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The company you work for has just appointed a new CEO who is considering abolishing the annual budget. The company currently operates a zero-based budgeting

The company you work for has just appointed a new CEO who is considering abolishing the annual budget. The company currently operates a zero-based budgeting system using a bottom-up approach. Required (i) Describe the following and explain their advantages and disadvantages a. A zero-based budgeting system, b. The bottom-up approach to budgeting. (10 marks) (ii) Describe the advantages, the limitations and the criticisms of an annual budgeting system. (15 marks) (iii) Briefly describe alternatives to an annual budgeting system. (5 marks)

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