Discuss the following

• Why is it important for a company to know the categorization of each cost?
• Provide an example of each of the cost categorizations above.
• Why is it important to compare actual cost and budgeted cost?
• Explain 2 different types of budgets, and discuss why a company would choose one type of budget over another.
• Discuss the advantages and disadvantages of the zero-based budgeting approach.