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Answer each of the following questions: a) What is a master budget? An operating budget? A financial budget? (6 Marks) b) What is participative budgeting?

Answer each of the following questions:

a) What is a master budget? An operating budget? A financial budget? (6 Marks)

b) What is participative budgeting? (3 Marks)

c) Budgeted performance is a better criterion than past performance for judging managers. Do you agree? Explain. (6 Marks)

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