Answer
Planning consists of selecting an organization’s goals and strategies, predicting results under various alternative ways of achieving those goals, deciding how to attain the desired goals. Management accountants serve as business partners and the most important planning tool is a budget.
Control includes taking actions that implement the planning decisions, evaluating past performance, and providing feedback and learning to help future decision making. A budget serves as much as a control tool as a planning tool.
Work Step by Step
As given above
