NOTE: Each question need 1 reference.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.Running head: MANAGERIAL ACCOUNTING Managerial AccountingNameInstitution 1 MANAGERIAL ACCOUNTING 2Managerial Accounting 1. Every company strives to control costs to be competitive. Using the…

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