1. Using concepts like flexible budgeting and participative budgeting, discuss why it is important for a company to use budgeting techniques. What type of managerial problems can be caused by the use of budgets?
2. Define the following terms: joint products, joint costs, and split-off point. Then describe the guideline to be used in determining whether a joint product should be sold at the split-off point or processed further.
3. What are the three major sections on a statement of cash flows, and what type of cash inflows and outflows should be included in each section?

Each question most have a response of 200-300 words . Label each question and answer properly