1. What is a flexible budget? Explain how a flexible budget increases the usefulness of budgeting as a means of evaluation performance.
2. An article in BusinessWeek state that approx one-third of the total federal budget is considered "controllable" What is meant by a budgeted expenditure being controllable? Give 2 examples of government expenditures that may be considered "noncontrollable"
3. Explain why companies that undergo periods of rapid growth often experience cash flow problems
4. Explain how to compute the average collection period and why it is a critical factor in creating the collections of receivables budget 12-List and briefly explain the 2 budget philosphies
5. What is the general rule for deciding the length of a budget period 14-How is the budgeted production in units calculated for manufacturing companies.