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You have been hired as a controller of Hughes Co., a small but growing business that manugactures high end electronics distributed through retail superstores. You
You have been hired as a controller of Hughes Co., a small but growing business that manugactures high end electronics distributed through retail superstores. You plan to prepare the current-year budget based on the previous year's actual revenues and expenses. The company has never had a formal budget.
Write a memo to the CEO justifying the need to establish a formal budget. Discuss the advantages and disadvantagers of the budget process.
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