Please answer the questions below completely and explain your answers.
- Explain the components of a master budget and examine how managers use a master budget in decision making.
- Explain and examine the process of preparing one of the following budgets: (a) production budget; (b) direct materials budget; or (c) direct labor budget.
- Compare and contrast between a flexible budget and a static planning budget.
- Distinguish between revenue variance and spending variance. Give examples of each variance.