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This week involves budgeting and profit planning. Describe a budget and how it is important in planning and control. Explain how small and large firms

This week involves budgeting and profit planning. Describe a budget and how it is important in planning and control. Explain how small and large firms benefit from the budgeting process. Explain participative budgeting and some of its advantages and disadvantages. Explain why managers build slack into budgets

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