what do you think are some of the more important components of a budget?

-I think costs, output, and supplemental to a budget. The most important required information is predicted costs. Sometimes this type of information is required in great detail. Management usually wants to track costs and profitability. Outputs are ultimately related directly to revenue and supplemental information may include assumptions used when creating the budget.

What are some criteria you would use to choose between a fixed and a flexible budget?

-A fixed budget has one operating level and includes all criteria of "anticipated" revenues and costs, where a flexible budget "allows" evaluations of anticipated costs. Flexible budgets include both fixed and variable elements. Flexible budgets do not really allow...