Question C1 (a) i) Explain what is meant by the following: - standard costing - standard costs - variance analysis ii) Evaluate the approach of setting standards and analysing variances with regard to organisational control. (b) It has been suggested budgets and standards cannot motivate unless budget holders participate in the budget and standard setting process. Discuss the arguments for and against involving budget holders. (a) Explain the following methods of capital investment appraisal and discuss their advantages and disadvantages: 1. Payback 2. Discounted payback 3. Net nrecent valie 'Budgetary slack in organisations can be seen as problematic and advantageous, depending on the perspective of the stakeholder'. Discuss. Question C10. Briefly explain the following terms in the context of budgeting: a) goal setting theory b) goal congruence c) zero-based budgeting d) budget participation e) budget 'slack