Answer the following questions with precise accounting conce

Answer the following questions with precise accounting concept and knowledge, each answer’s length should be at least 250 words. You can use the information in the pptas a reference but not copy it.1. What are the advantages and disadvantages of annual budgeting? What are some ways to mitigate the perceived negativity associated with budgets?What are some of the uses of budgets both internally and externally?2. What are some of the issues around performance evaluations regarding costs & budgets? How do you address these issues? What is the purpose for using standardized costs? How is it helpful (or is it helpful?) to managers?3.Which is a better evaluation tool – return on investment or residual income? Why or why not?