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QUESTION TWO Mr. managing Director is surprised that his profit every year is quite different...

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Accounting

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QUESTION TWO Mr. managing Director is surprised that his profit every year is quite different from what he wants or expect to achieve. Someone advised him to install a formal system of budgeting. He employed a fresh accountant to do this. For two years, the accountant faithfully makes all the budgets based on the previous year's account. The problems remain unsolved. Advised Mr. Managing Director and the Accountant on what steps they should take. Make assumption about what is lacking. 10 Marks

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