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16. What is meant by management by exception? 17. What is the difference between fixed (static) and flexible (variable) budgets? 18. What is meant by

16. What is meant by management by exception?

17. What is the difference between fixed (static) and flexible (variable) budgets?

18. What is meant by cost center, profit center, and investment center and how is each evaluated? Provide examples of each.

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