only part 7

100-200 words

. Ch21 Case Study - Master Budget Terms Part 1: Explain the following budget terms: Master budget, Financial budget schedules and Operating budget schedules. Part 2: Explain how to compute a production budget. What inventory account is being budgeted using the production budget? Provide an example of a production budget. Part 3: What are the difficulties in preparing a sales budget? Provide an example of a sales budget. Part 4: Explain the difference between a static budget and a flexible budget. Provide an example of a static budget and an example of a flexible budget. ACCT 102 - Case Studies - Spring 2021 . . Part 5: List and explain three (3) benefits of budgeting for a company. Explain the importance of budgeting Part 6: Explain the importance of a cash budget in a business example for a company. Explain how a cash budget assists a company to stay solvent and avoid bankruptcy. Part 7: List and explain Three (3) Essentials of effective budgeting for a company. Explain the importance of effective budgeting. Part 8: List and explain Five or more factors of Sales Forecasting for a company. Explain how each of the Five or more factors influence the outcome of a sales forecast