Question 1:
a) Outline the helpfulness of budgeting to a manager.
b) Describe how an understanding of behavioral aspects of budgeting is significant to managers.
Question 2:
a) Differentiate between management accounting and financial accounting.
b) Describe the characteristics of good quality information.
c) Describe operational, tactical and strategic planning.
Question 3:
a) Describe the given type of cost standards
• Basic cost standards
• Ideal standards
• Currently attainable standards
b) State the possible causes of the given types of variances:
• Material
• Labor
• Sales
c) Describe the benefits and drawbacks of comprising employees in the standard setting process.