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1) What are the four elements of the budgeting cycle? 2) Describe the steps in developing a flexible budget. 3) Why might managers find a

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1) What are the four elements of the budgeting cycle? 2) Describe the steps in developing a flexible budget. 3) Why might managers find a flexible-budget analysis more informative than a static-budget analysis? 4) Distinguish between a favorable variance and an unfavorable variance

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