1. Why is it necessary to set up budget reporting timelines?

2. What is the budget calendar?

4. How can decision-makers compare projects and what criteria might they

use? List at least six management's criteria.

5. Use one sentence to describe the following terms:

a. Favourable Revenue Variance

b. Unfavourable Revenue Variance

c. Favourable Cost Variance

d. Unfavourable Cost Variance

6. Why is it important to conduct variance analysis?

8. Undertake your own research and describe the following terms (Hint: You are required to define descriptive and inferential statistics and explain how these terms will help with decision making and forecast about the business):

a. Descriptive statistics

b. Inferential statistics considerations.

9.What is budget audit?

b. What corrective action does the budget audit consider? List at least eight considerations

10. Discuss, in a short paragraph, the issues relating to ethical considerations in budgeting.