Which of the following is NOT a feature of cash flow?

The feature that is not associated with cash flow is that it only considers revenues from sales. Cash flow encompasses all incoming and outgoing cash within a business, not just the revenues generated from sales. This includes cash received from other activities such as investment income, financing activities, and operational inflows like accounts receivable collections.

Understanding cash flow is crucial for assessing a company's liquidity and financial health. It reflects how well a company can manage its liquid assets to meet obligations, invest in growth, and sustain operations. The other options highlight significant aspects of cash flow: its relationship with operational efficiency (as efficient operations generally translate to higher cash inflows), its critical role in a company's ability to meet debt obligations (since cash flow indicates available liquidity), and its importance in budgeting and forecasting (as historical cash flow trends can guide future financial planning).