Budgeting Concepts:

Please respond to the following questions regarding budgeting and the budgeting process for a Company CBJ which has chosen not to develop budgets:

$1.$Identify and briefly discuss the benefits of budgeting for Company CBJ and the potential negative consequences of this decision.

$2.$What are the advantages and disadvantages of participative budgeting compared to top$-$down budgeting? Which would you suggest Company CBJ use. Explain.

$3.$What is the master budget and what are its components?

$4.$What is the ultimate goal or end result of Company CBJ$\text{'}$s entire budgeting process?