Question: a.Briefly discuss the essential differences for a business between short-term, day-to-day decisions, and long-term, year-to-year ones. Your answer should include an example of each type

  • a.Briefly discuss the essential differences for a business between short-term, day-to-day decisions, and long-term, year-to-year ones. Your answer should include an example of each type of decision relating to an organisation with which you are familiar.
  • b.What is the 'controllability principle'? Using your own words and your own example, briefly discuss the difficulty of applying such a principle in practice.
  • c.Describe six purposes for preparing budgets for organisations. Foreachof these purposes, give an example of how they might be relevant in an organisation you are familiar with.

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