(a)   Analyze the advantages and disadvantages of the below FOUR (4) budgeting systems.         i) Modified Budgeting System (MBB)         ii) Traditional Budgeting System (TBS)         iii) Outcome Based Budgeting (OBB)         iv) Program and Performance Budgeting System (PPBS)

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Budgeted Income Statement

Accounting is the process of recording business-related financial transactions. The process of accounting involves summarizing and analyzing the transactions. The financial statements which are prepared in accounting contain a summary of the various transactions that took place within a certain accounting period. Book-keeping or accounting is one of the most important activities of any business.