Discuss the circumstances and effective use of master budgeting (Ch. 8), flexible budgets and performance analysis (Ch. 9), standard costs and variances (Ch. 10) in differing types of business. How would you establish a master budget?

In order to establish a master budget there are 10 steps. The first will be to prepare a sales budget. A sales budget has been known as a main key to the budget process, so if it is incorrect than everything associated with it will be inaccurate. After checking for the sales budget for accuracy, next is the production budget. The production budget is known for being prepared to list the number of units needed for production in order to satisfy demand. Following the production budget is the direct materials & labor budget. Direct materials budget...