1. Discuss the advantages and disadvantages of preparing a participatory master budget.2. Managers use management by exception for control purposes. (1) Describe the concept. (2) Explain how standard costs help managers apply this concept to monitor and control costs. (3) Find a firm that utilizes management by exception and discuss their application. Take a look at a Fortune 500 company like General Electric or Wal-Mart who is known to use management by exception to push forward in the implementation of processes. Describe how they are implemented.
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