Answer these following questions: 1. control takes place by means of budget reports that compare actual results with planned objectives. A. True False B. 2. A. B. C. D. Budgetary control works best when a company has a formalized reporting system does the following: Identifies the name of the budget report, such as the sales budget or the manufacturing overhead budget. States the frequency of the report, such as weekly or monthly. Specifies the purpose of the report. All of these A. B. 3. A flexible budget is a projection of budget data at one level of activity True False A. B. 4. A flexible budget considers data for different levels of activity. True False 5. In essence, the flexible budget is a series of static budgets at different levels of activity. True False B. 6. A. B. c. D. E. To develop the flexible budget, management uses the following steps. Identify the activity index and the relevant range of activity. Identify the variable costs, and determine the budgeted variable cost per unit of activity for each cost. Identify the fixed costs, and determine the budgeted amount for each cost. Prepare the budget for selected increments of activity within the relevant range. All of these 7. Responsibility accounting is a part of management accounting that involves accumulating and reporting revenues and costs on the basis of the manager who has the authority to make the day-to-day decisions about the items. A. True B. False Centralization is control of operations is delegated to many managers throughout the organization. A. B. 8. True False