Question: You have identified good basic budgeting principles. However you need to consideraspects more specifically related to management accounting. Things like the control and management responsibilities,

You have identified good basic budgeting principles. However you need to consideraspects more specifically related to management accounting. Things like the control and management responsibilities, types of budgets (production, sales, materials, labour, etc), value and limitations of forecasting, variance analysis and relevant policies and procedures. The question is Identify and briefly explain the key principles and practices of budget preparation.

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