Posted this simple example on JAM ( onflex.org/code ), and re-posting here. Containers in Flex wrap the DisplayList API methods so they can display their children in unique ways. The Accordion, for example, will show them with the clickable button tabs that have a label, and the child below that. You can show each child by clicking the corresponding tab.
Static MXML will make your Accordion, but if you want it to be dynamic, just throw a container in the addChild method, and away you go.