental, purposive, convenience sampling etc.
If all members of the population are been used, where the population is less than
50, then a census survey should be adopted. On the other hand if the student or the
researcher is using multi stage sampling method, that is a combination of strategies,
this should be explained in detail stating the reason.
It must be noted that the researcher should explain the reason for the adoption of
each method used.
18
3.5 Data and Data collection Tools
3.5.1 Source of data
This part describes the sources of data to be used for the research, that is primary
or secondary data and the reason for the source indicated.
3.5.2 Data collection Tools
This part describes the data collection tools to be used, that is questionnaire,
interview guide, observation etc, this should be explained in detail and the reason
for using them indicated
3.5.3 Administration of data collection Tools
This part explains in detail how the tool is designed, the types and nature of
questions on the tool, whether there was pretesting, mode of distribution of the
instrument of data collection that is personally or by mail or via a third part or
organization etc, mode of collection that is how the instrument would be collected
back.
3.6 Analysis of Data
This part describes how the researcher would code, analysis and present the data
analyzed, the tools that would be used and why those tools would be used. That is if
Microsoft excel, Amos or any other software’s or applications were used.
19
4.1 Introduction
Chapter Four
Data Analysis and Results
Every chapter should have an introduction, the introduction should either introduce
the reader to what is expected to be read in the chapter, this should present the
contents of the chapter in a summarized for, or the introduction can present or
introduce the reader to the concept or topic been researched.
4.2 Statistics of data collected
This part should provide the reader with the summary of the data collected from the
field, that is how many questionnaires were distributed and how many were
collected back, this should be expressed in percentages and explained indicating the
implication or what it means.
4.3 Analysis of data collected from Customers
The researcher or the student should present the data as per the objectives of the
research. Data relating to objective one should be presented under objective one
this should be done using a table, chart or a combination of both. Refer to how to
label tables and charts below.
4.3.1 Objective 1 Analyze all questions that fall under objective one
4.3.2 Objective 2 Analyze all questions that fall under objective two
4.3.3 Objective 3
Analyze all questions that fall under objective three
4.3.3 Objective 4
Analyze all questions that fall under objective four
4.4 Analysis of data from management (if Applicable)
The researcher or the student should present the data as per the objectives of the
20
research. Data relating to objective one should be presented under objective one etc
4.4.1 Objective 1
Analyze all questions that fall under objective one
4.4.2 Objective 2 Analyze all questions that fall under objective two
4.4.3 Objective 3
Analyze all questions that fall under objective three
4.4.3 Objective 4
Analyze all questions that fall under objective four
Using Tables and charts in your presentation
Use of tables and how to label them and provide a source:
1. Each table or chart should have a heading as indicated below;
2. Each table should have a source as below;
e.g. Table 4.1 : Age of respondents
Source: Researcher’s field survey, May 2016
Use of Charts and how to label them and provide a source:
3. Each table or chart should have a heading as indicated below;
4. Each table should have a source as below;
21
Chart 4.1: Age of Respondents
Chart Title
6
5
4
3
2
1
0
Category 1 Category 2 Category 3 Category 4
Series 1 Series 2 Series
3
Source: Researcher’s Field survey, May 2016
Kindly note that the year is the month and year indicated in the source
refers to the period in which the research was done.
Kindly note that the numbering for the tables can take the form, table 1,
2, 3 etc Or table 4.1, 4.2, 4.3 etc. Same applies to the charts and figures
22
Chapter Five
Summary of findings, Conclusion and Recommendations
5.1 Introduction
Every chapter should have an introduction, the introduction should either introduce
the reader to what is expected to be read in the chapter, this should present the
contents of the chapter in a summarized for, or the introduction can present or
introduce the reader to the concept or topic been researched.
5.2 Summary of findings
The researcher or the student should present the findings as per the objectives of
the research. The findings should be categorized into the various objectives and
presented under each of them.
5.2.1 Objective 1 Present the summary of findings as they relate to objective one
5.2.2 Objective 2 Present the summary of findings as they relate to objective two
5.2.3 Objective 3
Present the summary of findings as they relate to objective three
5.3 Conclusion
The conclusions drawn from the research should be stated, here it must be noted
that the research had several objectives, the conclusions must indicate whether
these objectives have been achieved or other wise and what the way forward is.
5.4 Recommendations
5.4.1 Recommendation for management
Here based on the findings of the research, the researcher should provide
recommendations to management.
23
5.4.2 Recommendations for future research
Based on the fact that the research suffered some limitations, it is imperative for
the researcher to make recommendations for other researchers to look at .
24
References
The researcher should attach all references, the references should be arranged in an
alphabetical order, e.g from (A to Z), following the APA format for out text
referencing.
Sample References
Armada, M. R., Nunes, P. M. & Serrasqueiro, Z. S. (2011). Pecking order theory versus tradeoff
theory: are service SMEs’ capital structure decisions different? Service Business,
5(4), 381-409.
Bennett, M. & Donnelly, R. (1993). The determinants of capital structure: some UK evidence.
British Accounting Review. 25(1), 43-59.
Bennett, Lynn (1998), Combining Social and Financial Intermediation to Reach the Poor: The
Necessity and the Danger in Kimenyi, Mwangi S., Robert C. Wieland, and .D.V.
Pischke (eds), Strategic Issues in Microfinance , Hants, England: Ahsgate
Publishing Ltd., pp.99-117.
Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure:
Theory and evidence. Journal of Finance, 39, 857– 880.
Brau, J., Hiatt, S., & Woodworth, W. (2011). Evaluating impacts of microfinance institutions
using Guatemalan data, 953-974.
Brounen, D., Jong, de, A. & Koedijk, K. (2006). Capital structure policies in Europe: Survey
evidence. Journal of Banking & Finance, 30(5), 1409-1442.
Chen, J. J. (2004). Determinants of capital structure of Chinese listed companies. Journal of
Business Research. 57(12), 13411351
Deesomsak, R., Paudyal, K. & Pescetto, G. (2004). The determinants of capital structure:
evidence from the Asia Pacific region. Journal of Multinational Financial
Management, 14(4), 387-405.
Degryse, H., de Goeij, P. & Kappert, P. (2012). The impact of firm and industry
characteristics on small firms’ capital structure. Small Business Economics, 38(4),
431447.
Elliehausen, Gregory. The Cost of Bank Regulation: A Review of the Evidence. Staff Study
171. Washington, DC Board of Governors of the Federal Reserve System, 1998.
25
Elliehausen, Gregory, and Robert D. Kurtz. (1988) "Scale Economies in Compliance Costs for
Federal Consumer Credit Regulations." Journal of Financial Services Research I,
p,147-160.
26
Appendix 1
All attachment’s other than the main work should be placed at the appendix and if
they are of different categories, number them Apendix 1, 2 etc but on different
pages. The following are supposed to go to appendix
i. Questionnaire(s)
ii. Tables and charts that don’t form part of analysis
iii. Company history and details if any