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1 (30 marks) A. Explain the concept of a budget (4 marks). Identify and briefly explain at least five advantages & three disadvantages of budgeting.

1 (30 marks) A. Explain the concept of a budget (4 marks). Identify and briefly explain at least five advantages & three disadvantages of budgeting. (16 marks) B. Clearly explain the master budget (4 marks) and show the characteristics of each of its three components. (6 marks)

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