1. C&F Enterprises, Inc.: Realizing the Need for a Budget
2. Does the Budget Hold Water?
   1. Comparing Balance Sheets (Current Year Budget vs. Prior Year Actual)
   2. Comparing Income Statements (Current Year Budget vs. Prior Year Actual)
   3. Using Ratios to Evaluate the Reasonableness of a Budget
      1. Current Ratio
      2. Financial Leverage
      3. Asset Turnover
      4. Profit Margin Ratio
      5. Return on Assets
      6. Return on Equity
   4. C&F Enterprises, Inc.: Using Industry Averages to Assess Budget Credibility
3. Sensitivity Analysis Using Flexible Budgeting
4. C&F Enterprises, Inc.: The Results for 20X2 Are In!
5. Variance Analysis
   1. Comparing Balance Sheets (Current Actual vs. Budgeted Performance)
   2. Comparing Income Statements (Current Actual vs. Budgeted Performance)
   3. Revenue Variances
      1. Computing Revenue Volume and Price Variances
      2. Revenue Variance - Commercial Services
      3. Revenue Variance - Residential Services
      4. Revenue Variance - Other Services
   4. Cost Variance Analysis
      1. Variable Cost Variances
      2. Computing Variable Cost Volume and Price Variances
      3. Wages Variance - Commercial
      4. Fuel Variance - Commercial
      5. Fixed Cost Variances
   5. Issues to Consider When Analyzing Variances