Q1:What is the purpose of a budget? Specify the different types of budgets in an

Q1:What is the purpose of a budget? Specify the different types of budgets in an enterprise and identify and evaluate the goals of each.Q2:Fair value accounting is a newer financial accounting concept in U.S. GAAP. Describe either an advantage or a disadvantage that you see in applying fair value to certain assets. Be sure to include an example.