Answer the following questions 5 x 3= 15 1) Distinguish between standard costing and Budgeting 2) Explain management's responsibility for ethical financial reporting and describe the basic components of a classified balance sheet 3) Identify business goals and activities and describe the role of accounting in making informed decisions. 4) Discuss the advantages and limitations of Ratio Analysis. 5) What is a flexible budget and name three criteria that should be considered in choosing activity base on which to construct flexible budget