1. Zero-Base Budgeting is a technique of planning and decision making whereby each item of expenditure is justified on an annual basis. Required Explain the benefit and the application of Zero-base Budgeting for a company (15 marks) (i) (ii) Briefly what are the main function of a budget committee (13 marks) Explain the technique to be used in order to reduce the uncertainties in a budget. (7 marks) 1. Briefly explain the method used for assessing risk in the decision making process. (12 marks) 2. One of the most important function of the financial manager is to plan investment for the long term by using different techniques in order to appraise the investment. (a) Briefly explain the following techniques of appraisal (i) (ii) (iii) (iv) Payback Period (5 marks) Accounting Rate of Return (5 marks) Net Present Value (5 marks) Internal Rate of Return (5 marks) (a) Working capital cycle refers to the time between investing cash in production at the start of the process and the recovery of cash from debtors. Required: What are the possible action that can be taken to reduce the working capital cycle. (15 marks?)