NOTE: Each question need 1 reference.

1. Every company strives to control costs to be competitive. Using the information you have learned thus far in the course, discuss how managerial accounting can contribute to cost control. Be specific

2. Discuss the advantages and disadvantages of preparing a participatory master budget.

3. 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.