SHORT QUESTIONS. PLEASE ANSWER ALL OF THEM (IN 3 TO 4 LINES EACH) to get positive rating.

Compare and contrast profit planning and budgeting.

Explain the advantages a company may derive from budgeting. Explain the limitations of budgeting.

Explain the possible assumptions one will consider in budget preparation.

Who usually compose a budget committee?

Compare and contrast incremental budgeting, zero-based budgeting, and activity-based budgeting.

What behavioral problems are associated with setting a budget too tightly or too lightly?

Compare and contrast the role and functions of the controller and treasurer.

Compare and contrast the role and functions of the internal auditor and external auditor.