Question: Define budget. How are budgets used in planning? Define control. How are budgets used to control? Discuss some of the reasons for budgeting. What is

  1. Define budget. How are budgets used in planning?
  2. Define control. How are budgets used to control?
  3. Discuss some of the reasons for budgeting.
  4. What is the master budget? An operating budget? A financial budget?

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