Question: Budgeting has been criticized as: a cumbersome process that occupies considerable management time concentrating unduly on short-term financial control having undesirable effects

Budgeting has been criticized as:

• a cumbersome process that occupies considerable management time

• concentrating unduly on short-term financial control

• having undesirable effects on the motivation of managers

• emphasizing formal organization structure.

Required:

(a) Explain these criticisms.

(b) Explain what changes can be made in response to these criticisms to improve the budgeting process.

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