Please answer the following: CHAPTER 11 1- Discuss the differences between static and flexible budgets. 2- Why are flexible budgets superior to static budgets for performance reporting? 3- Explain why mixed costs must be broken down into their fixed and variable components before a flexible budget can be developed. Chapter 15 1- What are cash equivalents? How are cash equivalents treated in preparing a statement of cash flows? 2- The activity format calls for three categories on the statement of cash flows. Define each category. 3- Of the three categories on the statement of cash flows, which do you think provides the most useful information? Explain. Required texbook:Mowen, Cornerstones of Managerial Accounting, South-Western Cengage, 6th Edition, 2016.