Question: QUESTION FOUR a) Define budget and budgeting. Discuss the basic framework of budgeting by drawing on the THREE elements that a master budget comprises of.

QUESTION FOUR a) Define budget and budgeting. Discuss the basic framework

QUESTION FOUR a) Define budget and budgeting. Discuss the basic framework of budgeting by drawing on the THREE elements that a master budget comprises of. (20 marks) b) Discuss i) two types of fixed costs with example(s), and ii) how the concept of relevant range' is related to decisions about fixed costs. (10 marks) c) Explain, using an appropriate example, the concept of contribution margin and its importance in financial decision-making. (10 marks) [TOTAL: 40 MARKS]

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