a. Discuss the various operational budgets prepared for: (i) a service organisation (ii) a trading organisation.

b. (i) How do firms handle the complexity of calculating breakeven when there are many products? (iii) What are the assumptions of cost-volume-profit analysis? c) When should a variance be investigated? d) (i) Define the terms "sunk cost" and "opportunity cost." (ii) How are sunk costs treated when making decisions?