(a) What is a master budget? What are some of the underlying budgets that form the master budget? What is the budgeting process at your organization? Is it effective? Why or why not? (b)What is the difference between external and internal pricing? What factors must be considered when setting internal transfer pricing between divisions of a company? What are the different methods of setting internal transfer pricing? Which is the most effective? Why? (c) What is responsibility accounting? For what costs should managers of responsibility centers be held accountable? What are some of the behavioral issues that surround responsibility accounting? How should these issues be addressed?