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All enterprises must develop budgets and control systems for their finances, explain how a company would develop such systems, and outline how such systems can be used to evaluate and improve company performance.

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Financial Control

"Control is the process of ensuring that a firm's activities conform to its plans and that its objectives are achieved." There can be no controls without objectives and plans.

Evaluate this statement.

Please include the following issues and practical examples wherever possible.

1. Define a control system as one that is capable of measurement and capable of providing information for management.

2. What are the different types of control mechanisms?

Thanks.

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