The following statements relate to budgeting: () A forecast is an attempt to predict what will happen (ii) A budget is a plan of what is intended to happen (ii) All budgets are prepared in financial terms (iv) The master budget consists of a budgeted statement of profit or loss and budgeted statement of financial position (v) A flexible budget adjusts both fixed and variable costs for the level of activity Which of the following is true? O a. Statements (i) and (ii) are correct O b. Statements (i), (iii) and (iv) are correct Oc. All statements are correct O d. Statements (i), (i) and (v) are correct