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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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What is participative budgeting? Discuss some of its advantages.

To determine

Explain the meaning of participative budgeting. Also, list the advantages of participative budgeting.

Explanation

Participative Budgeting:

Participative budgeting is a technique in which budgets are prepared by the managers with participation from subordinates. In participative budgeting, objectives are communicated, based on which budgets are prepared by the subordinate managers.

Advantages of participative budgeting are listed below:

  • • Higher level of performance: Managers take into consideration the potential problems and issues while making budgets...

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