After reading Chapter 8 and reviewing the online videos you should have a good grasp on the budgeting process and the interaction of various budgets used to estimate future financial statement accounts.

For this discussion I'd like you to discuss some point in your life where you have thought about or prepared a budget. I understand you may not have prepared budgets as detailed as those described in Chapter 8 and you probably didn't need to keep up with inventory or production (although some of you may have in your job/career). At some point in your life you've had to estimate and make allowances for future cash flows, future investments, future loans, future payback of loans, comparisons of future unknown amounts, etc. If you prepared a formal budget, what was it for and what did it look like? If you can't think of anytime you planned/wrote down anything formal, then what life events could you have prepared a budget for and how might it have helped you make decisions and plan?