1b)Discuss what you consider to be the TWO most important reasons for budgeting? (8 marks)

1c)'Your cash budget for July 2021 is showing a deficit'.

i)Explain why the effective management of working capital is important to a business. (4 marks)

ii)Choose any TWO elements of working capital and describe the risks and rewards of holding each of them.(8)

iii)For each of your chosen working capital elements describe how they could be effectively managed to improve the cash budget deficit.(10 marks)