Managerial accounting and the company is Australian Pharmaceuticals Industries Ltd(API) You are required to prepare a report to comment on the budgeted income statementfor the following Financial Year. The report should cover the followings: a. An explanation of the elements of the Master Budget. b. A discussion about the comparison of top-down and bottom-up approach to thebudget process and analyse which one is more suitable for your chosencompany. c. Based on the 2018 Annual Report, produce budgeted income statement for 2019with the following changes: (i) Sales are projected to grow by 10%, (ii) Costs ofGoods Sold are projected grow by 8% and (iii) Expenses are projected to growby 2%.d. Present the Budgeted Income Statement for 2019 and Actual Income Statementfor 2018. Compare the data and provide your opinion on the changes.
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