What are some challenges and weaknesses that a firm may find in the budgeting process?
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- Why is participative budgeting often an effective management tool?Budgeting is essential to businesses, but it is not that simple to implement. What are some challenges and weaknesses that a firm may find in the budgeting process?What are the advantages and disadvantages of the participatory approach to budgeting?
- What limits the usefulness to managers of fixed budget performance reports?1(a) "Accounting plays a relatively unimportant role in budgeting." Do you agree? Explain. (b) What responsibilities does management have in budgeting? 2)What is participative budgeting? What are its potential benefits? What are its potential disadvantages? 3)What is budgetary slack? What incentive do managers have to create budgetary slack?Why are human factors critical in budgeting?
