Question: What are the four phases in the management control system? Explain responsibility accounting and its purpose. How can behavioral and economical consideration impact the management

  1. What are the four phases in the management control system?
  2. Explain responsibility accounting and its purpose.
  3. How can behavioral and economical consideration impact the management control process?
  4. What are the three principal parts of the master budget, and what is the difference between each one?
  5. What are the principal steps in the budgeting process?

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