Introduction
A budget is a systematic way of allocating human, physical and financial resources so as to achieve the strategic goals of a business or an organization. Budgets help businesses to monitor their progress towards the set goals and objectives. The practice of involving the managers in budget making rather than simply imposing budget on them is called participatory budgeting. The main reason behind involving the managers in the budget making process is to assign responsibility to subordinate managers and place some form of personal ownership on the final budget. Over the last two decades, management accounting research has resulted in ambivalent ...