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Question 3 (This question provides evidence for CLO3Y 125 marks) The country store is a retail outlet for a variety of hardware and housewares and the owner of the outlet is planning to expand his business and extra capital will be needed. He asked the management accounting team to to prepare a master budget to analyse the business financial plan. 3.1 Describe the sources of information to prepare the budget. (2 marks) 3.2 What is the main advantage and drawback when preparing the master budget? (3 marks) Page 10 of 16