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1 What is a budget? What is budgetary control? 7-2 What are some of the major benefits to be gained from budgeting? 7-3 What is

1 What is a budget? What is budgetary control?

7-2 What are some of the major benefits to be gained from budgeting?

7-3 What is meant by responsibility accounting?

7-4 What is a master budget? Briefly describe its contents.

7-5 Why is the sales forecast the starting point in budgeting?

7-6 As a practical matter, planning and control mean exactly the same thing. Do you agree with this statement? Explain your answer.

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