A budgetary planning and control system may include many individual budgets which are inte- grated into a
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A budgetary planning and control system may include many individual budgets which are inte- grated into a 'master budget'. You are required to outline and briefly explain with reasons the steps which should normally be taken in the preparation of master budgets in a manufacturing company, indicating the main budgets which you think should normally be prepared. (12 marks)
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