Explain why organizations create budgets and the two distinct purposes for budgeting. Further, discuss the types of budgets that comprise the master budget.

Select one of the following questions to answer in your discussion:

Describe activity-based costing and how costs are computed and assigned to cost pools. Further, explain how ABC differs from traditional absorption costing.

Explain why organizations create budgets and the two distinct purposes for budgeting. Further, discuss the types of budgets that comprise the master budget.

Discuss a self-imposed budget as well as the advantages and disadvantages of the same.

Describe the IMA’s ethical principles and relate each one of the principles to the Bible.

Describe the IMA’a procedure for resolution of ethical conflicts and how this relates to Biblical principles.